This month’s market update

House prices continued what appears to be their relentless creep north after 0.6% was added to the median dwelling price in February, according to CoreLogic data. That puts the median value at $1.4 million in Sydney.

In the strongest monthly gain since October last year, Corelogic Head of Research Tim Lawless says that values have been bucking cost of living pressures, driven by the continuing shortfall in housing stock.

“Housing values have been more than resilient in the face of high interest rates and cost of living pressures,” CoreLogic research director Tim Lawless said. “The ongoing rise in housing values reflects a persistent imbalance between supply and demand which varies in magnitude across our cities and regions.”

 

 

 

 

Illawarra median house value drifts below $1 million

Still on the market update front, the Illawarra represents fantastic buying value with last month’s CoreLogic data showing that across the region, the prices eased slightly bringing the average home back under the million-dollar mark.

And with interest rate cuts on the horizon and inflation continuing to ease, the Illawarra may pick up the pace in the coming months according to Tim Lawless, CoreLogic Head of Research.

“We haven’t seen the same trend across the Illawarra region just yet, but the coming months could see something similar if sentiment continues to improve as forecasts for rate cuts are brought forward and inflation continues to reduce,” told the Illawarra Mercury.

“Affordability and serviceability challenges will probably keep a lid on value growth to some extent.

“Even if interest rates do come down later this year, it’s likely to be a gradual rate cutting cycle and we aren’t likely to see interest rates getting back to the pre-COVID average for some time yet.”

 

 

 

 

  A little bit of mortgage relief?

When it comes to the direction of interest rates, economists are giving astrologers a good name. There has been no end of speculation about the direction of rates, with mortgage holders crossing their fingers and toes for cuts to take the pressure off household budgets.

But with high interest rates, how can you play the interest rate game in your favour? Answer: the mortgage offset account. Parking any excess savings in an offset accounts delivers a triple whammy. It is an effective tax-free return, at a higher rate than a savings account and reduces the balance on your mortgage. Plus, you can redraw it.

With the adjective ‘crisis’ now attached to the cost of living, the offset account is just one little way mortgage holders can offset higher rates.

 

 

 

 

  Airshow Downunder Shellharbour

The Illawarra kicked off autumn with the Airshow Downunder Shellharbour on the first weekend of March with vintage military aircraft. Historic Spitfires and Kitty Hawks combined with the latest military jets left show goers in awe.

But it wasn’t all just cricked necks. The annual event showcase’s the HARS museum with lots of carnival rides, food stalls and meet the pilots. There were even helicopter joy flights. What a great start to autumn.

 

 

 

 

 

 

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