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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Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

Can I apply for an ANZ non-resident home loan? 

You may be eligible to apply for an ANZ non-resident home loan only if you meet the following two conditions:

  1. You hold a Temporary Skill Shortage (TSS) visa or its predecessor, the Temporary Skilled Work (subclass 457) visa.
  2. Your job is included in the Australian government’s Medium and Long Term Strategic Skills List. 

However, non-resident home loan applications may need Foreign Investment Review Board (FIRB) approval in addition to meeting ANZ’s Mortgage Credit Requirements. Also, they may not be eligible for loans that require paying for Lender’s Mortgage Insurance (LMI). As a result, you may not be able to borrow more than 80 per cent of your home’s value. However, you can apply as a co-borrower with your spouse if they are a citizen of either Australia or New Zealand, or are a permanent resident.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

Does each product always have the same rating?

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:

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  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
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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 long does NAB home loan approval take?

The time required to get your home loan from NAB approved can vary based on a number of factors involved in the application process. 

Once you have applied for a home loan, a NAB specialist will contact you within 24 hours over the phone to take down relevant information, including your total income, debts (existing loans, credit cards, etc.), assets (car, shares, etc.), and your monthly expenses (food, utility bills, etc.). Your lender might also ask for information related to the property you want to purchase, including the type of dwelling and preferred postcode.

NAB will then verify all your information and check your credit score, and if the details stack up, you should be given a conditional approval certificate. This certificate stipulates how much money NAB is willing to lend you and is typically valid for 90 days. 

Once you have your conditional approval, you can start browsing for properties that you like and that fit within the budget that NAB has provided. After you find a suitable property, you’ll need to give a copy of the signed deed to NAB, following which you should get full approval and access to the funds. This process can take up to 4-6 weeks. 

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

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A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

How to break up with your mortgage broker

If you find a mortgage broker giving you generic advice or trying to sell you a competitive offer from an unsuitable lender, you might be better off  breaking up with the mortgage broker and consulting someone else. Breaking up with a mortgage broker can be done over the phone, or via email. You can also raise a complaint, either with the broker’s aggregator or with the Australian Financial Complaints Authority as necessary.

As licensed industry professionals, mortgage brokers have the responsibility of giving you accurate advice so that you know what to expect when you apply for a home loan. You may have approached the mortgage broker, for instance, because you have questions about the terms of a home loan a lender offered you. 

You should remember that mortgage brokers are obliged by law to act in your best interests and as part of complying with The Australian Securities and Investments Commission’s (ASIC) regulations. If you feel you didn’t get the right advice from the mortgage broker, or that you lost money as a result of accepting the broker’s suggestions regarding a lender or home loan offer, you can file a complaint with the ASIC and seek compensation. 

When you first speak to a mortgage broker, consider asking them about their Lender Panel, which is the list of lenders they usually recommend and who may pay them a commission. This information can help you decide if the advice they give you has anything to do with the remuneration they may receive from one or more lenders.