Housing sales have reached a 12-year high, says CoreLogic
In the year to August, CoreLogic estimates there have been 598,000 house and unit sales across Australia.
This represents the highest annual housing turnover recorded by the group since 2004, and is a massive 42% increase compared to the previous 12-month period.
The numbers are pretty consistent across states and territories. Each state except Tasmania recorded an increase well above 10% in year-on-year home sales, with CoreLogic suggesting Tassie is trailing behind based on supply shortage rather than a dip in demand.
The most significant jumps were seen in the previously weaker property markets of Western Australia (62% rise) and Northern Territory (59% rise).
Overall, CoreLogic credits the high turnover to a number of factors including government incentives, boosted household savings levels in 2020, and the loosening of loan policies alongside record-low home loan interest rates.
While this upward trend in turnover is expected to continue into 2022, pull back is forecasted for the medium-to-long term.
This projection has a few key drivers including worsening housing affordability in terms of the ratio of housing prices to income, coupled with a renewed focus on lending standards to combat prospective buyers taking out loans they can’t reasonably afford. With the pandemic drastically altering migration flows while residential construction continues, the gradual uptick in migrant buyers will also be set back, affecting turnover rates if new buildings sit idle.
Core considerations for home buyers right now
All this information might leave prospective home buyers wondering if now is the best time to invest in property. While everyone’s situation will be different based on their goals and personal financial situation, there are a few things potential buyers might want to consider before they begin their house hunt.
Property prices in your area. Regional property markets have been booming over the last 18 months, with city dwellers moving to regional areas after transitioning to remote work. While city prices continue to climb, this has meant previously more affordable regional areas are also under the pump. So, be sure to keep this in mind when scouting out potential new home turf.
Home loan interest rates. Mortgage rates have dropped to record-low levels alongside the national cash rate during COVID-19. This means that, despite home prices soaring, you can access more affordable financing to get into the market. While variable rates can shift any time and fixed rates can increase after the set timeframe, it’s wise to take advantage of more affordable home loans available right now.
Government incentives & support schemes. There are a range of incentives you may be eligible for which could give you an extra boost towards purchasing a home. Many of these government and bank schemes are targeted at first home buyers and families. We’ve created comprehensive guides on the main options you may want to investigate:
- First Home Owner Grant (FHOG)
- First Home Loan Deposit Scheme (FHLDS)
- First Home Super Saver Scheme (FHSS)
- Family Home Guarantee
If you’re ready to begin your home loan hunt, check out a few of the options below as a starting point.
Compare home loans - last updated 19 April 2024
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Featured Product
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Unloan Variable
Owner Occupier, LVR <80%
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Initial monthly repayment5.99% p.a. variable5.90% p.a.Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
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Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
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Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
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Initial monthly repayment6.01% p.a. variable6.14% p.a.Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
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Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
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- 6.14% p.a.
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Flex Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR <60%
interest rate
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Initial monthly repayment5.99% p.a.
fixed 3 years6.37% p.a.Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
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Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
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- 5.99% p.a.
fixed 3 years
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- 6.37% p.a.
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- 5.99% p.a.
fixed 3 years
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- 6.37% p.a.
- Upfront fees
- $250
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Read our Mozo Review to learn more about the ubank Flex Home Loan
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Discounted Home Value Loan
Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
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Initial monthly repayment6.09% p.a. variable6.09% p.a.Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).
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Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- interest rate
- 6.09% p.a. variable
- comparison rate
- 6.09% p.a.
- Upfront fees
- $0
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- $0.00
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- $300.00
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- yes - free
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- yes - free
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Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
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Initial monthly repayment6.14% p.a. variable6.16% p.a.Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
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Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.16% p.a.
- interest rate
- 6.14% p.a. variable
- comparison rate
- 6.16% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
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- $300.00
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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