At the recent Mortgage Choice State Conference I found myself quite interested in the numbers in April's CoreLogic housing market update and what that means for residents in the Shoalhaven region.
A couple of things stood out.
1. Shoalhaven's median house price in March was $439,000 this is up a whopping 11.3%*.
2. The total value of all house sales increased by a massive 18% on the previous 12 months. Our Northern counterparts Wollongong and Shellharbour did well as well improving 17% and 11% respectively. All of us outdid Sydney where house sale value increased by only 5%*.
What does that mean for us in the Shoalhaven?
The Shoalhaven is a great place to live. The new freeway connecting us to the North is soon becoming a reality. We live a laid back secure lifestyle close to beautiful beaches and coastal towns. It is no longer such a secret and it is translating directly into an increase in property values.
This all has direct consequences for those of us with a home loan or looking to enter the property market.
1. First Home Buyers The time for action is now. Why not call us and we can set up an appointment and map out the situation you are in now and work together to put a plan in place to be able to acheive your goals in the future.
2. Recent Home Buyers If you purchased your home in the last few years there is a very good chance its value has increased. Due to your circumstances at the time, you may have been limited by the lenders you had to choose from. As your property value now may have increased it is a perfect time to come and see us to do a free "home loan health check." We can compare our 25 lenders to see if you are receiving the best deal.
3. Investors With increases in Shoalhaven's property prices in recent times it is now likely that you have significant equity in your home to be able to acces it and purchase an investment property. Some great places come to mind locally such as the Nowra, Bomaderry area with low rental vacancies as well as the Vincentia, Jervis Bay or Batemans Bay area. Come in and see us, we will be able to discuss the best way for this to be structured and how you can access the equity in your home
4. Renovators Strapped for cash when you purchased that first home and things are getting a little cramped now there has been a few new additions to the family. With the increase in Shoalhaven's housing prices you could be in a great position to refinance and get some cash out to fund renovations to the family home.
So many options, so many possibilities there's no time like the present. Come in and see Paddy O'Sullivan your home loan expert at South Coast Mortgage Choice. To book an appointment call 02 4422 4062
*CoreLogic Housing Market Update, April 2016.