Welcome to our April Market Update – Mango Money

Welcome to our ​April Newsletter

​Autumn is usually the busiest time of year for property auctions around the country. But this year, many more sellers seem to be preferring private sales to auctions. While the number of auctions may be down, there are still many great homes up for sale and you may have more power to negotiate the price!

Home value movements

​Stephen Anthony, Chief Economist with Industry Super Australia was recently quoted as saying: “The housing price correction is really scaring the horses…” But despite this and similar commentary in the media, home value falls have slowed considerably over the past month. The ACT and Tasmania have even been enjoying home value increases in recent months.

A market correction is quite normal following a lengthy period of steady gains. This property market correction may be considered great news by those who have been waiting for a better time to get on the property ladder. Some areas are holding value better than others, so it pays to do your research before putting down a deposit.

Property market activity

The number of auctions and clearance rate figures continue to decrease as private sales numbers rise. The table below provides a snapshot of last month’s property market and home value changes during the last week of March, (according to CoreLogic on April 1).

​Pre-approvals are more important than ever

​In today’s market, it is very important to see us to get a pre-approval on your loan before you start shopping for a home. Don’t be tempted to put down a deposit before you see us – your borrowing capacity may have been affected by the more stringent lending criteria that have been put in place following the Royal Commission enquiries.

Remember, we have many lenders to choose from and are well placed to help you find the right home loan option for your needs. Please call us today to find out more.