One of the unexpected fallouts of the COVID-19 pandemic is the effect it’s had on the Australian property market.
Initially Aussies were concerned about the Australian economy and braced themselves for property values to tumble. And although there was some initial trepidation by first home buyers and investors, the mind blowing landslide just didn’t happen.
Not only did the market rally after a brief dip, sections of it have been breaking records. With Australian house prices soaring in 2021 in many parts of the country. According to CoreLogic, Melbourne’s median house value is now at a record $930,000 after increasing 11.4 percent over the first half of 2021.
Plus, very few anticipated the influx of city siders exiting to the regions. COVID-19 brought with it the realisation that work from home could be done anywhere, tough city lockdowns could be escaped, and better property deals could be found in the regions.
As a result, in Victoria, Hepburn, house prices have risen most in the state over the past year, to a record median of $760,000.
The upshot of all this is property demand is outweighing supply.
And not just in Melbourne and regional Victoria. It extends across much of Australia.
According to Corelogic:
In a nutshell there’s a property shortage, which means properties that may once have been on your radar, suddenly seem out of reach.
With fewer properties for sale, competition is strong and prices have jumped at the fastest pace since the late 1980s.
So what can you do to still make your dream of owning your own home a reality?
Prices have been rising on the back of super low interest rates, sound consumer confidence and government concessions. Plus buyers are looking further afield than the cities, chasing more space as working from home becomes the new norm.
The result has been long and lengthy delays for many in the market trying to buy.
Competition is tough.
One of the biggest things you can do to get ahead of the game is engage an experienced and trusted property broker. In these times of quick moving property, you need to be prepared. And finding the best home loan rate isn’t the only thing you need to consider in this highly competitive market.
Good brokers know the importance of keeping up to date with market trends. Plus they need to be on top of changing lender requirements, government incentives and costs. A broker’s job is to do the legwork, so you don’t have to.
Even before you’re ready to buy property, a mortgage broker can offer valuable support by helping you navigate the home buying process and answering your questions.
Not only can a good mortgage broker help you navigate the often tricky process of home ownership, there’s a range of other benefits they can bring to the table to get you one step ahead of others vying for the same property.
If you’re considering buying property at auction, pre- approval is crucial in securing the home. A mortgage broker can help secure the finance you need so you can confidently consider houses going to auction.
Plus, they can help find lenders that suit your needs better, making it easy for you to secure pre-approval for your loan.
The team at Mel Finance provides a comprehensive mortgage broker service offering:
Using a reputable mortgage broker can put you ahead of the game. Mel Finance is a boutique finance service matching it (plus more) with the big guys. That means you’ll get personalised service with objective advice. Having relationships with numerous lenders means there’s no cookie cutter approach to which products we recommended to clients.
It’s all about finding the best match to suit your current situation and your objectives.
Plus, we’ve been recognised for the quality service we provide. Mel Fiance was recently a state finalist for the MFAAs VIC/Tas Residential Broker Award 2021. That’s the top 5 out of almost 4500 brokers.
Finding a good mortgage broker could mean the difference between owning the home you’re after or not. At Mel Finance we pride ourselves on being reputable, experienced and transparent about the home loan products we offer you.
Get in touch to find out more about how we can help you secure your dream home sooner.