Australian Prudential Regulation Authority (APRA) announced on 6 October that it is introducing tighter mortgage serviceability tests, making it more difficult for some borrowers to get a home loan. The minimum interest rate buffer on home loan applications has been increased from 2.5 to 3 percentage points. Therefore, from November, new borrowers will be tested by banks to determine their …
Whether renovating for resale or a mini facelift, small fix ups count!
Whether your home needs a facelift or you are considering a refresh to sell it, there are little upgrades you can make that don’t cost a lot. Don’t underestimate the power of small fix ups like a fresh coat of paint, upgraded door handles, tapware, lighting fixtures or new cabinet handles. If your kitchen or bathroom surfaces are laminate, replacing them with a good quality …
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Looming crackdown on the surge in house prices
As house prices continue to increase, there are whisperings of home loan crackdowns looming within the next 12 months. There have been discussions held between the Federal Treasurer, Josh Frydenberg and the banking regulator APRA (Australian Prudential Regulation Authority) to determine how to take control of the situation before it gets out of hand. APRA is an independent statutory …
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House prices set to increase by over 20% in the next 12 months
Despite the continued disruption of COVID-19 on the property market, house prices are set to increase by more than 20% over the next 12 months. This is the tip from the ANZ as reported by Kate Burke in a recent Domain article. This trend is expected to be encompass most States notwithstanding the lengthy periods of lockdown, particularly experienced both in Melbourne and Sydney. …
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Live auctions and property inspections return to Regional Victoria as restrictions ease
As announced by Premier Daniel Andrews last week, the easing of lockdown restrictions in Regional Victoria, sees house inspections and auctions resuming once again for them. Unfortunately, Greater Shepparton must remain patient for a little while longer as outlined in a recent article by Nathan Mawby. This is welcome news for Regional Victoria's property market as well as for buyers, sellers, …
Property inspections return as Melbourne eases restrictions slightly
As Victoria closes in on its first dose vaccination target of 70 per cent, Premier Daniel Andrews has advised of some easing of restrictions in metropolitan Melbourne as of 11:59pm Friday 17 September. Of significant importance to the real estate industry, is that inspections will resume by appointment only. To ensure they’re COVIDSafe, only people from the same household can attend the …
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Is your investment property pet-proofed? Find out the simple ways to protect your investment.
Caring for a pet is a popular lifestyle choice for many Australians - and that includes those who rent a property. However, when you're the owner of a rental property, its understandable to feel a bit anxious about the impact pets might have on your investment. In this article, I'll outline some of the most effective ways to ensure your property is 'pet proofed'. To begin with, it's important …
2022 school zone changes set to deliver property value increases to swathes of homeowners
Changes to school zones in 2022 are set to bring substantial increases to the value of homes that are suddenly cast into sought-after zones. While most school zones will remain unchanged, a number of them will be realigned to accommodate the "14 new schools and campuses opening next year, as well as changes in enrolment demand". These new schools are part of the State government's 100 New …
Building a more sustainable home – where should you start?
Building or renovating a property has always involved a lot of decision-making. Aesthetics, functionality, and return on investment have traditionally been key considerations for anyone planning to build or upgrade their home. However, factoring sustainability into building design is a more recent trend - and it's important to know where to start. A good way of thinking about …
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Restrictions are back for real estate as Melbourne enters it’s sixth lockdown
After one week of eased restrictions, Melbourne residents are facing another lockdown going into this weekend. This means that the restrictions which applied to real estate services in our fifth lockdown have been reimposed. This will no doubt have an impact on the plans of buyers and sellers over the next 7 days - and particularly this weekend. Two of the most wide-reaching restrictions for …
