This month’s market update

CoreLogic’s Home Values Index (HVI) rose for the 14th straight month in March, adding 0.6% to the national median house price. But the gains have been felt unevenly across the country. While Perth put on a strong showing by rising a bumper 1.9% over the month, Melbourne prices declined by 0.2%. Regional areas put on 0.6% for the month, while Sydney came in at 0.3% for the month.

On a quarterly basis, the year has started with softer conditions which CoreLogic Head of Research Tim Lawless has put down to some of the stubborn issues facing the Australian economy.

“Rate hikes, cost of living pressures and worsening housing affordability are all factors that have contributed to softer housing conditions since mid-last year. However, an undersupply of housing relative to demand continues to keep upwards pressure on home values despite these headwinds,” he said.

 

 

 

 

 

Supply, supply, supply! 

Supply is the refrain on everyone’s lips. While Federal and State government efforts at lifting the creation of new housing have been met with resistance at the local council level (not in my backyard!), gains are being driven by lack of supply. Quite simply there are not enough houses being built and not quickly enough to keep up with demand. In a complex mix of immigration, inflation, housing affordability, lower borrowing capacities, a rental crisis and the growing divide between the haves and have nots, you could be excused for wondering when the basket case we call the ‘Australian housing market’ is going to start playing nice.

While all of that is a complex mix to be sorted out by the econocrats, all of this is playing on the minds of mortgage holders, many of whom are sweating on the RBA to provide some relief from high interest on nose bleed mortgages. But in the latest ‘hold’ decision, the RBA Governor has warned that those waiting for the Reserve to pull the interest rate lever up or down may be waiting a while. In other words – everything is on the table.

In the meantime, it is supply that is keeping Government ministers up at night. As always, watch this space.

 

 

 

 

   Is it time to downsize? 

One of the most daunting prospects for home owners who have been established in suburbs for decades is the decision to downsize. Many have put their heart and soul into making their house a home – not to mention the memories of raising children, renovations and collecting years and years of ‘stuff’.

The decision to downsize is not just about moving. It is also about decluttering.

Downsizing is the ultimate fresh start. There are decisions about what to leave behind and what to take into your retirement years.

And of course, there is finding somewhere else to go. Selling and buying a new home can feel overwhelming if it’s been decades. That’s why it pays to have some experience on your side.

If you are interested in having a chat about your downsizing options, give Tim Bartlett a call at Bartlett and Co. Property.

 

 

 

 

  Explore Wollongong

Travel bugs like us at Bartlett and Co. love seeing the world – from the rich street food of Thailand and the history of Berlin to the skyline of New York. Yet it is often only when we drive back down Mt. Ousley that we truly appreciate the jewel that is our own backyard. So, I thought it would be fun over the next few months to trawl through TripAdvisor and see what the rest of the world are saying about us – starting with The Grand Pacific Drive.

The 140km stretch from the Royal National Park to the Shoalhaven has consistently been called by reviewers as ‘breathtaking.’ We have to agree. Take your pick of favourites: from the sweeping views from the Sea Cliff Bridge where you feel like you have landed in the middle of a car commercial, Bald Hill lookout where hang gliders launch over the pristine northern Illawarra beaches, to the café culture and funky little pubs at every pit stop along the way. Surely, it has to rank up with other drives in Australia and we’re not just being biased.

 

 

 

 

 

 

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