“Spring brings new beginnings, renewal and awakenings”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.
The good news this week is its spring, the season of growth, it’s regarded the time of rebirth, renewal and awakening, the season of new beginnings and that is probably more true this year than any other. Our way out of Stage 4 restrictions will be announced by our Premier this Sunday. We expect to see real estate agencies to be able to conduct one on one physical inspections, although we believe virtual inspections will also continue to be offered which has proved to be successful for the market.
News out this week by Corelogic
Melbourne home values recorded modest falls for the fourth month in a row. Following a similar decline in July, Melbourne home values fell by 1.2% in August. The good news is outside of Melbourne all the major capital cities experienced an easing in the declines in comparison to previous months with a National drop of only 0.4%. The rolling 12-month price growth in Melbourne is still up 5.9% with total investor returns still at 9.5%.
With most the of the spring cleaning already done during the lockdown, it is perhaps a time to give your finances a spring clean. And the best place to start is to look at your home loan.
Last week we reported comparison site Mozo stating only 6% of Aussies have refinanced their home loans over the last year. Competition among the banks seems to be hotting up with Australia’s biggest lender CBA offering a $2000 cashback to customers that re-finance their mortgages across to them.
Refinancing is most common when people are moving home, however refinancing could give you access to additional features like an offset account, flexible payments or a lower interest rate. Other reasons are to unlock some equity in your home for renovating, a new car or a holiday. The third reason to consider refinancing is to consolidate debts such as personal loans, credit cards into your mortgage.
OBrien Real Estate last Thursday night featured it’s Live Company Awards, the virtual ceremony was not how we usually celebrate our people in our group, however, the night was an uplifting experience with 300 people streaming the broadcast, the night featured 39 award categories with overall 200 people acknowledged for their good deeds and their job performance.
Thank you to all our customers and corporate partners that make all this possible and of course to our people, ultimately you are all makeup what is most valuable to us and that’s family.
That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.