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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When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

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  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

How to use the ME Bank reverse mortgage calculator?

You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.

Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.

To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.

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.

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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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 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

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Can you remove a cosigner from a home loan?

Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.

However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.