Mortgage News

A report by Australian Property Managers presented by SMH this morning has found the the most expensive Sydney suburbs have lead the growth charge, with the average median house price rising 12.1% the biggest jump since 2003. Such growth has added  further support that the Australian property market has come out from under the shadows of the Global Financial Crisis. A strong job market and bounce back on the share market has helped investors to come back into the marketplace.

Some suburbs were experiencing growth of up to between 30% – 50%, with the average being around 14%. But with this comes more pain for people wanting to enter the market, as the median house price will simply keep increasing. Currently it is heading towards the $600,000 mark. Simon Reibelt from Oasis Home Loans Northern Beaches commented that the bounce-back for property growth and subsequently prices would be swift and strong. As confidence grows and more investors re-enter the market, both potential home owners and new investors should consider their timing and how long to wait in the news of these trends.