Two reasons home owners should be cheerful
Happy New Year to everyone, and this year we’re starting with a positive outlook; two sets of data have come in this month, new owner-occupier loans the Australian Bureau of Statistics (ABS) and CoreLogic, the largest independent provider of property information, analytics and property, has released its national Home Value Index.
New owner-occupier loan commitments rise
The ABS data found the value of new owner-occupier loan commitments for dwellings rose 10.1 % through the year to November 2023, while the number of these commitments rose 7.3 %.
The number of new owner-occupier first home buyer loan commitments rose 3.5 % in November 2023 and was 20.3 % higher compared to a year ago. The value of these commitments rose 2.8 % in the month and was 25.8 % higher compared to a year ago.
This suggests more people are entering into the property market and looking to purchase a home; with potentially more buyers in the market, wherever you are in the property cycle, the chances are, if your property is on the market, there will potentially be more buyers are in a financial position to put an offer on your property.
Home Value Index
CoreLogic’s national Home Value Index (HVI) rose 8.1 % in 2023. This is a significant turnaround from the -4.9 % drop seen in 2022.
At a regional level, we faired well, and two of our regions made it into in the Top 10 regional SA3’s with highest 12-month value growth – Dwellings.
Lake Macquarie, East, came in at number one, with the medium value at $875,967, a rise of 8.0 % on last years’ figures. Lake Macquarie – West also made it to the list, coming in at number six. Its medium property value is $770,833, showing a rise of 5.2 % on last year’s figures.
What’s my house worth?
If you would just like to know what your house could get in today’s market, use our free online appraisal tool by Corelogic.
Or better still, contact us direct so we can come round and give you a more accurate free, independent and non-obligatory quote – and we’ll also send you our Local Property Update report for January.
Our experienced and innovative team can give you great advice on what you can do to improve your property right now and we are constantly achieving great results for our clients.
If you are thinking of selling, as well as doing some number crunching and looking at budgets, a critical factor in the decision-making process is getting the right agent to ensure you get the best price in the current market.
This is where we come in.
As of Newcastle’s longest established real estate offices, we have developed unique marketing strategies to ensure your property appears at the top of the search list for your type of property. Plus, we have a database of potential buyers looking for many different types of properties, so we can get your property directly in front of people genuinely interested in your type of property.
Read our blog on How to get the best price for your property to see what else us apart from other real estate agents.
We’d love to see you in our Cardiff office or you can give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.
If you’re looking for more handy tips on selling your property, or what to look for when buying or selling a property check out our Facebook page.