Return of wealthy buyers to push up prestige home prices – The Australian

Return of wealthy buyers to push up prestige home prices The Australian The chief executive of real estate agency Raine & Horne, Angus Raine, said last year had been a disaster for the prestige market. However, most sectors of …

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Return of wealthy buyers to push up prestige home prices – The Australian

Return of wealthy buyers to push up prestige home prices – The Australian

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Return of wealthy buyers to push up prestige home prices – The Australian

A-REITs may need to look overseas for opportunities – Business Spectator

A-REITs may need to look overseas for opportunities Business Spectator By a staff reporter Australian real estate investment trusts (A-REITs) may need to look overseas to deliver increased returns, according to accounting firm … and more

‘I had to go back to work. I really didn’t know where to begin.’ – Sydney Morning Herald

Sydney Morning Herald 'I had to go back to work.

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‘I had to go back to work. I really didn’t know where to begin.’ – Sydney Morning Herald

‘I had to go back to work. I really didn’t know where to begin.’ – Sydney Morning Herald

Sydney Morning Herald 'I had to go back to work. I really didn't know where to begin.' Sydney Morning Herald Belinda Vasta … she eventually found a job as a receptionist in a real estate agency

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‘I had to go back to work. I really didn’t know where to begin.’ – Sydney Morning Herald

Savvy leave sea-change spots to shady

Because the Gold Coast is a tourism icon and the population growth capital of Australia, many assume it’s a great place to buy real estate.

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Savvy leave sea-change spots to shady

Property investors back in the property market, AFG Mortgage Index reveals – Smart Company (blog)

Property investors back in the property market, AFG Mortgage Index reveals Smart Company (blog) David Airey, chief executive of the Real Estate Institute of Australia, says the data reflects the opinion of those in the market that investors are coming … and more

Fixed rate loans gain market share

New mortgagees have recently doubled the Australian market share of fixed rate loans from just below one per cent in January to more than two per cent in February, according to Mortgage Choice home loan February data.

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Fixed rate loans gain market share

Real estate agents to help homeless with inspired scheme to reduce waste – StreetCorner

StreetCorner Real estate agents to help homeless with inspired scheme to reduce waste StreetCorner To do this his charity, Heart for the Homeless, simply connects the dots between existing organisations by working with real estate agents to distribute …

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Real estate agents to help homeless with inspired scheme to reduce waste – StreetCorner

Housing plan pays dividends – ABC Online

Housing plan pays dividends ABC Online A real estate company set up to assist a Tasmanian welfare provider has returned its first dividend. Moving On Property, set up by Colony 47, …

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Housing plan pays dividends – ABC Online

Housing shortage a challenge: RBA

A SENIOR Reserve Bank official says tackling the housing shortage is a pressing economic challenge facing Australia.

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Housing shortage a challenge: RBA

Kidman real estate still up for sale – Bay Post/Moruya Examiner

Kidman real estate still up for sale Bay Post/Moruya Examiner However, reports that the sale completed Nicole Kidman's real estate rationalisation, following the sale of her properties at Darling Point and Walsh Bay, …

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Kidman real estate still up for sale – Bay Post/Moruya Examiner

House prices in some Peninsula suburbs soar – Quest News

North West News House prices in some Peninsula suburbs soar Quest News THE median house price in Scarborough, Newport and Deception Bay has dramatically increased over the December quarter, according to the Real Estate … Military, mining helps boost housing prices ABC Local Confidence booms in house market | Mackay News | Local News in Mackay Mackay Daily Mercury Mackay house prices on the rise ABC Local Quest News all 7 news articles

The positives of property investment – Central Queensland news

The positives of property investment Central Queensland news For a small monthly fee it can be managed by a real estate agent or alternatively you can do it yourself. With the shortage of supply of housing and vacancy … and more

Triple whammy hits potential home buyers

MANY would-be home buyers have given up the dream of ownership thanks to rising rates and tougher lending conditions.

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Triple whammy hits potential home buyers

Agents swamped by calls from storm-affected tenants

REAL estate agents are being inundated with calls from tenants hit by storm damage over the weekend.

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Agents swamped by calls from storm-affected tenants

Fixed rate home loans reclaim marginal market share

Demand doubles, but from a low base

Fixed rates have started to re-emerge from the bottom of the loan barrel for new Australian home loan borrowers, according to data from Mortgage Choice, Australia’s largest independently-owned mortgage broker. However, the comeback is very slight.

According to Mortgage Choice loan approval data for February 2010, fixed rate home loans have increased in popularity to just over 2% of new approvals from less than 1% the month previous.

Hence, variable rate loan demand has dropped from a record high of over 99% of new approvals in January to just under 98%.

Mortgage Choice senior corporate affairs manager, Kristy Sheppard said, “Despite having risen to 2% of all our new loan approvals in February, fixed rate home loans have a long way to go before reaching anywhere near their peak of 38% of new approvals in November 2007.”

“Victoria was the only state to buck the trend of fixed loans increasing market share. Fixed rate demand in that state continued to fall, hitting a record low of 0.65% of new approvals. On the flipside, in Western Australia fixed rate demand rose from a record 0% to 4%.”

“Despite the historically high premium of today’s fixed interest rates, it seems that the proportion of new borrowers willing to pay more for steady repayments is on the increase.

“Within the variable loan category, standard variable home loans rose one percentage point to 49% of February approvals and held position as the most common choice for new borrowers.

“Our franchise owners tell us this is because there are so many quality ‘professional packages’ on offer when it comes to standard variable loans. Commonly known as ‘pro packs’, these usually provide benefits such as rate discounts, ‘Gold’ credit cards and other special features.

“In a rising interest rate environment, savvy borrowers look for a competitive product that makes a statement in terms of affordability and flexibility.

“It’s well worth remembering that smaller lenders often offer quality products that are just as well-priced and innovative as those of the major lenders. Speak to a reputable mortgage broker about helping you research the breadth of what’s available.”

Other key loan product preference trends for the second month of the decade were:
• Basic variable: fell to 44% for February from 46% in January.
• Line of credit (often popular with investors): remained steady at 5% of approvals.
• Bridging (for those selling property while purchasing another): remained well below 1%.

Note: Mortgage Choice’s annual loan approvals are approximately 40,000 nationally and therefore provide a clear insight into the product preferences of housing loan borrowers generally.

For further information or to arrange an interview, please contact:

Kristy Sheppard
Mortgage Choice
(02) 8907 0502 / 0407 450 860
kristy.sheppard@mortgagechoice.com.au

About Mortgage Choice

Mortgage Choice, Australia’s largest independently-owned mortgage broker, has a national network of hundreds of franchises and loan consultants supported by Group and State Offices. It provides loan advice on, and choice of, products offered by an extensive panel of Australia’s leading lending institutions.

A number of the company’s consultants provide a broader service offering, also helping customers source personal and commercial loans, asset finance and risk insurance.

Importantly, Mortgage Choice head office pays franchisees the same commission rate for home loans they write, regardless of the rate paid by the lender selected by a new customer – and has been doing so for most of its 17-year history. The company has no products of its own and works in each customer’s interests to source a loan that suits their individual needs.

Mortgage Choice has no balance sheet or funding risk, and consistently delivers strong profits and attractive yields. The company listed on the Australian Stock Exchange in August 2004 (ASX sign: MOC) and is a member of the Mortgage & Finance Association of Australia (MFAA).

Recent awards/recognition: 2009, 2008, 2006 and 2005 MFAA Awards Retail Aggregator/Originator of the Year; 2009 and 2008 BRW Fast Franchises list; No.1 spot on Top 25 Brokerages list by Mortgage Business magazine; 2009 Australian Banking & Finance Awards Best Financial Institution Employer; 2009 Great Place to Work® Institute Best Companies to Work For list; 2009 and 2008 10 Thousand Feet Top 10 Franchise list; 2008 MFAA Awards Best In Mortgage & Finance Industry.

Visit www.mortgagechoice.com.au or call the customer service centre on 13 MORTGAGE.

Agents swamped by calls from storm-affected tenants – Free Press Leader

Free Press Leader Agents swamped by calls from storm-affected tenants Free Press Leader REAL estate agents are being inundated with calls from tenants hit by storm damage over the weekend.

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Agents swamped by calls from storm-affected tenants – Free Press Leader

Investing clouds lift on year from hell – NEWS.com.au

Investing clouds lift on year from hell NEWS.com.au The president of Real Estate Institute of Australia, David Airey, says “more people are buying and selling than they were a year ago”.

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Investing clouds lift on year from hell – NEWS.com.au

No views, no pay – Sunshine Coast Daily

No views, no pay Sunshine Coast Daily Wendy Gilson, a Palmwoods real estate agent, bought the $760000 unit off the plan. She had a special clause added to her contract with Flamingo Enterprises ..

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No views, no pay – Sunshine Coast Daily

Prime Infrastructure shuffle

PRIME Infrastructure Group has announced the resignation of chief executive Jeff Kendrew.

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Prime Infrastructure shuffle

Selling in the Hills – Cumberland Courier Newspapers

Selling in the Hills Cumberland Courier Newspapers Rance Blamey Real Estate successfully auctioned a Kenthurst property for $705000, according to RP Data. Scott Rance marketed the original three-bedroom … and more

Why do australian politicians unnecessarily force young australians to be mortgage slaves?

Figures compiled by CommSec for The Sunday Telegraph reveal homebuyers on the average income now have to work for 19,374 hours to buy the average Australian house with the average mortgage.

Fifty years ago they needed to work 25 hours to meet the monthly mortgage repayment of $25, based on an average five per cent interest rate and a mortgage of $4620.

Today, the average worker earning $30.04 an hour spends 70.7 hours – or almost two weeks of the month – at work to cover the monthly mortgage repayment for an average $283,000 loan at a 6.64 per cent interest rate.

Whereas homes were once affordable on a single wage, families now realistically need two incomes to fund a mortgage.

Sydney University anthropologist and author Stephen Juan said it now took two incomes and 30 years to pay off the average home.

Mortgages costing the average household 29 per cent of its income put huge strains on the family unit, Dr Juan said.

Dr Juan said that 50 years ago, promises of technology brought predictions of an easier life and more time available for family and healthier lifestyles.

dailytelegraph.com.au

Hugh Pavletich
Co author – Annual Demographia International Housing Affordability Survey
Performance Urban Planning
Christchurch
New Zealand

Queensland rents rise – but there’s a reason – Brisbane Times

Queensland rents rise – but there's a reason Brisbane Times The completion of new housing developments in areas of regional Queensland has falsely inflated weekly rental costs outside Brisbane, real estate agents say … and more

Some fundamentals of property

Land, building or capital improvements and market conditions are some of the fundamentals of property, according to Direct Negotiations buyers advocate Chris Nicolas.

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Some fundamentals of property

Real Estate Report – 08/03/10 – Finance News Network

Real Estate Report – 08/03/10 Finance News Network Mortgage repayments just got dearer. The big four banks were quick to lift their lending rates in line with the RBA's 25 basis point rise in the official …

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Real Estate Report – 08/03/10 – Finance News Network

Experts says housing market can withstand more rate rises – Smart Company (blog)

Experts says housing market can withstand more rate rises Smart Company (blog) David Airey, president of the Real Estate Industry of Australia, says the market still has some time to go before any significant drop in demand or mortgage …

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Experts says housing market can withstand more rate rises – Smart Company (blog)

Mackay house prices on the rise – ABC Local

Mackay house prices on the rise ABC Local The Real Estate Institute of Queensland (REIQ) says the Federal Government's decision to reduce the first home owners grant has pushed up … Confidence booms in house market | Mackay News | Local News in Mackay Mackay Daily Mercury all 2 news articles

Charter Hall Retail REIT buys two retail centres – The Australian

Charter Hall Retail REIT buys two retail centres The Australian The real estate investment trust said it bought the Manuka Terrace shopping centre in Canberra and the Mile End Homemaker Centre, a bulky goods retail …

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Charter Hall Retail REIT buys two retail centres – The Australian

Police hunt man after Lambton break-in – Newcastle Herald

Police hunt man after Lambton break-in Newcastle Herald POLICE are hunting a man who sent them on a chase after being seen breaking into a Lambton real estate agency this morning. Patrolling police saw a man …

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Police hunt man after Lambton break-in – Newcastle Herald

Escaping the pitfalls of direct property – Money Management

Escaping the pitfalls of direct property Money Management There are many players who may be involved including (if an arm's length purchase is being funded) the real estate agent, the vendor, the vendor's solicitor … What's ahead for SMSFs

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Escaping the pitfalls of direct property – Money Management

Median house price surges past $500000 – Brisbane Times

Median house price surges past $500000 Brisbane Times Figures released yesterday by the Real Estate Institute of Queensland showed that the median house price for a three-bedroom house in Brisbane rose 8.1 per …

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Median house price surges past $500000 – Brisbane Times

Renovator’s delight? Don’t bank on it – Brisbane Times

Brisbane Times Renovator's delight?

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Renovator’s delight? Don’t bank on it – Brisbane Times

Rental bond nightmare – Tasmania Mercury

Rental bond nightmare Tasmania Mercury However, real estate agents say tenants are facing long waits to have their bonds returned and in one case a tenant cannot access his bond, lodged before … and more

Mermaid Beach’s million dollar man – Gold Coast Bulletin News

Gold Coast Bulletin News Mermaid Beach's million dollar man Gold Coast Bulletin News As financial markets melted and real estate values plummeted, the 31-year-old Ray White Broadbeach prestige agent racked up $138 million in sales. ..

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Mermaid Beach’s million dollar man – Gold Coast Bulletin News

Follow property cycle, not the seasons, house sellers told – Courier Mail

Follow property cycle, not the seasons, house sellers told Courier Mail Real Estate Institute of Queensland figures to be released today show the median price for a three-bedroom house increased by up to 9.7 per cent in regional …

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Follow property cycle, not the seasons, house sellers told – Courier Mail

No breather for those in pursuit of a home – Sydney Morning Herald

No breather for those in pursuit of a home Sydney Morning Herald The Real Estate Institute of Victoria reports that 87 per cent of the 230 properties up for auction this week sold. It's interesting to note in light of …

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No breather for those in pursuit of a home – Sydney Morning Herald

Activist ready to rattle to keep W-class rolling – The Age

Activist ready to rattle to keep W-class rolling The Age Then, having made a fortune helping to build Colliers International into a commercial real estate powerhouse, he quit the company in late 2007 to launch an …

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Activist ready to rattle to keep W-class rolling – The Age

Couples work twice as long for a house

AUSTRALIANS work three times harder to pay off the family home than they did 50 years ago.

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Couples work twice as long for a house

Property Auctions Rise 52% – Australian Migration News

Property Auctions Rise 52% Australian Migration News The strong level of pre-listing activity across the real estate market has continued again during the most recent week with the Market Activity Index once …

ING Pub Fund in bid to save Icon Venues – The Shout

ING Pub Fund in bid to save Icon Venues The Shout ING Real Estate Entertainment Fund (IEF), a publicly listed property trust, has revealed plans to prop up its major tenant, …

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ING Pub Fund in bid to save Icon Venues – The Shout

Sydney Auction Results

Total properties: 270
Sold: 207
Withdrawn:12
Cleared: 73%
Total sales: $175,601,776
Median:$840,500
Suburb Address Description Price Result
Alexandria 285 Belmont St 2 br h $663,000 S
Alexandria 75 Garden St 2 br h $740,000 S
Alexandria 14/118 Lawrence St 2 br u $590,000 S
Alexandria 61 Suttor St 2 br h $850,000 S
Annandale 2/259 Johnston St 2 br u $601,000 SP
Annandale 26 Johnston St 4 br h $1,150,000 VB
Annandale 270 Young St 3 br h $1,230,000 SP
Arncliffe 13/9a-11 Eden St 2 br u $362,000 S
Ashfield 5/132 Victoria St 2 br u $515,000 S
Asquith 2/44 Olive St 3 br h $585,000 SA
Auburn 76 Gordon Rd 3 br h PI
Balgowlah 72 Condamine St 2 br h $1,500,500 S
Balmain 42 Church St 3 br h SS
Balmain C401/23 Colgate Av 2 br u $805,000 SP
Balmain 9/440 Darling St 2 br u $703,000 S
Balmain 8 Elliott St 2 br h $688,000 S
Bankstown 62 Fenwick St 7 br h $970,000 PI
Barden Ridge 2 Foster St 5 br h $920,000 S
Bass Hill 83 Farrell Rd 3 br h $451,000 S
Bass Hill 360-362 Hector St land NB
Baulkham Hills 7 Norwood Pl 4 br h PN
Beecroft 97a Malton Rd 3 br h PI
Bella Vista 25 Bingara Cr 4 br h $650,000 S
Bellevue Hill 19/17a Cooper Park Rd 4 br t W
Bellevue Hill 35/60 Drumalbyn Rd studio $400,000 SP
Berala 99 Sixth Av 2 br h $580,000 S
Beverley Park 68 Jubilee Av 5 br h $1,200,000 S
Beverley Park 15 Poulton Av 3 br h $830,000 S
Bexley 6 Toohey Cr 2 br h $670,000 S
Birchgrove 6 Bay St 3 br h $1,750,000 SP
Birchgrove 95 Louisa Rd 2 br h SN
Blackheath Lot 1 Megalong Rd 9 br h W
Blacktown 4/60 Patricia St 3 br t PI
Blue Bay 3/110 Ocean Pde 2 br u W
Bondi Beach 71 Lamrock Av 2 br h $1,351,000 S
Bossley Park 7 Kent Pl 3 br h $372,500 S
Bronte 2/471 Bronte Rd 1 br u $1,262,500 S
Burwood 4 Clarence St 6 br h $3,450,000 PI
Burwood 12 Livingstone St 2 br h $856,000 S
Camden South 34 Wire La 5 br h NB
Cammeray 35 Alan St 3 br h $1,690,000 S
Camperdown 24 Pidcock St 2 br h $847,000 S
Campsie 16/94 Beamish St studio NB
Castle Hill 12 Daphne Av 3 br h PI
Castle Hill 19 Kathleen Av 5 br h $3,100,000 SP
Castlecrag 1 Rutland Av 5 br h $2,150,000 S
Casula 60 De Meyrick Av 3 br h PI
Casula 7 Drysdale Pl 4 br h $522,000 S
Casula 6/45 Pine Rd 2 br h $315,000 SP
Chatswood 233 Mowbray Rd 3 br h $933,000 S
Cherrybrook 1 Clifton Pl 5 br h $861,000 S
Chester Hill 234 Hector St 2 br h $341,000 S
Chipping Norton 9 Nuwarra Rd 5 br h $550,000 SP
Clontarf 9 Alma St 3 br h $1,390,000 S
Clontarf 17 Sandy Bay Rd 4 br h $2,800,000 VB
Clovelly 5 Burnie St 3 br h $1,400,000 S
Clovelly 57 Burnie St 4 br h $3,129,000 S
Clovelly 2/23 Melrose Pde 2 br u $935,000 S
Collaroy 91 Fuller St 4 br h $1,295,000 VB
Concord 19 MacNamara Av 4 br h $1,070,000 S
Concord West 20 The Drive 4 br h $1,270,000 S
Coogee 4/126-128 Brook St 2 br u $785,000 S
Coogee 6/5 Dundas St 1 br u $512,000 S
Cremorne 1/40 Benelong Rd 2 br u $740,000 SP
Cremorne 11/81 Gerard La 3 br u $832,000 SP
Cremorne 22/20-24 Rangers Rd 3 br u $1,300,000 SP
Cronulla 12 Lucas St 3 br h $1,120,000 S
Croydon 12 Australia St 3 br h SN
Croydon Park 85 Kembla St 2 br h $625,000 S
Darlinghurst 716/50 Burton St 2 br u $807,000 S
Darlinghurst 501/150 Liverpool St 2 br u PN
Denistone East 18 Salter Cr 4 br h $1,140,000 S
Dharruk 38 Kilbride Av 4 br h SN
Double Bay 7/530 New South Head Rd 1 br u SN
Dover Heights 33 Military Rd 4 br h $4,250,000 S
Dulwich Hill 82 Hercules St 3 br h $890,000 S
Dural 17-19 Hemers Rd 6 br h PI
Earlwood 42 Hocking Av 5 br h $1,400,000 VB
Earlwood 114 Minnamorra Av 3 br h $786,000 S
East Lindfield 10 Perth Av 4 br h SN
Edensor Park 6 McCrea Cl 5 br h PI
Elanora Heights 35 Kywong Rd 5 br h $1,700,000 S
Elanora Heights 14 Morandoo Rd 4 br h NB
Engadine 3 Ferntree Rd 2 br h $612,000 S
Epping 14 Fernhill Av 5 br h $1,520,000 S
Epping 18 Shirley St 4 br h $904,000 S
Erskineville 28 Ashmore St 4 br h $1,000,030 S
Erskineville 6/168-178 George St 2 br u $496,000 PI
Eschol Park 1/47 Frontignan St 3 br h NB
Fairlight G/10 Hilltop Cr 3 br t PI
Five Dock 3 Bevin Av 3 br h $1,055,000 PI
Five Dock 421 Lyons Rd 3 br h PN
Five Dock 66/100 William St 2 br u PN
Five Dock 68/100 William St 2 br u $820,000 VB
Forest Lodge 17 Junction St 2 br h $800,000 SP
Freshwater 29 Undercliff Rd 4 br h NB
Glebe 435 Glebe Point Rd 4 br h $2,005,000 S
Glenhaven 69-71 Evans Rd 4 br h $1,545,000 SP
Gordon 15 Glenview St 4 br h $1,200,000 PI
Gordon 112 St Johns Av 5 br h PN
Grays Point 81 Peninsular Rd 3 br h $708,000 S
Green Valley 228 North Liverpool Rd 6 br h $610,000 VB
Greenacre 77 Noble Av 3 br h $500,000 SP
Greenwich 1 Innes Rd 4 br h $1,350,000 SP
Guildford 51 Randolph St 5 br h $485,000 S
Haberfield 3 Walker Av 3 br h $1,050,000 SP
Homebush Bay 104/1 The Piazza 1 br u $330,000 S
Hunters Hill 4 Figtree Rd 3 br h $1,245,000 S
Hunters Hill 41a Huntleys Point Rd 5 br h SN
Hunters Hill 11 Lyndhurst Cr 4 br h $2,200,000 PI
Hunters Hill 48 Milling St 3 br h PN
Hunters Hill 11 Stanley Rd 4 br h W
Hurlstone Park 30 Crinan St 8 br h $902,000 S
Hurlstone Park 30 Crinan St 6 br h $902,000 S
Hurstville 16 Gannons Av 3 br h $848,000 S
Hurstville 42 Hodge St 2 br h $811,000 S
Hurstville 21/39-41 Park Rd 4 br u PN
Hurstville 14 Wright St 3 br h $1,200,000 S
Jannali 97 Soldiers Rd 1 br h $715,000 S
Katoomba 55a Clissold St 4 br h NB
Katoomba 55b Clissold St 3 br h $308,000 S
Killara 1 Banyula Pl 4 br h PN
Killara 46 Fiddens Wharf Rd 4 br h PN
Killara 47 Greengate Rd 3 br h SN
Killara 9 Kylie Av 5 br h PN
Killara 14a Stanhope Rd 5 br h PI
Kingsford 46/243-253 Anzac Pde 2 br u $578,000 S
Kingsford 119a Cottenham Av 3 br h $850,000 SP
Kingsgrove 24 Kingsway 2 br h SN
Kirribilli 7/4 Holbrook Av 2 br u $855,000 S
Kogarah 14 Marshall St 2 br h $652,000 S
Kogarah 21 Palmerston St 3 br h $692,000 S
Kogarah 11 Park St 3 br h $690,000 S
Lane Cove North 20 Elizabeth Pde 4 br h $1,470,000 S
Lane Cove North 42 Karilla Av 3 br h $1,025,000 S
Leichhardt 81 Francis St 3 br h $895,000 SP
Lewisham 69 Old Canterbury Rd 4 br h $875,000 SP
Lewisham 23 Toothill St 3 br h $870,000 SP
Lidcombe 9/109-113 Frances St 3 br h $480,000 S
Lilyfield 4 The Boulevarde 4 br h $1,210,000 SP
Lindfield 4 Treatts Rd 4 br h $2,315,000 S
MacMasters Beach 69 Lakeside Dr 5 br h $2,300,000 S
Malabar 19 Herbert St 5 br h $1,710,000 PI
Manly 24/140-142 North Steyne 3 br u $1,725,100 PI
Manly 117/2 Wentworth St 2 br u $1,180,000 S
Maroubra 9/81 Broome St 3 br u $580,000 SP
Maroubra 17 Cantrill Av 5 br h $2,180,000 S
Maroubra 91a Maroubra Rd 2 br h $775,000 S
Maroubra 4/46 Portland Cr 2 br t $610,000 SP
Maroubra 3 The Corso 3 br h PI
Marrickville 90/18 Cecilia St 2 br u $510,000 S
Marrickville 12 Garners Av 3 br h $760,000 S
Marrickville 5/31 Henson St 2 br u $440,000 SP
Marrickville 193 Sydenham Rd 2 br h W
Matcham 69 Matcham Rd 4 br h $975,000 SP
Matcham 229 Oak Rd o res PI
McMahons Point 11/8-10 East Crescent St 2 br u $950,000 S
McMahons Point 22 Princes St 3 br h $1,440,000 S
Merrylands 48 Chetwynd Rd 2 br h $502,000 PI
Merrylands 38 Earl St 2 br h $405,000 S
Merrylands 7 Garnet St 3 br h $580,000 S
Merrylands 9 Harper St 4 br h $497,000 S
Merrylands 28 Ridge St land $1,055,000 S
Milsons Point 35/94-96 Alfred St S 3 br u $1,470,000 VB
Miranda 182 President Av 4 br h W
Miranda 89 Wyralla Rd 3 br h $750,000 S
Mona Vale 6/6 Darley St 3 br u $550,000 PI
Mooney Mooney 35 Point Rd 4 br h NB
Mosman 13 Bay St 4 br h $2,280,000 PI
Mosman 17 Iluka Rd 5 br h $6,150,000 S
Mosman 2/27 Moruben Rd 3 br u $1,900,000 VB
Mosman 94 Spit Rd 5 br h $1,775,000 VB
Mount Druitt 54/254 Beames Av 2 br u PI
Mount Druitt 8/1-5 Durham St 2 br u $240,000 S
Mount Pritchard 323a Elizabeth Dr land $225,000 PI
Naremburn 8/40 Station St 3 br t $910,000 SP
Neutral Bay 502/3 Lindsay St 3 br u $1,170,000 S
Newtown 7 Bucknell St 3 br h $1,290,000 S
North Bondi 2/3 Oakes Pl 3 br u $1,500,000 PI
North Bondi 3/57 Wairoa Av 2 br u $841,000 S
North Epping 88 Norfolk Rd 5 br h $1,180,000 VB
North Epping 89 Norfolk Rd 5 br h PI
North Parramatta 3/27-29 Brabyn St 4 br t $502,000 S
North Ryde 2/110 Twin Rd 2 br h $715,000 S
North Turramurra 22 Allara Av 5 br h $1,300,000 SP
North Willoughby 253 High St 2 br h $1,050,000 S
Northbridge 26 Bligh St 3 br h PN
Northbridge 73 Coolawin Rd 3 br h NB
Northbridge 11 Narani Cr 3 br h $1,700,000 VB
Oakville 196 Bocks Rd 4 br h $1,006,000 S
Oatlands 24 Lind Av 3 br h $805,000 S
Oatley 1 Algernon St 3 br h $1,050,000 SP
Oatley 23 Louisa St 4 br h $1,150,000 PI
Ourimbah 18 Leeder Rd 4 br h W
Oyster Bay 111 Georges River Cr 4 br h $2,250,000 PI
Paddington 100 Lawson St 3 br h $1,225,000 SP
Paddington 42/364 Moore Park Rd 1 br u $420,000 SP
Padstow 69 Arab Rd 3 br h $740,000 S
Panania 36 Panania Av 2 br h $562,000 S
Peakhurst 77 Ogilvy St 5 br h $580,000 VB
Petersham 23 Jarvie Av land $415,000 S
Prospect 104 Norman St 4 br h $740,000 S
Punchbowl 91 The Broadway 3 br h $435,000 SP
Putney 78 Delange Rd 5 br h $2,250,000 SP
Pymble 3 Latona St 5 br h $1,875,000 VB
Pymble 1 Nithdale St 4 br h $1,320,000 SP
Pymble 8 Rushall St 4 br h PN
Pyrmont 14/9 Quarry Master Dr 3 br u $840,000 S
Quakers Hill 2/23 Pye Rd 3 br t $315,000 S
Queenscliff 7 Pavilion St 5 br h NB
Queenscliff 3/22a Queenscliff Rd 3 br u W
Queenscliff 8/61-63 Queenscliff Rd 3 br u $1,365,000 S
Ramsgate Beach 235 The Grand Pde 3 br h $900,000 S
Randwick 236 Alison Rd o res $900,000 VB
Randwick 13/4-6 Cowper St 2 br u $755,000 S
Randwick 21 Dolphin St 2 br h $1,195,000 S
Randwick 34 Oberon St 3 br h $1,335,000 S
Redfern 743 Bourke St 5 br h $1,050,000 VB
Redfern 4/2 Pitt St 2 br u $661,500 S
Redfern 24/1-7 Stirling St 3 br u $750,000 S
Revesby 7 Ely St 3 br h $521,000 S
Riverwood 47 Shenstone Rd 3 br h $690,000 S
Rockdale 63 Farr St 3 br h $670,000 S
Roseville 44 Addison Av 3 br h SN
Roseville 130a Archer St 5 br h PN
Roseville 80 William St 4 br h $1,740,000 SP
Ryde 1313/100 Belmore St 3 br u W
Ryde 11 Junction St 4 br h $1,100,000 S
Ryde 51 Melville St 4 br h $1,205,000 S
Ryde 80 Potts St 4 br h $1,120,000 S
Sans Souci 40 Alice St 3 br h $765,000 S
Sans Souci 22 Meriel St 3 br h $905,000 S
Sans Souci 123a Napoleon St 3 br t $645,000 S
Seaforth 10 Frenchs Forest Rd 3 br h $910,000 S
Sefton 1 Helen St 4 br h $534,000 S
Sefton 17 Wallace St 3 br h $428,000 S
Shalvey 55 Sedgman Cr 4 br h SN
South Hurstville 9 Salisbury St 3 br h W
St Ives 11 Oxford Pl 4 br h W
St Ives Chase 87 Collins Rd 3 br h PN
St Johns Park 15 Drummoyne Cr 5 br h $676,000 S
St Johns Park 245 St Johns Rd 2 br h $365,000 S
St Marys 10/8-10 Sainsbury St 5 br h PI
Stanmore 170 Albany Rd 3 br h $980,000 S
Stanmore 122 MacAulay Rd 4 br h $1,475,000 S
Stanmore 14 Myrtle St 3 br h $791,000 S
Strathfield 41 Albyn Rd 3 br h $1,250,000 S
Strathfield 60 Bareena St 3 br h $1,225,000 S
Strathfield 15 Boden Av 5 br h SN
Strathfield 11 Myee Av 6 br h $1,332,000 S
Strathfield 6/2-4 Russell St 4 br u $600,000 S
Strathfield 62 Shortland Av 3 br h $1,250,000 S
Strathfield 15 Thomas St 4 br h PI
Surry Hills 46 Adelaide St 2 br h $690,000 S
Surry Hills 5 Clisdell St 2 br h $560,000 VB
Surry Hills 18/99-115 Flinders St 2 br u $685,000 S
Sydney 1006/187 Liverpool St 2 br u $1,155,000 S
Sydney 73/1 Macquarie St 2 br u NB
Sydney 377/298-304 Sussex St 2 br u NB
Sylvania 6/9 Melrose Av 3 br t $537,000 S
Sylvania 41 Port Hacking Rd 4 br h $597,000 SP
Sylvania Waters 126 Belgrave Esp 3 br h $1,560,000 S
Tamarama 364 Birrell St 4 br h $2,000,000 VB
Terrigal 2/20 Kurrawyba Av 3 br t W
Thornleigh 2 Tillock St 3 br h $740,000 SP
Turramurra 40 Duff St 5 br h $785,000 S
Waverley 22 Campbell St 5 br h $4,000,000 VB
Waverton 2/24 Crows Nest Rd 2 br u $670,000 S
West Pennant Hills 7 Governor Phillip Pl 5 br h $1,700,000 VB
West Pymble 29 Grayling Rd 3 br h $922,000 S
West Pymble 52 Yarrara Rd 4 br h $1,180,000 S
West Ryde 17 Deakin St 3 br h $935,000 S
West Ryde 31 Orchard St 3 br u $694,500 S
Wiley Park 6/279 Lakemba St 2 br u $236,000 SP
Willoughby 5 Edward St 3 br h PN
Willoughby 103 Mowbray Rd 3 br h $981,000 S
Willoughby 18 Nardoo Rd 4 br h PN
Willoughby East 30 Warrane Rd 2 br h $1,345,000 S
Woy Woy 102 Blackwall Rd 4 br h $400,000 SP
Yagoona 85 Ashby Av 3 br h $420,000 S
Yagoona 8 Houston Rd 3 br h $475,000 SP
Yagoona 17 Palomar Pde 2 br h $450,250 SP
Yagoona 2a Sutherland St 3 br u PI

KEY: S indicates property sold; SP – property sold prior; PI – property passed in; PN – sold prior not disclosed; SN – sold not disclosed; NB – no bid; VB – vendor bid; o res – other residential; w – withdrawn prior to auction; N/A – price or highest bid not available; SA – sold after auction; SS – sold after auction price not disclosed.?

Melbourne Auction Results

Total Auctions

This week: 230

Last weekend: 907

This time last year: 133

S Sold at Auction: 147

SB Sold before Auction: 50

SA Sold after Auction: 3

Passed in: 30

Passed in on vendor’s bid: 15

Clearance rate: 87%

Postponed: 1

Withdrawn: 0

Auctions with no result: 33

PS Private Sales: 686

Total Volume (Auctions): $120.68mil

Total Volume (Private Sales): $313.11mil

Total Auctions Houses: 147

Clearance Rate: 84%

Median Price: $625,000

Total Value: $81,343,500

Total Auctions Flats/Apartments: 76

Clearance Rate: 93%

Median Price: $515,000

Total Value: $37,726,800

Total Auctions Vacant Land: 7

Clearance Rate: 71%

Median Price: $357,000

Total Value: $1,610,000

House Sales in Detail

TOP 5 HOUSES

1. 9 Russell Street, Camberwell $1,560,000

2. 1 Saturn Street, Balwyn North $1,485,000

3. 19 Church Street, Canterbury $1,396,500

4. 54 Severn Street, Balwyn North $1,300,000

5. 50 Karnak Road, Ashburton $1,281,000

TOP 5 BARGAIN HOUSES

1. 52 Douro Street, Geelong North $280,500

2. 24 Cottrell Court, Delahey $284,000

3. 542 Barry Road, Coolaroo $286,000

4. 88 Tamar Drive, Deer Park $299,000

5. 95 Ravenhill Boulevard, Roxburgh Park $314,250

Flat/Apartment Sales in Detail

TOP 5 APARTMENTS

1. 832 Hampton Street, Brighton $1,430,000

2. 17/79 Oxford Street, Collingwood $970,000

3. 1250 Toorak Road, Camberwell $855,000

4. 3/37 Graham Avenue, Mckinnon $842,500

5. 2/36 Antibes Street, Parkdale $770,000

TOP 5 BARGAIN APARTMENTS

1. 6/27 Synnot Street, Werribee $235,000

2. 2/36 Cooper Street, Epping $240,000

3. 4/7 Cumberland Road, Pascoe Vale South $245,000

4. 2/166 Leamington Street, Reservoir $252,500

5. 4/267 Ascot Vale Road, Moonee Ponds $300,000

Get the latest auction and private sale results first from the REIV.

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Average houses will be worth $1,000,000 by 2019

Back in October 2009 I wrote a Yahoo7 column called Buying an Australian home – still worth it? I asked whether Aussie homes were still worth the sacrifice. One thing I examined was the financial pressure to buy – that is, people’s worry that if they didn’t buy soon they’d be forever priced out of the market, with prices going up and up.

Not long afterwards, in an article titled ‘$1m homes ‘the norm’ in a decade’, The Age reported the Real Estate Institute of Victoria’s view that Melbourne’s median house price will be $1 million dollars in ten years’ time. Perhaps my column should have been called Buying an Australian home – still afford it?

You might think that it’s ridiculous or impossible for house prices to reach such dizzying heights, but is it?

Let’s see how far fetched a prediction this really is by taking October 2009’s median house price as a base point, looking back ten years to October 1999, then forecast ten years forward:

Median house prices October 2009

Capital City	Oct 1999	Oct 2009	Change	% change	Compound Growth
Sydney	$315,000	$615,000	$300,000	95%	6.9%
Melbourne	$199,000	$519,000	$320,000	160%	10.0%
Brisbane	$150,000	$459,000	$309,000	207%	11.9%

Using Residex’s October 2009 median house price valuations in Sydney, Melbourne and Brisbane – alongside estimated median prices in 1999 based on Residex’s House Price Indices – we see some huge increases.

The analysis shows that median house prices have almost doubled in Sydney, gone up one and half times in Melbourne, and tripled in Brisbane. That’s impressive price growth over the past ten years (keep in mind that during this period prices went up, down and up again but the overall trend is positive).

So, in the next ten years, what growth would we need before the median price hit $1 million?

Median house prices at $1 million October 2019

Capital City	Oct 2009	Oct 2019	Change	% change	Compound Growth
Sydney	$615,000	$1,000,000	$385,000	63%	5.0%
Melbourne	$519,000	$1,000,000	$481,000	93%	6.8%
Brisbane	$459,000	$1,000,000	$541,000	118%	8.1%

As you can see, the compound growth required is between 5 and 8 per cent, depending on the city. That’s well under what was achieved over the last decade.

This suggests that, ten years from now, a $1 million dollar median house price in Melbourne, Sydney and Brisbane is, indeed, fairly likely.

Economic conditions right for growth

As in any market, home prices are a function of supply and demand. In the near future, population growth and an undersupply of housing stock will mean that demand continues to strengthen.

Combine this with a return to stable economic conditions and relatively low and stable interest rates and you have the necessary ingredients for home prices to increase well ahead of inflation.

While past market performance might not reflect future results, $1 million dollar median price predictions for Melbourne and the eastern capitals seem quite reasonable. Indeed, to go even further, Residex believes that 15 years from now median property prices will reach the $1.5 million mark.

What it all means

The residential property market is split into almost equal thirds: those who own outright, those paying off a mortgage, and those who are renting.

The first two groups are going to be happy. Their wealth and equity will increase as property values continue to rise.

But – without being too dramatic – for those who are renting and/or wanting to buy in the capital cities in the next ten years, the dream of home ownership might be nothing more than just that – a dream.

Affordability is already a major problem, and increased prices will make it worse. Low to middle income earners will be further marginalised, while the average Australian wage will need to rise 5 to 8 per cent per annum over the next ten years to keep pace with mortgage repayment and deposit requirements.

What to do

If owing a home is your goal, and you’re worried about being priced-out, what can you do?

There are no easy solutions, but here are a few suggestions:

• Have realistic goals. Be flexible about the type and location of property you can reasonably afford as your first home. Enter the market at the lower end and move up the ladder when your needs and finances permit.

• Consider investing first. It might be easier to enter the market with the aid of someone else – your tenant. They will help to pay off your mortgage and your investment property might eventually become your home. (See my column Is it time to invest in property? for more information).

• Don’t go for the biggest and best homes. Look for other types of properties, including units and apartments. These are good ways to get into the suburbs you like that might otherwise be unaffordable.

• Don’t over commit your finances. Getting into the market isn’t life’s ‘be all end all’. The last thing you want is to become a slave to your mortgage.

• Educate yourself so that you understand what’s involved in becoming a first home owner or investor. Do your research by going online and talking to real estate agents. Buy independent property reports to get a feel for property prices in the suburbs you’re interested in – making sure that, if and when you do buy, you’re not going to pay too much.

Pete Boehm is co-founder of Our Home Sweet Home – a home buyer and property investor resource where you’ll find home loans, mortgage calculators, guides and more. If you’re looking to buy your first home sign up to Our Home Sweet Home’s free seven week e-mail course 7 Steps to Home Ownership. Follow Pete on Twitter or join the conversation at the Our Home Sweet Home Blog. You can also ask Pete a question.

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So much more at Grenmore

GRENMORE is a highly versatile 1365ha property located northeast of Coonabarabran, in NSW.

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Survey: First homebuyers may be scared off by small rate rises

Reverse trend as more purchase alone and at a later stage in life

If interest rates rise by two percentage points, more than one quarter of Australians looking to buy their first home in the next two years will give up on the purchase, according to results from the 2010 Mortgage Choice First Homebuyers Survey.

This may be because an increasing number of potential first homebuyers intend to buy on their own. The independent online survey found this was the plan for 32% of respondents, compared to 28% in the 2009 survey.

Further, 8% intended to borrow the full purchase price despite 100% home loans being non-existent in today’s climate, with females more inclined to want borrow the full amount. On the flipside, close to one in three (29%) will have a deposit of 20% or more to contribute towards their first home purchase.

Despite this, a significant number (78%) were planning to make lifestyle sacrifices in order to purchase, an increase on the 71% in the 2009 survey.

First homebuyers’ main motivation to purchase property in the next two years was that they wanted to set themselves up financially for the future (72% of respondents). 58% said that they were keen to get their foot in the property market door and 31% saw more benefit in investments such as property than in the share market. The top two responses were the same across all states.

Mortgage Choice Senior Corporate Affairs Manager, Kristy Sheppard said, “It’s terrific to see our survey results showing up-and-coming first homebuyers acknowledge the long-term benefits property investment has to offer. Importantly, the majority understand that good savings and making lifestyle sacrifices get them into good habits and get them through the door sooner.”

“Yet we do have mixed results. Although a large portion of first time buyers-to-be are prepared for interest rate rises and appear to be quite knowledgeable about the market, a significant proportion – 28% – say they’ll back out of buying if rates increase by up to two percentage points. Savvy mortgage holders give themselves at least that as a repayment buffer each month so these buyers should think very carefully about entering the market.

“The survey results also highlight a lack of consumer awareness regarding changes to lending criteria that now restrict property buyers from borrowing without a deposit. 8% of our respondents intended to borrow the full purchase price.

“Before committing themselves, potential first homebuyers looking to take advantage of market opportunities should health test their budget, review their savings history, speak to a mortgage professional and prepare themselves for the total cost of property ownership. It’s not just about making loan repayments but the day-to-day expenses of living in your own home as well as lifestyle costs.”

Other key findings
• 65% will purchase their first property with a partner, friend or family member/s in a co-ownership agreement, in comparison to 71% in 2009.
• 52% will purchase an established home, compared to 71% in 2009.
• 51% have ‘some idea’ about the purchase process; only 12% said they were well informed.
• 53% said their largest concern was the time it takes to pay off the loan and own outright.
• The most common sacrifices being made in order to buy were: cut back on spending (96% this year, compared to 93% in 2009), miss out on a holiday (60% vs. 59%), purchase a less expensive property (31% vs. 33%) and take on an additional job (26% vs. 23%).
• The most popular predicted mortgage size range for these first time buyers is between $300,001 and $400,000, as indicated by 33% of respondents.
• The most popular first point of contact for mortgage advice was a mortgage broker at 24%, then parents (22%). In 2009, brokers ranked first at 29% with the internet second at 18%.

How will they cope with interest rate rises?
“It was encouraging to find that, when asked to answer with a mortgage interest rate of 7% in mind, almost one quarter – 23% – of respondents said they could afford a rate increase of between four and five percentage points before they would give up on buying their first home in the next two years. Of these, a staggering 61% said they could afford a rise of above five percentage points,” said Ms Sheppard.

20% of respondents said they would drop out of entering the market if rates rose 3-4 percentage points, 29% would give if rates rose by 2-3 percentage points, 21% would if rates rose by 1-2 percentage points and 5% would if rates rose by 0.25-1 percentage points. 2% would give up at the next 25 basis point rate rise – as of Tuesday these people would no longer be looking to purchase their first home.

How will upcoming first homebuyers finance their purchase?
Tighter lending criteria is forcing all borrowers, not just first homebuyers, to meet tougher requirements such as providing evidence of genuine savings over consecutive months. The majority of first homebuyers-to-be are taking this advice on board and saving good-sized deposits before purchasing.

When it came to property financing, these were the responses:
• 8% will borrow the full purchase amount (compared to 12% in 2009).
• 19% will contribute 5% deposit and borrow the remaining (22%).
• 34% will contribute 10% deposit and borrow the remaining (25%).
• 8% will contribute 15% deposit and borrow the remaining (9%).
• 17% will contribute 20% deposit and borrow the remaining (14%).
• 12% will contribute more than 20% deposit and borrow the remaining (14%).

Females were more likely to plan to borrow the full purchase price than males (10% of females vs. 6% of males), and less likely to contribute a large deposit or 20% or more (25% vs. 32%).

“Happily, our survey shows most upcoming first homebuyers are aiming for deposits that should meet today’s lending criteria. What is surprising though, is 8% were naively optimistic that they could borrow the full purchase price, seemingly unaware 100% home loans are no longer available. This highlights why, for many reasons, visiting a reputable mortgage broker before embarking on the property hunt is very handy,” said Ms Sheppard.

What is motivating first homebuyers to purchase?
Appetite for first home purchases has noticeably steadily declined over recent months. The Australian Bureau of Statistics reports 21% of all owner occupied housing finance approvals in December 2009 were for first homebuyers, compared to 26% in October. Traditionally, the average is around 20%.

The 2010 Mortgage Choice First Homebuyers Survey found the top 10 motivations to purchase were:
1. To set myself up financially for the future (72% of respondents).
2. I want to get a foot in the property market door while I can (58%).
3. I see more benefit in investments such as property than I do in the share market (28%).
4. Low interest rates (23%).
5. Advice received from family, friends or a financial advisor (22%).
6. The benefits of the current property market (19%).
7. I have researched the property market and feel property investment will enable me to achieve my financial goals sooner/better (15%).
8. High rental yields (14%).
9. Capital gain (13%).
10. Reading and/or hearing of others’ success (12%).

“While incentives for first homebuyers have been scaled back there is still strong motivation from this group to make their move in the next two years. Our survey results show a long-term goal of financial security is the most popular motivation for first time homebuyers to purchase before 2012. Almost a quarter – 23% – are still focused on relatively low interest rates,” said Ms Sheppard.

How high are first homebuyers aiming?
As property prices rise, so to does the size of mortgages. According to Mortgage Choice’s February 2010 loan approvals data, the average mortgage size for owner-occupiers (including first homebuyers) was $328,422 nationally. Unsurprisingly, the most commonly stated mortgage size for survey respondents was between $300,001 and $400,000 (33%).

A further 26% expected to borrow between $200,001 and $300,000. 15% were planning between $400,001 and $500,000. 6% were aiming high at between $500,001 and $600,000 and 4% were hoping to borrow $600,001 or more (this price range was the most popular in NSW, at 6% of the state’s respondents). 13% were unsure at this point of how much they would borrow.

“While some lenders are often willing to allow first homebuyers significant borrowing power, it’s important to base your loan amount on your ability to repay the loan while living an affordable yet comfortable lifestyle. The key is to stay in control of your finances and be realistic about your budget expectations and spending before taking on a first home purchase,” said Ms Sheppard.

How are potential first homebuyers expecting to finance large loans?
In recent years there has been a steady increase in the number of buyers sharing the financial responsibility of property ownership by purchasing with someone but this year, that has reversed.

“Having recently lived through an economic crisis, potential first time buyers seem to be more cautious of making a financial commitment with another person,” said Ms Sheppard.

“The survey results show a rise in first homebuyers considering purchasing on their own, with 32% of respondents nationally indicating they plan to commit unaccompanied, compared to 28% in 2009. WA first homebuyers are the most independent property buyers, with over one third – 37% – planning to purchase their first home solo. South Australians were least likely to do so, with 23%.”

The proportion of those purchasing property with someone else as a co-owner has dropped to 65% from 69% in 2009’s survey. Respondents planning to purchase with a partner has also fallen, to 58% from 64% in 2009. However, the proportion purchasing with friends has increased to 2%, from 1% in 2009. The number of respondents purchasing with some type of assistance from family members (family as part/joint owner at 5%, family acting as guarantors at 2% and family providing a monetary gift at 1%), has increased to 8%, from 5% in the 2009 survey.

“Sharing the financial responsibility of home ownership means buyers can pool their financial resources to help increase their deposit and/or serviceability, enabling them to enter the market sooner. This could be helpful for those buyers struggling to meet tighter lending criteria. This strategy also reduces the long-term financial burden as all associated costs are shared,” said Ms Sheppard.

How clued up are first homebuyers?
The number of potential first homebuyers admitting to having no idea about the property purchase process has doubled, rising to 6% of respondents from 3% in 2009. One in two (51%) felt they had some idea (compared to 28% in 2009), while 31% knew the essentials (42% in 2009). The most surprising result is only 12% considered themselves well informed, well down from 27% in 2009.

“Unfortunately, the 2010 Mortgage Choice First Homebuyers Survey shows a decline in informed buyers-to-be and a rise in those with little or no knowledge about the property purchase process,” said Ms Sheppard.

“It is worrying to see an increase in first homebuyers who are uninformed about the property purchase process. Without solid knowledge of the huge commitment they are entering into, these buyers are much more likely to choose an unsuitable loan or get caught out by the fine print.”

For those who are making the effort to research mortgages, the favoured first point of contact for advice was a mortgage broker, at 24%, compared to 29% in 2009. This was followed by:
• Parents at 22% (15% in 2009).
• Lender (bank, building society, credit union, etc) at 17% (equal in 2009).
• Internet at 13% (18%).
• Friends at 11% (8%).
• Financial advisor at 9% (7%).

“It is terrific to see today’s first homebuyers trust and value the guidance of their mortgage broker. Parents can be a good starting point for general questions about the property purchase process but the mortgage market is constantly changing so it’s crucial to get up to date information. A reputable mortgage broker can help borrowers navigate the mortgage minefield and find a loan tailored to their situation, prepare for lending requirements, process their loan application and advise of any concessions that may be available. They’ll then help them with any changes, questions or home loan ‘health checks’ in the future,” said Ms Sheppard.

“Well informed borrowers can make the most of their circumstances by utilising every resource available, then possibly enter the market sooner using strategies such as saving a larger deposit, preparing for rate rises sooner and sharing the responsibility of home ownership.”

What are first time buyers concerned about?
When purchasing their first home, Australians are most concerned about the length of time it takes to pay off a home loan, for 53% of respondents (compared to 52% in 2009). New South Welshmen were the most likely to worry about the length of time it takes to pay off a home loan, at 55%, while Queenslanders and South Australians were the least likely to worry about this (50% each).

“There are plenty of tips out there that help borrowers repay their mortgage sooner. For example, rounding up or increasing the regular repayment amount, paying additional lump sums where possible or even increasing the frequency of repayments from say, monthly to fortnightly,” said Ms Sheppard.

Other concerns respondents had about purchasing were:
• Being committed to such a large financial obligation for so long, at 51% (45% in 2009).
• Not being able to afford repayments, at 46% (47% in 2009).
• The amount of money I will have paid by the end of the loan term, at 40% (equal to 2009).
• Buying the wrong home, at 28% (equal to 2009).

What age is the average first homebuyer?
The majority (55%) of Australia’s first homebuyers-to-be will be aged 30 years or older when they purchase their first home and 8% of these will be 50 years or older. 45% will be aged between 18 and 29 years.

WA and QLD bucked this age-at-purchase trend. In those states, the age category with the highest percentage of respondents was those planning to buy their first home before the age of 30 years.

“According to the survey, a high percentage of respondents are purchasing their first home in their thirties, forties and some even in their fifties. This could be due to increased affordability in older age as people earn higher incomes and/or have been saving a deposit for longer so are able to meet tighter lending requirements and can repay a mortgage more comfortably. It may also be linked to a higher number of people choosing to settle down later in life,” Ms Sheppard said.

What are first homebuyers prepared to sacrifice in order to get into the market?
In order to purchase their first home, 78% of respondents intended to make sacrifices to various aspects of their lifestyle, which is an increase on last year’s 71%. Western Australians were the most likely to sacrifice, in comparison to 2009, when they were the least likely. Queensland replaces them as the least likely to make sacrifices this year.

The top sacrifices for first homebuyers-to-be were:
• 96% will cut back on spending (93% in 2009).
• 60% will miss out on a holiday (59%).
• 31% will purchase a less expensive property (33%).
• 26% will take on an additional (23%).
• 21% will remain in their current job rather than move on (24%).
• 20% will purchase property in a non-ideal location (23%).
• 18% will delay having children (20%).
• 17% will move back in/stay living with their parents or in-laws to save on rent (12%).
• 16% will change jobs for higher income even though they are happy where they are (12%).

“The survey results highlight an increase in potential first homebuyers willing to change their expectations, invest more energy and/or make a range of cutbacks in order to achieve their dream of home ownership. As housing prices and interest rates rise, and housing undersupply continues to tighten, making sacrifices is becoming more of a necessity than a choice,” said Ms Sheppard.

What type of property are first homebuyers most likely to shop for?
Australia’s upcoming first homebuyers are more likely to purchase an established home (52%) than they are a new home (13%) or land to build on (5%). 30% are unsure. Western Australians are the most likely to choose a new home than any other state (at 20%).

Call the customer service centre on 13 MORTGAGE, visit www.mortgagechoice.com.au or www.facebook.com/MortgageChoice or http://twitter.com/MortgageChoice.

For further information, statistics or to arrange an interview, please contact:

Belinda Williamson, Mortgage Choice, 02 8907 0472, belinda.williamson@mortgagechoice.com.au

About the Survey
Mortgage Choice, Australia’s largest independently-owned mortgage broker, commissioned the independent online nationwide survey in late February 2010, asking a range of questions about first home purchase plans. The last first homebuyer survey was conducted in February 2009.

About Mortgage Choice

A number of the company’s consultants provide a broader service offering, also helping customers source personal and commercial loans, asset finance and risk insurance.

Visit www.mortgagechoice.com.au or call the customer service centre on 13 MORTGAGE.

Bali-built homes plan for Christmas Is – ABC Local

Bali-built homes plan for Christmas Is ABC Local A Mandurah real estate agent is hoping to ease the demand for accommodation on Christmas Island by shipping newly constructed homes from Bali.

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Bali-built homes plan for Christmas Is – ABC Local

Housing stock in short supply before Easter – North Shore Times

Housing stock in short supply before Easter North Shore Times Forsyth Real Estate principal James Snodgrass said: “People are rushing a large number of houses to market so they can squeeze in auction campaigns before …

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Housing stock in short supply before Easter – North Shore Times

Asking Christopher Joye How Risky Property Is… – Money Morning (blog)

Asking Christopher Joye How Risky Property Is… Money Morning (blog) “This financial crisis was caused by a failure to manage real estate risk. We put people… no matter how low income… into a leveraged position in local real …

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Asking Christopher Joye How Risky Property Is… – Money Morning (blog)

General Growth keeps bankruptcy reins

A US judge today gave General Growth another four months to control its bankruptcy restructure, as rival bidders circled the mall giant.

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General Growth keeps bankruptcy reins

Sydney’s median house price is inching towards $600,000

Buyers in the east would have to settle for a one- or two-bedroom apartment, agents said.

BresicWhitney director Ivan Bresic recently sold a light-filled two-bedroom apartment with a glass atrium in Woollahra for $597,000.

”It would get you a nice two-bedroom unit that’s roughly around five years old in Collaroy, Narrabeen or Dee Why.”

Grant McEnally, an agent at Gilmour Property Agents, Castle Hill, said the median price in his district was about the same as greater Sydney’s. ”You’d get a free-standing, three bedroom with one bathroom, one garage for that money,” he said.

In February, Mr McEnally sold a three-bedroom house on a 929 square metre block for $593,888.

A little further from the city, in Stanhope Gardens, a buyer could find a large, modern, two-storey, four-bedroom home for $585,000.

Demand but no supply as prices head north

Aust stocks open flat – Business Spectator

Aust stocks open flat Business Spectator … the red in closing trade following the release of Federal Reserve data, which showed a lack of improvement in commercial real estate and loan demand. ..

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Aust stocks open flat – Business Spectator

Spark is back in property market – Lismore Northern Star

Spark is back in property market Lismore Northern Star McGrath Real Estate agents cleared four of eight properties at a recent auction, and one before auction, with properties across the price spectrum snapped …

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Spark is back in property market – Lismore Northern Star

Or you could snap up 300 houses in Detroit – Sydney Morning Herald

Or you could snap up 300 houses in Detroit Sydney Morning Herald A London real estate agency, Knight Frank, is offering a four-bedroom apartment with views of ''Monte Carlo and Italy'' for £32628600. …

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Or you could snap up 300 houses in Detroit – Sydney Morning Herald

Firm eyes move to unlock funds

A MELBOURNE company plans a brokering service to unlock up to $3bn of investments held in frozen unlisted retail property trusts.

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Firm eyes move to unlock funds

Smart buyers factor in rising costs

First-home buyers are treading warily as interest rates continue to rise

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Smart buyers factor in rising costs

Offshore managers pitch for super

OFFSHORE fund managers are again aggressively courting Australian superannuation funds.

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Offshore managers pitch for super

Plenty of pub talk after auction

NEGOTIATIONS are under way for the sale of three ALE Property Group hotels in Brisbane, after they were passed in at auction yesterday.

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Plenty of pub talk after auction

Don’t worry about the short term

TELL anyone property is a long-term business and they’ll nod sagely and agree wholeheartedly. Then they’ll ask what’s hot now.

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Don’t worry about the short term

Buyers moving from within region to The Ridges and Spring Farm – Camden Advertiser

Buyers moving from within region to The Ridges and Spring Farm Camden Advertiser Combined Real Estate Camden sales representative Luke Eagles said The Ridges had attracted a lot of people who already lived in Macarthur. …

FT launches second Asian real estate fund – Financial Standard

FT launches second Asian real estate fund Financial Standard Franklin Templeton Real Estate Advisors has launched its Asian Real Estate fund 2 after the previous fund by the same name closed with over $420 million … and more

Auction stations in the west – Weekly Times Messenger

Weekly Times Messenger Auction stations in the west Weekly Times Messenger Real estate agents Phil and Lynette McMahon at a Henley Beach property set to go under the hammer. AUCTION rates are on the up across the west, ..

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Auction stations in the west – Weekly Times Messenger

Rain helps bolster rural property sales – ABC Online

Rain helps bolster rural property sales ABC Online A central Queensland real estate agent says the good wet season should continue to support strong property sales across the region. … and more

Which is a better investment – property or shares? – Smart Company (blog)

Which is a better investment – property or shares? Smart Company (blog) On the other hand, real estate is what I would call an imperfect market. I know many people who have bought properties at 10, 15 or even 20% below real …

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Which is a better investment – property or shares? – Smart Company (blog)

Billionaire loses $60m house deposit

RUSSIA’S richest man has lost the $60 million deposit he paid to buy a sprawling mansion on the French Riviera.

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Billionaire loses $60m house deposit

Murdoch challenging NY Times, launching NY edition of WSJ – Sydney Morning Herald

Murdoch challenging NY Times, launching NY edition of WSJ Sydney Morning Herald Murdoch, in a speech to the Real Estate Board of New York, did not mention The New York Times by name but he was clearly referring to the newspaper which … and more

First cash rate rise for the new decade

Take action – health check your home loan

Exactly one decade ago Australia’s cash rate was rising and had reached 5.5%. Now it is on the rise again but from a much lower point. Still, that doesn’t lessen the impact on borrowers, the majority of whom have their mortgage on a part or full variable rate and will need to find extra dollars to compensate for increases.

After a welcome three-month break from cash rate hikes, the Reserve Bank of Australia (RBA) has lifted the official interest rate by one quarter of a percentage point, from 3.75% to 4%. The last time it was this high was in February last year.

Variable rate borrowers will not be impressed by the latest move, as mortgage lenders are sure to at least match it and perhaps enforce even higher increases.

Mortgage Choice senior corporate affairs manager, Kristy Sheppard said, “Although rising repayments are a pain in the pocket, borrowers need to accept that now we’re experiencing healthy economic growth the Reserve Bank is bringing the cash rate back to a neutral level.”

“Whether we like it or not, rising rates will be a fact of life this year.

“If you’re going to find making higher repayments difficult, take the situation into your own hands and take action now. For example, you could look into moving to a different loan product and/or lender to reduce mortgage costs, but only if the benefits outweigh the fees involved.

“Before making this serious decision it is crucial to remember that the gap between different lenders’ interest rates may begin to close again at any time. These days, lenders are quite prepared to move rates outside the Reserve Bank’s cycle.

“Either way, it’s worth taking a small amount of time to visit a reputable mortgage broker and research your options – you might be surprised with the result. Reassure yourself you have done the best you can to prepare for this rate rise and what are sure to be more over 2010.

“As for those who are looking at taking out a mortgage shortly – look at this increase as a taste of things to come for 2010. Rates are expected to continue to rise in coming months so make sure you’re ready for higher repayments, unless you fix your interest rate at a premium.

“If you can’t afford to make repayments that are a good two percentage points above the average basic variable rate, then perhaps now is not the time to jump into the property market.”

Call the customer service centre on 13 MORTGAGE, visit www.mortgagechoice.com.au or www.facebook.com/MortgageChoice or http://twitter.com/MortgageChoice.

For further information or to arrange an interview, please contact:

Belinda Williamson
Mortgage Choice
(02) 8907 0472 / belinda.williamson@mortgagechoice.com.au

About Mortgage Choice

A number of the company’s consultants provide a broader service offering, also helping customers source personal and commercial loans, asset finance and risk insurance.

Importantly, Mortgage Choice head office pays franchisees the same commission rate for the home loans they write, regardless of the rate paid by the lender selected by a new customer – and has been doing so for most of its 17-year history. The company has no products of its own and works in each customer’s interests to source a loan that suits their individual needs.

Visit www.mortgagechoice.com.au or call the customer service centre on 13 MORTGAGE.

Rates rise to 4 per cent

The Reserve Bank has lifted official interest rates 0.25 of a per cent to four per cent and has hinted at further rises to come.

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Rates rise to 4 per cent

How to survive an increase in mortgage rates

Today the RBA lifted official interest rates by 0.25% taking them to 4.0%. Last month the RBA governor Glenn Stevens indicated rates were around 1% below average and with economic activity and confidence up it is matter of when, not if rates will rise to 5%. Most pundits believe official rates will be at 5% before the end of the year, with many looking at consecutive 0.25% rises over the next three to four months.

While mortgage rates are still low by historic standards, a 1%+ increase is a sizeable leap in anyone’s book. (And it might come sooner or be higher if your mortgage company decides to lift its rates of its own accord or beyond official increases as has been the case in the recent past).

If you have any form of debt (from a mortgage to a car loan or a credit card) this is obviously bad news: increased rates mean increased borrowing costs, less cash in your wallet and more stress on your budget.

So what can you do when interest rates rise?

Understand your finances

To properly understand how a rate rise is going to affect you, you need to know how you’re spending your money and where.

It’s important to prepare and keep track of your household budget. List your essential expenses (items such as medical, food and home loan payments) and your optional expenses (meals out, movies and vacations) separately. (For help see Five Steps to Creating Your Budget).

With your budget worked out, you’ll begin to see how you’re going to cope under an interest rate increase. If you’ve got a mortgage, calculate what your repayments will be if rates go up by 1% to 2%. If there’s room in your budget, you’re in the clear. If there isn’t, you’ll need to make some cuts. Start by eliminating your discretionary spending. If that doesn’t look like it will save you enough, start to think about ways you can lower your essential costs – perhaps by choosing to buy generic brands. If it’s still not enough, consider how you could supplement your income. Perhaps you could ask for a pay rise, or take on a second job?

Be clever when it comes to debt

With interest rates on the rise, now is also the time to start thinking about the kind of debts you have, how expensive they are, and how you can lower your exposure to rate increases.

Consider consolidating your debt or speeding up your repayments – anything that can lower the interest expenses associated with your loans.

A home loan ‘health check’ is also a good place to start. You might decide to fix all or part of your loan in exchange for more payment certainty, or you could open an offset account that allows your spare cash to reduce the total interest on your loan.

One good way to save a little bit extra on your mortgage is to put your mortgage repayment and salary payments in sync. This means that if you’re paid weekly or fortnightly, you arrange to have your mortgage paid the same way. By doing so, you can reduce your overall interest costs and increase the power of your cash.

With rates headed up, also realise that the power of your spare cash goes up as well. If it’s sitting in your regular, low-interest bank account, then it’s not delivering you much value. Get a high-interest savings account or a term deposit but make sure to balance the interest you’ll receive against how easy it will be to access your funds.

Planning for mortgage rates to increase

As we start upon a cycle of increasing rates, keep in mind that the more prepared you are, the softer the impact that rate rises will have.

It’s time to question your spending habits and examine the effects of future rate rises on your debts. The more careful your financial planning is now, the better placed you’ll be to cope with rate rises as they come.

Students driving up rent prices – Messenger News

Students driving up rent prices Messenger News Figures from the Real Estate Institute of SA (REISA) show median weekly house rent in the City North Messenger area rose about 16 per cent to $310 over the … and more

Cheapest Real Estate in Australia – Russell Island on the Bay

Cheapest Real Estate in Australia Russell Island on the Bay Where in Australia can you find building blocks for $35000 and located within the greater region of one of Australia's largest cities?

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Cheapest Real Estate in Australia – Russell Island on the Bay

Why predicting the market can be tricky

Making short-term and long-term predictions about the property market can be reasonably easy but it’s a different story with what happens in the middle, according to Metropole Property Investment Strategists director Michael Yardney.

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Why predicting the market can be tricky

BREAKFAST DEALS: Rio’s Ivanhoe plans – Business Spectator

BREAKFAST DEALS: Rio's Ivanhoe plans Business Spectator A real estate investment trust spin-off might be on the cards for development and construction group Grocon. According to The Australian Financial Review, …

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BREAKFAST DEALS: Rio’s Ivanhoe plans – Business Spectator

Time to move: Reserve Bank must get interest rates back to normal soon – The Australian

Time to move: Reserve Bank must get interest rates back to normal soon The Australian …

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Time to move: Reserve Bank must get interest rates back to normal soon – The Australian

State housing market steady – ABC Online

State housing market steady ABC Online The Real Estate Institute's January property report found the state's rental rate has dropped 0.1 per cent from December last year with Launceston the … and more

Camel carcass spruiks new Bear show – B&T Marketing & Media (subscription)

Camel carcass spruiks new Bear show B&T Marketing & Media (subscription) … Gryll's Man vs Wild on Discovery, the pay TV channel is letting out one of his most famous former residences on realestate .com.au – a camel's carcass. …

Housing affordability may fall – The Cairns Post

Housing affordability may fall The Cairns Post Real Estate Institute of Queensland Far Northern zone chair Rick Szelpuk said property had become more affordable in the past 18 months, but agreed this … and more

Latham appoints Blank Rome real-estate partner – Legal Business Online

Latham appoints Blank Rome real – estate partner Legal Business Online Latham & Watkins has appointed real – estate specialist Raymond Kwok as a partner in its Hong Kong practice.

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Latham appoints Blank Rome real-estate partner – Legal Business Online

prospective tenants warned of scams – Tasmanian Government Media Releases (press release)

prospective tenants warned of scams Tasmanian Government Media Releases (press release) Ask yourself: why is the landlord organising for the rental of their property while they are overseas, why not use a local real estate agent instead? … and more

Freehills keeps foot in property door – The New Lawyer

Freehills keeps foot in property door The New Lawyer O'Farrell also acted on the Lend Lease stapling deal late last year and on the launch of its new Lend Lease Real Estate Partners 3 fund, which is preferred …

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Freehills keeps foot in property door – The New Lawyer

Freehills keeps foot in property door – The New Lawyer

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Freehills keeps foot in property door – The New Lawyer

Property buyers, sellers lose money on homes

Almost a quarter of Australians who bought and sold property within the last five years lost money, a new study has found
Property buyers, sellers lose money on homes

Housing sustainability declaration now in force – ABC Online

Housing sustainability declaration now in force ABC Online Real Estate Institute of Queensland (REIQ) spokesman Dan Molloy says house advertisements now have to include information about the property's … and more

Housing sustainability declaration now in force – ABC Online

Golden Gavel their holy grail – Eastern Courier Messenger

Eastern Courier Messenger Golden Gavel their holy grail Eastern Courier Messenger THE “holy grail'' of the real estate industry, the Messenger Community News – Mortgage Choice Golden Gavel competition, is being launched on March 10. ..

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Golden Gavel their holy grail – Eastern Courier Messenger

Live review, photos – Sunny Day Real Estate, Melbourne 2010 – The Vine

Live review, photos – Sunny Day Real Estate , Melbourne 2010 The Vine Nontheless, it's a solid show with moments of real passion. 'In Circles', a momentarily ferocious '48', 'Waffle' and the fantastic, late-set highlight …

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Live review, photos – Sunny Day Real Estate, Melbourne 2010 – The Vine

Live review, photos – Sunny Day Real Estate, Melbourne 2010 – The Vine

Bargain house too good to be true – BigPond News

Bargain house too good to be true BigPond News Local real estate agents have noted that when the 'rare and interesting' house was advertised for auction it was stressed that the new owner might want to …

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Bargain house too good to be true – BigPond News

Homeowners ‘overpaid’ for houses

A QUARTER of homeowners who bought and sold their property in the past five years have lost more than $54,000 on average.

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Homeowners ‘overpaid’ for houses

Our real estate losers – a quarter of Sydney homeowners have lost money – Daily Telegraph

Our real estate losers – a quarter of Sydney homeowners have lost money Daily Telegraph A QUARTER of Sydney homeowners who bought and sold their properties during the past five years lost money.

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Our real estate losers – a quarter of Sydney homeowners have lost money – Daily Telegraph

Adelaide Auction Results

Total properties:32
Sold:25
Withdrawn:1
Cleared:76%
Total sales:$14,350,900
Median:$489,000

Suburb Address Description Price Result Agent
Beulah Park 61 Glyde St 3 br h $511,000 S
Blair Athol 6 Marmion Av 4 br h $365,000 S
Brompton 5 Wadham St 3 br h $382,500 SP
Elizabeth Grove 3/124 Ridley Rd 2 br u PI
Elizabeth North 2 Homington Rd 3 br h $162,500 S
Fullarton 16 Cremorne St 5 br h $770,000 S
Fullarton 124 Wattle St 4 br h PN
Glenelg North 12 Bagshaw St 3 br h SN
Glenelg South 79 Broadway 3 br h PI
Glengowrie 30 Wilkins St 3 br h $465,000 S
Grange 7 Hannam Av 4 br h PN
Henley Beach South 10 Burford Rd 3 br h $641,000 S
Henley Beach South 189 Military Rd 4 br h $740,000 S
Henley Beach South 188 Seaview Rd 4 br h $1,000,000 S
Hyde Park 30 Westall St 4 br h $1,345,000 S
Kingston Park 40 Kingston Cr 3 br h $1,000,000 S
Largs North 233 Lady Gowrie Dr 4 br h PI
Magill 67a Cuthero Tce 3 br h PI
Malvern 93 Winchester St 3 br h SN
North Adelaide 7 Barnard St 4 br h NB
Pennington 38 King St 3 br h W
Prospect 28 Barker Rd 3 br h $1,455,000 S
Rose Park 12 Gurney Rd 3 br h $1,010,000 S
Rose Park 9 Prescott Tce 3 br h $2,095,000 S
Semaphore Park 18 Tomkinson Rd 3 br h $467,000 S
Skye 90 Coach Rd land $345,000 S
Stonyfell 24 Grevillea Cr 4 br h PI
Thebarton 8c Dove St 2 br t PN
Torrensville 8 Torrens St 2 br h $405,000 S
Walkley Heights 6 Avenger Pl 3 br h $411,900 S
West Beach 58 Seaview Rd 5 br h PI
West Croydon 91 Robert St 2 br h $405,000 S
Woodville North 7 Glengyle St 2 br h $375,000 S

Property market opens with bang – The Age

Property market opens with bang The Age … hit 86 per cent despite the number of properties set to go under the hammer rising to more than 886, according to the Real Estate Institute of Victoria.

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Property market opens with bang – The Age

Brisbane Auction Results

Total properties:36
Sold:19
Withdrawn:3
Cleared:49%
Total sales: $9,687,500
Median:$602,000

Suburb Address Description Price Result
Bulimba 13 Michael St 3 br h $595,000 VB
Caboolture 16 Harrow Ct 4 br h $545,000 VB
Calamvale 17 Solandra Cr 4 br h PI
Capalaba 8 Korawal St 4 br h PN
Carindale 1 Ambrosius St 5 br h $750,000 VB
Chermside West 90 Basnett St 3 br h $490,000 SP
Clayfield 29 Milne St 4 br h W
Deception Bay 3 Mary Leigh St 4 br h PI
Graceville 38 Graceville Av 4 br h $480,000 VB
Hamilton 7 Lynell St 4 br h PN
Hendra 51 Raceview Av 2 br h $575,000 S
Kangaroo Point 26 Elliott St 3 br h W
Kenmore 25/56 Kersley Rd 3 br h PN
Kippa-Ring 7/16-18 Fleet Dr 3 br t PI
MacGregor 19 Nevern St 3 br h $550,000 S
New Farm 3/498 Bowen Tce 2 br u $515,000 S
New Farm 3/5 Griffith St 3 br u $3,000,000 VB
Paddington 7 Berry St 4 br h $1,300,000 SP
Paddington 51 Fernberg Rd 4 br h $1,600,000 S
Paddington 1/139 Rockbourne Tce 3 br t $800,000 S
Pinjarra Hills 289 Pinjarra Rd 4 br h $900,000 SP
Red Hill 43 Cambridge St 3 br h $1,000,000 VB
Rothwell 6 Cadell Cr 4 br h $410,000 PI
Runcorn 41 Penarth St 3 br h PN
Samford Valley 2 Corella Av 4 br h PI
Sandgate 52 Alexandra St 2 br h PI
Sinnamon Park 2 Lindesay Ct 3 br h SN
Springfield Lakes 6 Bellevue Pl 4 br h PI
Springfield Lakes 220 Lakeside Av 4 br h $602,000 SP
Sunnybank 58 Mains Rd 3 br h W
Sunnybank Hills 87 Goman St 4 br h $382,000 S
Taringa 21/29 Alpha St 2 br u PI
Wavell Heights 76 Spence Rd 3 br h $495,000 VB
West End 279 Boundary St 4 br h $734,000 S
Wilston 23 Angliss St 5 br h SN
Windsor 51 Seventh Av 4 br h $993,500 S
Woodford 37 Crampton Dr 2 br h PI
Woodridge 3 Waratah St 4 br h $246,000 S
Wooloowin 52 Inwood St 6 br h $503,000 PI

GUEST BLOGGER: Aaron Upcroft says now is the time to get your mortgage in order.

Aaron Upcroft is a mortgage broker, property lawyer and business owner of MORE, a specialist home loan and conveyancing business based in Sydney. Look ahead Without a doubt, rates are on their way up this year. To be honest, we can't really be grumbling too much that rates are rising when we have just been through the lowest period of interest rates in our lives (for most people anyway). This is not to say that things won't get harder or tougher - they will for a lot of people. It's always best when mortgage planning to look at what will happen tomorrow. The best ongoing variable rates out there in the market sit around 5.75 per cent - 6 per cent. Instead of considering what the rates are today, let's start thinking about your position when rates get to 7.5 per cent - 8 per cent. They might take a year or more to reach that level but you should start planning now. Work out your future repayments Jump onto any bank's loan repayment calculator, or the one on this site. Enter your loan amount and an interest rate of at least 7.5 per cent. Make sure you change the loan term from 30 years down to however many years remain on your loan (so if you have had your loan for five years, change the 30-year term to 25 years). Comfortable or scary? If your future repayment analysis still shows a comfortable position based on your income and expenses, you are fortunate and won't be too affected by the coming rate rises. You could probably go forward without much change in your normal routine, but it may still help to adjust some habits now. If it looks a bit scary though, it's time to make some changes. Know your money habits You need to be savvy with your money. Do you spend all of your pay each pay period? Is it because it is just there or is it out of necessity? Most of us spend what we earn, no matter how much that is. I often see people with extremely high salaries and no savings - human nature does not seem to change much no matter your financial position. You have to first identify your 'bad' money habits - the ones that can get you into trouble by overspending. Next, you have to start being strict with yourself on what you can and can't do. Take action NOW! Do not wait for rates to become so high you are really starting to stress out - pretend we are in the position now and make adjustments to your life. Your action now will start to safeguard you against the rate rises to come. Use different accounts You spend what you earn - but more accurately - you spend what you see. Set up an automatic transfer for some of your pay to go to a different account that is out of your grubby hands' reach - this could be an offset account, a high interest saver account or straight onto your loan. Only spend the money left in your 'day to day' account - do NOT touch the rest. Pay more now Remember the repayment you calculated at 7.5 per cent? Start paying it now - or perhaps build up to this in a few of your own increases. Don't let the RBA and lenders govern how you manage your loan, manage it yourself and be ahead of the market rises. NOTE: For some of you, this may seem difficult to do. If you cannot afford to do this right now and your financial situation does not look like improving in the near future, then you will have to seriously consider whether to sell your property. Fix part or all of your rate? Fixing is probably not the best option right now. The best three-year fixed rates are about 7.5 per cent - 7.75 per cent and the best five-year fixed rates are about 7.8 per cent - 8 per cent. This is already 1.5 per cent - 2 per cent higher than you are paying on your variable rate and doing this will only mean that you pay more interest now to your lender rather than pay it off your principal loan balance. Consider this (it's just a rough example, but it is basically accurate). If you chose a three-year rate at 7.5 per cent now, then this is probably about 1.5 per cent higher than your current variable rate. To just break even with this approach, interest rates would need to go up initially by 1.5 per cent from 6 per cent to 7.5 per cent - and let's say that takes about 1.5 years. If you fix now, you would be paying 7.5 per cent straight away, so in order to break even and save the money you just gave to the lender by fixing now, the rates would need to go up by another 1.5 per cent to reach 9 per cent 18 months to three years from now. To just break even, you are assuming rates will be going up to 9 per cent over the next three years. To actually save money with this fixed rate approach - you either think that it will take fewer than three years for rates to get to 9 per cent and stay there, or you think rates will go higher than 9 per cent in the next three years. In my opinion, it is probably more of a gamble to fix than just riding the variable rate rollercoaster. Refinance to a better variable rate Generally speaking, if the variable rate for your loan is sitting around 6.1 per cent or higher, you should consider having a look at whether there is a better option in the market. Of course, moving your loan is not available to everyone as it depends on plenty of different factors. Go to a good broker and get them to do an assessment of your position to see if you are eligible for a better rate either with your current lender or a different one. If you only see your current lender, this will not give you an accurate overview of the whole market. Pay attention to the costs involved to refinance - they are often at least $800-$1000, and can be much higher. It is still definitely worth it for some people if you can get a 0.2 per cent - 0.5 per cent ongoing decrease in your rate. Interest-only repayments Switching to interest-only is one option I mention with some hesitation. You have to be strict and know your habits - and you should only consider this as a short-term solution. A lot of lenders will allow you to switch your principal and interest repayments to interest-only repayments for a limited period (these are yearly periods of one to five years). You will not pay off any of your loan balance while you have interest-only repayments - so if it is your own home loan, this is often not a good idea for any extended period of time. Where it can work though, is for investment property loans. Also, if you know (or expect) your financial position will improve significantly within a year, for instance, you can perhaps consider switching your loan to interest-only for a year. It will lighten your repayment amount during that time but you will be no better off next year on your loan balance than you are today. Definitely proceed with some caution on this one and make sure you get some very good advice first. Sell your property when YOU choose This is not a nice thought, but it is a realistic one. If you know for certain that you will struggle to pay your loan at rates of 7.5 per cent-plus and your financial position is not set to improve, then you should seriously consider planning to sell your property. Some people may be able to downsize to a smaller home - however, for others, this will mean going back to the dreaded rental market. Either way, this will be one of the hardest decisions you will ever make, but it may just be one of your best. If you hang on and try and meet your repayments whilst knowing you will be in significant hardship, what mostly happens is that you end up defaulting on your loan. Then your lender will almost certainly try and sell your property to reclaim their debt. That can cost a fortune in legal fees and penalty interest and you may be left with little to nothing. The better (but far more difficult) decision may be to sell your property this year at your own choosing and get as much as you can for it - and then plan for whether you downsize or rent. You will be left with far more money this way than if your lender sells your property from under you. Will future rate rises send you into mortgage distress? Are you already adjusting your budget to get ready? What's your best tip for managing your mortgage?

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