Real Estate and Property Market News

The beautiful summer months also brings challenges with increased temperatures that increase our energy bill, as we turn on the air conditioning and watch our hard-earned dollars fly out the window! So here are some energy saving tips to help cut air conditioning costs while keeping our homes comfortably cooled without boosting the energy company’s profit margins further!

31 December 2020 is the deadline for applications for the Homebuild grant to eligible owner-occupiers to build a new home, substantially renovate an existing home or buy an off the plan home/new home. So if you are thinking to renovate a room or two then there is a tool to help you get a better understanding of the total costs associated with your renovation objectives.

The NSW moratorium on evictions was extended and will end on 26 March 2021. It does not apply to social housing tenants.

Virtual tours is a useful technology during COVID-19 restrictions. It also offers a convenient and viable future option for real estate sales.

Now could be a good time to check Refinancing options. Especially Sydney's homeowners, who currently have the most mortgage debt in the country, who would save an average of about $740 per month by refinancing. This is good news for homeowners in Marsden Park and surrounding areas.

In this uncertain environment with COVID-19, Australian valuation firms are finding new ways to strengthen their businesses for the future.

An estimated 4 out of 5 Australians are currently under insured. This can leave them in a vulnerable position, especially from disasters that include a storm, flood, bushfire, earthquake or house fire. They could be left out of pocket when they need to make a claim and the cost to rebuild their property is higher than the sum the property was insured for.

Recent research reveals that Australian renters have been forced to tap into their savings and superannuation and even skip meals just to afford the roof over their heads during COVID-19.

The RBA says the lack of huge amounts of international students coming into Sydney has caused vacancy rates of short-term rentals to grow. A long period of vacancy without rental income could lead to property owners being unable to service their mortgages. Fortunately, Marsden Park is not known for short-term rental properties so the decrease in demand from international tourists and domestic business travellers should have little impact on its property prices, which have remained stable thus far, during the pandemic.

First-home buyers have been utilising the government scheme introduced in January that allows singles and couples to borrow up to 95 per cent of a property’s purchase price without having to pay lenders mortgage insurance. And with less than $30,000 saved! But this comes at a cost! Those looking to borrow the maximum under the federal government’s First Home Loan Deposit Scheme need to be aware of the cost with the looming recession and growing job instability under the current pandemic.