In positive news for home owners, the Aussie real estate market has finally swung in their favour. Why? Because after months of seeing forlorn ‘For Sale’ signs on empty houses, sold stickers are going up. And, according to CoreLogic, the combined value of Australian real estate reached $10 trillion at the end of August. The first time it has reached this level since June 2022!
The upswing comes from more properties being built, as well as property values increasing. And you know what that means (drum roll…) it’s time to refinance your home! Data shows it’s the optimal time for better lending rates too. The ABS tells us rates have fallen for three of the past four months.
Let’s be real, the economic outlook is still grim right now and we can’t predict when that will end. But as a homeowner, refinancing could be your buffer. Just be sure to check those serviceability buffers before you sign on the dotted line.