First Home Buyers Back in the Market

Welcome to you all

As our last newsletter outlined the launch of our new TV campaign. We have received excellent feedback from all over the region. We are very pleased with the results thus far and hope it continues to place Yass in the minds of both buyers and renters.

 

Market Wrap

I has been an interesting month with first home buyers and investor’s re- entering the market. This has seen some of the older stock selling after a lengthy time on the market. Homes that were above the $300,000 mark now reduced under $300,000 have started to sell with nearly all of our stock sold.

The newer home market above $500,000 has certainly slowed. Historically this market has been supported by families moving to Yass from Canberra however this has also slowed leaving an oversupply. It has been great to see more local and other NSW buyers entering the market to help fill the void with sales above $600,000 for residential homes still occurring.

New homes under $500,000 however have been snapped up by investors and retirees moving to Yass from other parts of NSW.

Rural Residential Land at Yass and Murrumbateman is still receiving strong support from Canberra buyers with regular enquiry.

All in all it has been a positive month.

 

Finance

The home finance market has had some significant changes over the last couple of months, as the Australian Prudential Regulatory Authority (APRA) has held concerns with some of the lending policies within the Australian banking sector.

This has resulted in some banks increasing their interest rates and tightening their lending criteria, resulting in a reduction of borrowing power in some banks. There are however still many lenders offering very competitive rates with flexible lending criteria.

It is also important to be aware that different banks and their mortgage insurers often have different lending criteria for individual circumstances, including what is accepted as genuine savings (when mortgage insurance is involved); different post code lending thresholds and different borrowing power assessments.

To ensure you are obtaining the best value that suits your individual circumstances you can discuss this with an experienced local mortgage broker Fiona Milligan, or on 0468 399 990.

 

Kind Regards,

Michael Gray

Principal