Most industries and businesses are still recovering from the backlash of the COVID-19 pandemic. The real estate and housing industry are also predicted to take on a different course for the upcoming year 2021. According to a recent report and survey about the residential property market in Australia, mortgages have been directly and severely affected by the dramatic loss in income and revenue.
Mortgage and Housing
Approximately 10% of mortgages in Australia were put on hold. On the other hand, people seeking a mortgage broker in Central Coast should not lose hope just yet. Experts predict that amid the surge in unemployment rates, there may be urgent or sudden adjustments and negotiations when it comes to setting income and credit standards or reevaluating rates for loans and leases.
To get a better idea about how to prepare your finances, and compare mortgage rates for the coming years, check out some of the forecasted trends in mortgage and real estate.
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The industry will recover faster than anticipated. Indeed, the pandemic has left both business owners and customers at an enormous financial standstill. However, the housing market has undergone several economic crises in the past that it continues to prevail up to the present
By 2043, the value of housing and unit properties in Australia could potentially rise to at least $2.9 million dollars. Sydney and Melbourne will respectively be reaching more than a $5- $6 million-dollar milestone if the usual trends in housing continue to repeat itself in the coming years.
Properties located within coastal suburbs are among the expected real estate areas to bounce back fairly well and do well in sales. The Central Coast in New South Wales, which is located 77 km away from the Northern part of Sydney, and 76 km from the Southwestern part of Newcastle, is surrounded by suburban coastal neighbourhoods of Upper Hunter and Hunter. In 2018, the locality of Hunter in New South Wales was one of the best performing areas for real estate.
Despite the rise in the number of consumers who are not that keen on their financial status for the succeeding months, a reasonable 33% of the Aussie population is still highly convinced that they must seize the opportunity to purchase residential property now.
Forced selling and conceded mortgage payments are still ongoing. There will also be a slow addition of new properties on sale, considering how the global economy will still be recovering in 2021. This may mean good news for buyers who are on a tight budget; it may take a while before property prices revert to a pricier range.
Property sellers are eyeing lifestyle as today’s strongest selling point for their business. It would be a brave and risky choice to continue selling real estate for its main purpose of providing permanent lodging and residency for families and individuals. As such, brokers and sellers need to be more creative in maintaining the appeal of the houses they pitch to their clients.
Using amenities such as a nearby gym and shopping district, an extra room that is convertible into a home cinema or a private conference room will likely entice more buyers at the moment. After all, it is expected that work-from-home setup would remain during the first half of 2021.
Focusing on housing features that adhere to the new normal way of living increases the chances of reaching a new mortgage agreement.
Remember to consider these trends while you find a mortgage broker in Central Coast. This information will help you with your decision for sourcing a mortgage and also address your property needs and budget.