Confidence Increases in Australian Property
As COVID-19 restrictions enter level 1 once again, and society returns to a semblance of normality, recent market data demonstrates once again that home buyer confidence in Australia is on the rise, with recent search trends outstripping those in the time before the virus. We discuss how these trends impact you.
Increases in search for properties for sale have increased each week for six weeks. The number of rental property searches, too, has increased fox six weeks running now. With restrictions being overturned on open for inspections and on-site auctions, it will sure be interesting to observe if heightened search activity swings the balance of power back to sellers in the Aussie realty market.
Recent increases in search volume aside, the overall search volume for property sales in Australia has increased by an annual value of 49 per cent. This is a great indicator that property sales are primed to catch up to a recent lull in the market, resultant of the wake of the coronavirus pandemic.
Indeed, search activity has more than doubled over the past year in the Australian Capital Territory and increased by almost three quarters in the Northern Territory, huge improvements that demonstrate people are actively looking to move in these areas.
You may find yourself wondering if it’s a good time to buy or sell given the economic climate at the moment. At Pillar Financial, our philosophy of education, safeguards, teamwork and our nurturing approach are what equip us to secure your future by securely managing your wealth. It’s always good to have a plan when it comes to financial preparedness in times such as those we are facing at the moment, and if you’re asking, ‘How do I prepare for my financial future as coronavirus restrictions come to an end?’ Well, the following things are good to think about:
Having Enough in Retirement
This is a crucial topic that suffers much interest from the Australian community. It’s common for us to see clients preparing for retirement experience what we call a ‘retirement gap’ – a discrepancy between what is wanted and what is available in retirement. We’ll cover how to plan to have enough in retirement and to reduce your retirement gap in further detail in our next post.
Delivering on Home Mortgages Quickly
Related to retirement strategies is paying off a mortgage quickly. Doing so reduces overall interest payments and sees you in a better financial position when you’re approaching the end of your working years.
Regularly meeting with your financial controller to discuss your home loan interest rates and self-managed super fund is a great way to maximise market benefits and consolidate payments for efficiency’s sake.
Debt consolidation is also an important topic that begets much discussion in a financial light. Our upcoming posts will provide detail into how to manage your debt and frequent payments to ensure you’re not paying excessive interest and you’re enjoying as many benefits as possible from any credit you have.
For all matters financial, contact us – 1300 730 309.