Property: Why WA homeowners are in for less pain as interest rates continue to rise
West Australian homeowners may have more of a protective shield than other states against rate rises, with the latest ABS figures revealing our average home loan amount is still significantly lower than the national average. July figures showed the average new home loan in WA was $469,956 compared to $609,043 nationally. Nu Wealth managing director…
Renovation spend booming but capital value varies
With Australians spending $1 billion per year on property renovations the risk over overcapitalising increases, as some renovations generate more long-term value than others. Australians are spending around 30 per cent more on home renovations than they were before the Covid pandemic sent everyone scurrying to the local hardware store. The latest national homebuilding approval…
Forced property sales predicted as rates continue to rise amid inflation and cost of living crisis
As homeowners grapple with four consecutive cash rate increases and inflation, a new survey reveals just how many Australians would be pushed to the brink with further rate rises. Rising interest rates are pushing homeowners to the brink, with new research showing just over half a million Australians would struggle if rates were to…
Perth housing crisis: WA facing shortage of 22,000 homes within four years
WA is facing a shortage of about 20,000 homes within four years, with fears this will keep local house prices rising. The Real Estate Institute of WA said the State needs to build 19,500 homes a year to keep up with population growth, new demolitions and to address the existing shortage. But official ABS figures…
Interest rate rise not the most pressing issue
For the first time in more than 11 years, the Reserve Bank of Australia (RBA) has lifted the official cash rate, increasing it by 25 basis points to 0.35 per cent. According to the RBA Governor Philip Lowe, the board judged that now was the right time to begin withdrawing some of the extraordinary monetary…
Petrol prices to further drive demand for lifestyle properties
One of the biggest social changes in the Western Australian property market is the growing number of people working from home. The values of properties in lifestyle locations throughout the state, which have benefited from this working-from-home trend during recent years, will be further boosted by high petrol prices, according to Nu Wealth Managing Director…
2022 to see national rebalance in Perth’s undervalued house prices
In historic terms, Perth house prices are now massively undervalued compared to the national average for Australian capital cities, according to Nu Wealth Managing Director Daniel McQuillan. “Overall, Perth house prices are set for a major national rebalancing as occurred 20 years ago, beginning in 2002,” he said. “The latest national figures produced by the…
Are Perth properties undervalued?
According to Daniel McQuillan, managing director of Nu Wealth, Perth house prices have been ‘massively undervalued’ compared to the national average for Australian capital cities. “The latest national figures produced by the Real Estate Institute of Australia reveal that the median house price in Perth at $520,000 was the lowest median capital city house price…
Rise in Perth house prices tipped for 2022
Perth’s property prices are expected to rise and creep closer to the capital city average in 2022, after being historically undervalued in comparison. Daniel McQuillan, managing director of Nu Wealth, has predicted that “Perth house prices are set for a major national rebalancing”, similar to what happened in the market 20 years ago. Mr McQuillan…
Perth poised for growth in 2022
Perth property prices are expected to rise again in 2022 after being historically undervalued compared to the national average for Australian capital cities. Daniel McQuillan, managing director of Nu Wealth, has predicted that “Perth house prices are set for a major national rebalancing”, similar to what happened in the market 20 years ago. Mr McQuillan said…
