2020 Year of Surprises
Monday 30 November 20
Ok, this might be a bit of a rose-tinted summary, but if you set aside the bushfires, a pandemic, economic recession and a world-wide toilet paper shortage…
Well, there’s also the fact that house prices have not plummeted in our region like we were expecting. The market is buzzing with buyers, and builders are struggling to keep up with demand. Figures from property analysts CoreLogic showed Newcastle and Lake Macquarie house prices were up eight per cent in the past 12 months, reaching a median value of $601,000 and surpassing the previous record set in 2018. So much for picking up a bargain this year.
On the positive, it’s a refinancers heaven! We’re seeing interest rates drop below 2% for Owner-occupiers and COVID-19 related assessment restrictions easing. We’re seeing this great value matched with new features like being able to have an offset account on a fixed rate loan. Also, First Home Buyers are eagerly preparing for the new batch of First Home Loan Deposit Scheme places to be released July 2021.
Overall, we’re looking out with optimism, and it’s a good place to be. Instead of flying overseas, we’re visiting our own backyards and discovering local gems on our own sparkling coastlines. Instead of driving to your brokers office, you can jump into and online meeting and sign documents digitally. It's not all bad, after all!
As we come to the end of another year, I'd like to take the opportunity to let you know that our office will be closing at the end of the day, Tuesday, December 22 and re-open Monday the 11th of January. If you have a loan already submitted, we will continue to work on your file over the break.
Have a happy and safe holiday season, from our family to yours.