Are you looking for a short commute to the city? You can still pick up a bargain close to the city. Here are some tips.
Nollamara, Cloverdale and Belmont are among Perth’s 10 cheapest suburbs for median house price within 10 kilometres of the city, new reiwa.com data has revealed.
REIWA President Hayden Groves said there was great opportunity for Perth home buyers close to the city.
“Buyers in Perth really are in an enviable position. It’s unheard of in other parts of Australia, particularly in Sydney and Melbourne, for buyers to be able to purchase a house close to the city for less than $530,000.
“We are very lucky in Western Australia that there are still great bargains to be had in and around the CBD. It won’t always be this way, so I advise buyers to act sooner rather than later if they are wanting to secure an affordable house close to the city,” Mr Groves said.
Nollamara was the most affordable suburb on the list, with a median house price of $410,000 and a lower quartile price of $375,000.
“Buyers only have to look 10 kilometres north of the Perth CBD to find great value. Nollamara is currently undergoing a lot of change, with infill redevelopment rejuvenating the well-established suburb and attracting a lot of first home buyers to the area,” Mr Groves said.
The 10 cheapest suburbs within 10km of the Perth CBD
Year to June 2017 data for suburbs filtered for more than 20 sales.
Of the 10 suburbs that made the reiwa.com list, seven were located east of Perth.
Mr Groves said the eastern corridor of Perth’s inner city area held a lot of opportunity for home buyers.
“The median house price in suburbs like Cloverdale, Belmont and Redcliffe is hovering around the $450,000 mark, which is notably lower than the Perth median house price. First home buyers in particular will find good opportunity here, especially if they look to these suburbs’ lower quartile prices, which are even more affordable,” Mr Groves said.
“With the Perth Stadium and surrounding infrastructure nearing completion, the opportunity is there for savvy buyers and investors to purchase in a fast growing area at an affordable price.”
Now go and find yourself a new home close to the city.
Cheers, Harry
Source: https://reiwa.com.au/about-us/news/perth-s-10-cheapest-suburbs-within-10km-of-the-cbd-revealed/
Here is a great tool you may be interested in.
REIWA and Curtin University have released a Buy-Rent Index, a tool that helps determine the best time to buy or rent in the Perth metro region, based on past and current trends in the economic climate.
The Index, which will be released on a quarterly basis, is based on formulated economic assumptions that help identify the annual house price growth rate required for home ownership to be financially advantageous over renting.
The June quarter 2017 figures indicate the median house price in Perth would need to appreciate by 4.3 per cent annually over the next 10 years for the purchase of a house to be considered financially viable over renting at the median rent. Since 2002, Perth’s annual growth rate in the median house price has been 6.9 per cent.
REIWA CEO Neville Pozzi said the Institute was thrilled to have collaborated with Curtin University to help educate and inform the public on the costs and benefits of home ownership versus renting.
“Curtin’s vast academic knowledge has enabled us to harness our research capabilities to produce this helpful tool. In the current economic and property climate, we recognise it can be difficult for West Australians to determine whether or not they should buy or rent. This Index will provide prospective home owners and renters with an insight into whether it is a good time to buy or rent based on trends in the current market.
“We look forward to continuing to collaborate with Curtin University on this Index and future projects for the benefit of West Australians,” Mr Pozzi said.
Mr J-Han Ho, a Property Researcher and Senior Lecturer in the School of Economics and Finance at Curtin Business School, said the Index aimed to help Perth households make an informed decision about buying or renting a home.
“We understand the difficulties of housing affordability and therefore hope the Buy-Rent Index will make it a little easier for households to make an informed decision,” Mr Ho said.
“Many households only focus on the location and price of the property when looking to buy, but this shows there are many other factors that need to be considered including interest rates, opportunity cost of capital and the property being a long-term investment. Buying at the right time can achieve a superior outcome to buying in the right location.”
Is it time for you to rent or buy?
Cheers, Harry
Source: https://reiwa.com.au/about-us/news/reiwa-and-curtin-buy-rent-index-to-help-wa-public-determine-whether-to-buy-or-rent/
Number 1
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Number 2
A Mortgage Coach is able to access specialist mortgage brokers’ networks at all the major banks (Giving them “inside track” access to the personal relationships commonly unavailable to the general public.)
Number 3
As accredited Mortgage Brokers, our coaches are members of the Mortgage Industry Association of Australia (The MIAA is the premier mortgage association in Australia and stringently regulates and monitors the people they accept for membership, meaning your personal details are in safe, trusted hands)
Number 4
As active and practicing professionals, Mortgage Coaches have many years of hands on experience in the finance and banking industry (And because they each write large numbers of loans a year, across varied and unique circumstances, these Mortgage Brokers are able to help ordinary Australians… just like you… secure the best finance options possible.)
Number 5
Approved Mortgage Coaches can access over 300 loans products through 30 different lenders (Which means you’ll get the widest variety of choice and flexibility so you’ll get the most up-to-date, best deal possible for your circumstances!)
Number 6
Professional Mortgage Coaches are trained to source the right loan for just about anyone (Including credit-impaired, self-employed or specific circumstance clients right through to the most credit-worthy of borrowers, and can help you tick all of the boxes with the bank, smoothing the path for your loan.)
Number 7
You’ll find it easy to deal with a Mortgage Coach as there’s one in your area, standing by to save you from the hassle of going into a bank, dealing with parking or navigating the many inconveniences some banks will happily put you through. In fact, your Mortgage Coach will meet you at home, work, (or even at a local coffee shop if you’d prefer!)…on your timetable… at your convenience.
With the Real Estate Institute of Western Australia’s (REIWA) recent snapshot of the local real estate market for the month ending September 2017, there are some solid indicators that it’s a good time to buy property in Perth. *Combine this with the most recent Worldwide Cost of Living Report 2017, which places Perth as the least expensive capital city in Australia in which to live, and you have some exciting signs which all point to Perth becoming one of the most affordable cities in the country.**
What Are these Positive Market Indicators?
- The Perth metro sales market has held relatively steady for the third straight month in a row, with median house prices adjusting only slightly downwards by 1% to $510,000 for September 2017, as compared to the relative high median price of $550,000 recorded in Sept 2014.
- In the Rental market, the Perth metro median rent price has also held up at $350 per week, which is good news for Landlords and Investors.
- Linked with these figures, there has been a continued reduction in the stock levels of both listings for sales and rental properties. This is demonstrated by sales listings reducing by 1% in September for the 5th month in a row, with listings down 8% compared to September 2016. In the rental sector, properties for rent declined by 3% over the month, with a reduction of 9% from the same time last year.
- And in the Worldwide Cost of Living Report 2017, Perth was positioned as 49th on the list of around 130 countries ranked from 1 to 133 for being the most expensive to least expensive cities in the world to live. This placed Perth well behind the other Australian cities with Adelaide at 35th, Brisbane 31st, Melbourne 15th and Sydney ranked 14th.
And I think that REIWA’s President, Hayden Groves, sums up the more positive mood in the market with his statement, “It’s very encouraging to see stock levels across the market continue to reduce, especially when we compare levels for both sectors on an annual basis. If this trend continues, we should see a better balance between supply and demand of stock start to emerge.”*
Which is great news for all of you looking to get into a new home of your own, whether you are a First Home Buyer, Down-Sizer, Up-Sizer or a recent arrival to the city. In the case of Investors and Developers, housing and land is more affordable and with the added bonus of new R Code and Residential Zoning changes in some Perth suburbs, perhaps now is the time to enter the market to capitalise upon these opportunities?
So, if you are thinking about entering the market or purchasing your next property, feel free to contact us at Mortgage Perth on ………………..and speak with one of our fully qualified Mortgage Coaches. Your next home or property purchase could be closer than you think.
Until next time Champions, here’s to finding opportunities within the market,
Harry
Sources:
*https://reiwa.com.au/about-us/news/stable-market-conditions-prevail-for-perth-in-september/
You Need the Right Home Loan Advice
Moving to a new home? If so you should be talking to Perth Mortgage Broker Mortgage Coach about your home loan options. Raising the right home loan finance is probably the most important part of any move.
Does your move involve buying and selling?
If your move involves selling your current property to buy a new home, then you need to make sure you get the best advice on raising the right home loan finance. Our job as a top Perth mortgage broker is to provide that advice on home loan products and how to best value your current assets. All it will cost you is a few minutes of your time to fill in the form below or the price of a phone call.
Construction loans for building a new home
If you are building a new home, we can help with construction loans. We will compare rates from top mortgage lenders and help you decide on the most suitable construction loan option. We can organise progress payments and simplify the whole process from start to finish.
What else should I consider when moving to a new home?
You might wish to consider keeping your existing property, renting it out and using that to finance your new home loan. For a FREE, no obligation home loan quote or to explore all your available options, call us today on 1300 559 229 and talk to one of our Mortgage Coach team.
We’ve compiled a checklist to help your move go smoothly.
Reverse Mortgages / Senior Loans / Equity Loans for The Over 60’s
Reverse mortgages and equity loans are gaining in popularity as people look to retire and cannot always rely on their savings or their pensions to give them the lifestyle they want or deserve. You worked hard, probably brought up a family and now in your retirement years a reverse mortgage could make the difference between retiring comfortably or just existing.
Reverse mortgages allow you to unlock the equity in your home, which for most people has been consistently their number one financial investment, so why shouldn’t you be able to make a withdrawal from it and live the lifestyle you deserve.
How do reverse mortgages work?
In a conventional home loan the capital sum decreases because of your repayments. With reverse mortgages you do not need to make any repayments and the interest is applied to your loan. The loan is repaid when the borrower(s) die, when all parties move into fulltime care or when you decide to sell the property.
Do reverse mortgages have safeguards?
Yes they do. Reverse mortgages only allow you to borrow a proportion of your properties value and this varies according to age. The strict lending criteria will safeguard against accumulating a large debt and regardless of how long you live the debt will never exceed the properties value, which is often a concern of potential borrowers. Please note the banks and lenders guarantee this!
Our brokers and financial advisers are trained to ensure customers are making informed decisions. As further protection, all customers are required to receive independent legal and financial advice before signing up.
Reverse Mortgages – Summing up
Reverse mortgages are a valuable option for certain types of people, for instance couples 60 or over that are asset rich with a large property but have very little disposable income. It can make the latter years of your life comfortable and certainly more enjoyable.
Looking at refinance home loan options is something we all should do from time to time. Most mortgage lenders change their home loan products quite regularly to reflect changes in the economy and it is wise to see if your home loan is still the most cost effective for your current situation.
There are hundreds of refinance home loan options and this is where Mortgage Coach can help you. Our job is to know what each lender currently offers and advise our clients about the ones that match their needs. All it takes is one call to us and we will do the hard work for you.
If your home loan meets all your needs and is cost effective, then we will tell you so and our job is done. All it will have cost you is the price of a phone call. If we believe there is a better home loan refinance option available, we will explain what it is to you, but the final decision is always yours.
For a free no obligation quote, call us today on 1300 559 229 and talk to one of our refinance home loan specialists.
If you are buying your first home it can be a very exciting time, but can appear complex. Mortgage Coach can assist with the process and help you with advice on stamp duty, First Home Owners Grant and help protect you and your new home with our insurance services.
We also have the tools to answer those all-important questions, how much can I borrow and how much will I pay?. Once you know what you can afford we can help find the right home loan for you and apply for a pre-approval.
Even if you have had problems in the past and are credit impaired, we can help by running a credit check for you to make sure there are no surprises with your home loan application.
At Mortgage Coach we really do believe that every Australian should have the opportunity to buy a home and we have access to lenders that feel the same.
So why not call us today on 1300 559 229.
If your debt situation is out of control, a debt consolidation loan is almost certainly the answer. Most people go through a stage where their outgoings exceed their earnings and if this situation is sustained it leads to mounting debts and a need to consolidate those debts. This can often occur through no direct fault of your own. It could be the result of redundancy, divorce, ill health and other genuine reasons. The one thing you must not do is ignore it.
Reduce your monthly repayments with a debt consolidation loan
Seeking professional debt management help is the first step to getting you back on track. The next is consolidating your home loan, credit cards, personal loans and any other debts into one new mortgage or manageable loan. As long as you are not credit impaired this can often be at a lower interest rate than you are currently paying and can reduce your monthly repayments – leaving more money in your pocket each month.
Mortgage Coach has access to many lenders, some of which specialise in debt consolidation loans. Even if you are credit impaired we can help you too. So do not despair!
Break The Rent Trap and Buy Your Own Home
Why pay someone else’s mortgage? Are you sick and tired of paying someone else’s mortgage when you could be putting that money into your own property and reaping the rewards? Mortgage Coach is the way forward for hard-working people like you to escape the rent trap and own their own home. Don’t think you may qualify for a loan, think again? Many Australians are renting a property, many because they don’t think they qualify for a bank loan to buy their own home. If this is you, you should speak to us at Mortgage Coach today. We have access to many home loan lenders and can offer products that could secure you a mortgage up to 100% of your purchase price.
Is there other help I can get?
Yes, with the stamp duty exemption or reduction for first time home buyers introduced by some state governments recently, it has meant many people who were not in a position to buy their first home can now do so . Couple that with the $7,000 you can receive in First Home Owners Grant, breaking the rent trap is now a reality, not just a dream for many families.
How do I know if I qualify?
It’s easy! Just give Mortgage Coach a call on 1300 559 229 and a coach will be happy to discuss this with you.