Suburbs with the greatest property change revealed

Suburbs with the greatest property change revealed

CoreLogic research has revealed the Australian suburbs that experienced the greatest change in listings over the 12 months to May 2017 and 12 months to May 2018.

Suburbs with the greatest 12 month change in the number of properties listed for sale 

The major regional town of Katherine in the Northern Territory has experienced the greatest increase in properties listed for sale over the year (97.8 per cent). This was followed by the mining town of Clermont in Queensland, with the second largest listings increase (80.3 per cent).

All states saw growth in the number of properties advertised for sale than they had a year ago, except for Tasmania. Moonah was the only suburb in the state that saw growth in this area. 

State

Suburb

Region

No. of Listings

12 month change

NSW

Winmalee

Sydney

121

47.6%

NSW

Bulli

Regional NSW

110

44.7%

NSW

Warriewood

Sydney

193

44.0%

NSW

Hillsdale

Sydney

100

42.9%

NSW

Prospect

Sydney

81

42.1%

 

 

 

 

 

VIC

Nhill

Regional VIC

125

71.2%

VIC

Yarram

Regional VIC

172

68.6%

VIC

Charlton

Regional VIC

89

50.8%

VIC

Herne Hill

Regional VIC

127

47.7%

VIC

Heyfield

Regional VIC

79

46.3%

 

 

 

 

 

QLD

Clermont

Regional QLD

238

80.3%

QLD

Hughenden

Regional QLD

97

76.4%

QLD

Cloncurry

Regional QLD

202

75.7%

QLD

Monto

Regional QLD

115

69.1%

QLD

Innisfail Estate

Regional QLD

107

64.6%

 

 

 

 

 

SA

Fairview Park

Adelaide

79

36.2%

SA

Berri

Regional SA

143

33.6%

SA

Whyalla Norrie

Regional SA

183

32.6%

SA

Port Pirie West

Regional SA

175

32.6%

SA

Risdon Park

Regional SA

227

32.6%

 

 

 

 

 

WA

Usher

Regional WA

90

66.7%

WA

Wagin

Regional WA

98

50.8%

WA

Merredin

Regional WA

150

41.5%

WA

Withers

Regional WA

165

39.8%

WA

Katanning

Regional WA

194

38.6%

 

 

 

 

 

TAS

Moonah

Hobart

116

7.4%

TAS

Montello

Regional TAS

64

-1.5%

TAS

Lindisfarne

Hobart

122

-2.4%

TAS

Prospect Vale

Regional TAS

143

-4.7%

TAS

Lenah Valley

Hobart

114

-5.8%

 

 

 

 

 

NT

Katherine

Regional NT

182

97.8%

NT

Araluen

Regional NT

84

55.6%

NT

Bayview

Darwin

92

46.0%

NT

Larrakeyah

Darwin

153

45.7%

NT

Tennant Creek

Regional NT

81

42.1%

 

 

 

 

 

ACT

Pearce

Canberra

69

35.3%

ACT

Scullin

Canberra

69

35.3%

ACT

Holder

Canberra

66

26.9%

ACT

Braddon

Canberra

153

25.4%

ACT

Deakin

Canberra

64

23.1%

Source: CoreLogic

Suburbs with the greatest 12 month fall in the number of properties listed for sale 

Regional NSW suburb , Tallwoods Village, saw the greatest fall in listings over the year (-61.3%). While regional areas tend to have higher declines in for-sale listings, capital cities saw the majority of declines over the 12 months to May 2017 and 12 months to May 2018. They accounted for 25 of 40 suburbs listed. 

State

Suburb

Region

No. of Listings

12 month change

NSW

Tallwoods Village

Regional NSW

53

-61.3%

NSW

Gregory Hills

Sydney

50

-60.3%

NSW

Edmonson Park

Sydney

60

-60.0%

NSW

Broken Hill

Regional NSW

371

-54.7%

NSW

Batehaven

Regional NSW

85

-55.7%

 

 

 

 

 

VIC

Ballarat

Regional VIC

193

-48.8%

VIC

Hadfield

Melbourne

84

-47.8%

VIC

St Albans Park

Regional VIC

69

-43.9%

VIC

Coronet Bay

Regional VIC

59

-43.8%

VIC

Bell Park

Regional VIC

98

-39.1%

 

 

 

 

 

QLD

Cornubia

Brisbane

89

-46.4%

QLD

Burpengary East

Brisbane

94

-45.0%

QLD

Kleinton

Regional QLD

54

-44.9%

QLD

Virginia

Brisbane

56

-42.9%

QLD

Dundowran Beach

Regional QLD

93

-42.6%

 

 

 

 

 

SA

Smithfield Plains

Adelaide

56

-45.1%

SA

Gawler East

Adelaide

117

-42.9%

SA

Woodville West

Adelaide

62

-41.5%

SA

Edwardstown

Adelaide

58

-40.8%

SA

Hindmarsh Island

Regional SA

51

-37.8%

 

 

 

 

 

WA

Alkimos

Perth

91

-54.5%

WA

Golden Bay

Perth

67

-53.5%

WA

Swanbourne

Perth

61

-53.1%

WA

Medina

Perth

66

-47.2%

WA

Kununurra

Regional WA

75

-46.4%

 

 

 

 

 

TAS

Primrose Sands

Hobart

56

-60.0%

TAS

Port Sorell

Regional TAS

55

-56.0%

TAS

Old Beach

Hobart

70

-52.1%

TAS

Deloraine

Regional TAS

84

-51.4%

TAS

Mowbray

Regional TAS

85

-50.3%

 

 

 

 

 

NT

Karama

Darwin

79

-16.8%

NT

Leanyer

Darwin

85

-15.5%

NT

Zuccoli

Darwin

51

-10.5%

NT

Larapinta

Regional NT

60

-9.1%

NT

Gunn

Darwin

84

-5.6%

 

 

 

 

 

ACT

Duffy

Canberra

59

-34.4%

ACT

Evatt

Canberra

63

-33.7%

ACT

Lyons

Canberra

62

-31.1%

ACT

Wanniassa

Canberra

96

-30.4%

ACT

Theodore

Canberra

52

-27.8%

Source: CoreLogic

CoreLogic Head Researcher, Cameron Kusher, noted that this change may be reflective of the overall slowing down in the housing market.

“The number of properties for sale is climbing in Sydney and Melbourne, providing for less urgency amongst buyers and more time to negotiate.

“As stock levels rise, buyers become more empowered and vendors may need to rethink their pricing expectations and marketing strategies,” said Mr Kusher.

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No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
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Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

How can I negotiate a better home loan rate?

Negotiating with your bank can seem like a daunting task but if you have been a loyal customer with plenty of equity built up then you hold more power than you think. It’s highly likely your current lender won’t want to let your business go without a fight so if you do your research and find out what other banks are offering new customers you might be able to negotiate a reduction in interest rate, or a reduction in fees with your existing lender.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

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Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

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What fees are there when buying a house?

Buying a home comes with ‘hidden fees’ that should be factored in when considering how much the total cost of your new home will be. These can include stamp duty, title registration costs, building inspection fees, loan establishment fee, lenders mortgage insurance (LMI), legal fees and bank valuation costs.

Tip: you can calculate your stamp duty costs as well as LMI in Rate City mortgage repayments calculator

Some of these fees can be taken out of the mix, such as LMI, if you have a big enough deposit or by asking your lender to waive establishment fees for your loan. Even so, fees can run into the thousands of dollars on top of the purchase price.

Keep this in mind when deciding if you are ready to make the move in to the property market.

How can I avoid mortgage insurance?

Lenders mortgage insurance (LMI) can be avoided by having a substantial deposit saved up before you apply for a loan, usually around 20 per cent or more (or a LVR of 80 per cent or less). This amount needs to be considered genuine savings by your lender so it has to have been in your account for three months rather than a lump sum that has just been deposited.

Some lenders may even require a six months saving history so the best way to ensure you don’t end up paying LMI is to plan ahead for your home loan and save regularly.

Tip: You can use RateCity mortgage repayment calculator to calculate your LMI based on your borrowing profile