Housing and finance news in the Blue Mountains and Penrith
This is a summary of the weekly finance segment on Blue Mountains Radio 89.1 by Rob Lees, from Mortgage Choice Blaxland and Penrith Aired October 27, 2014
House prices continue to climb
Most of us will probably be aware that house prices are still going up but not across all the capital cities, just in Sydney (14%), Melbourne (8%), Darwin (7%) and Brisbane (6%) in the last 12 months. While there is still an increase in house prices, the rate at which these house prices are growing has slowed.
CPI figures for the end of September
CPI (Consumer Price Index) figures increased 0.5 % over the last quarter and 2.3 % in the last 12 months and that’s well within the Reserve Bank’s target range of 2 to 3 % so that’s positive.
House price growth in the Blue Mountains
The median house price has risen to about $471,000 across the Blue Mountains. It was around about $450,000 just 12 months ago.
Reports on three Blue Mountains areas found that Wentworth Falls had a median house price of $586,000, Katoomba’s median house price sales came in at $503,000 and Blaxland had a median house price of $615,000. Median house prices can vary due to the prices of properties that are being sold, however September was a very good month.
What does this mean for potential property buyers and vendors?
For buyers things have slowed down a little but it’s still a heated market, there are more properties on the market and although it’s not quite as hard to buy it’s still difficult. There continues to be multiple buyers looking at properties and these properties are going very quickly and usually selling above what they’ve been listed for.
Good news for Blue Mountains property investors
For vendors, they can still expect a very good price for their property with the lack of houses for sale and the large numbers of buyers around. If you would like to use your equity to invest in property in the Blue Mountains, it’s a good idea get a valuation on your current property and you may be surprised to see what it’s worth.
Is it a good time to lock into a fixed rate?
Interest rates are still at an all-time low and certainly the five-year fixed interest rates are very competitive. Interest rates may not stay this low for much longer so it’s essential to consider locking into a fixed rate interest rate. As always, it’s important to meet with a mortgage broker to speak about your circumstances and see whether a fixed rate is right for you.
For more information or to contact Mortgage Choice Blaxland and Penrith please phone Rob Lees on 4739 9749 or email email@example.com