10 facts that help explain the Aussie property market

It’s been tricky deciphering the Aussie property and home loan scene lately. While the interest rate has held for a while (at 4.10%), property prices haven’t exactly climbed the way they usually do.

This might feel like new territory for some.

But less competitive auctions, lower sale prices and steadier home loan rates are good for prospective buyers and that’s what we focus on a great deal here at Mozo. After all, buying a home at the right price is all about good timing.

So, before you leap into some home loan research below this article, think about the market around you. What can the numbers tell us?

Here’s a list of important stats and facts to help you draw up your game plan! 

10 quick facts about Aussie property in October

1. New listings on realestate.com.au were 4.5% higher in September than a year ago, with Sydney, Melbourne and Canberra driving annual growth of new listings nationally. (PropTrack)
2. National home values rose by 2.2% in the three months to September, down slightly on the three months to August (CoreLogic).
3. While the spring market is typically the most popular time of year to sell a property, it isn’t uncommon for fewer new listings to be seen in September compared to August. (Realestate.com.au)
4. Sydney (+21%), Melbourne (+10%) and Canberra (+5%) recorded the highest year-on-year growth in new listings in September. These cities are also Australia’s most expensive. (PropTrack)
5. The median home price in Sydney as of mid-October is $1.5m, while in Melbourne it’s just a tick under $1m (Domain).
6. Mortgage stress! 1 in 6 Australians report spending 40-60% of their monthly household income on their mortgage, while 5% of homeowners are paying more than 60%. (Mozo)
7. The median amount of time it took to sell property in the September quarter was 30 days nationally. The number has hovered around 30 days since the April quarter. (CoreLogic)
8. The average variable home loan rate for owner-occupiers as of mid-October is 6.62%. (Mozo)
9. The average 2-year fixed rate for owner-occupiers is 6.31%. (Mozo)
10. New home approvals have been tracking 21% below the decade average since the start of the year, with high interest rates, land values and construction costs contributing to subdued development application levels. (CoreLogic)

Ready to buy? Start researching some of the best home loans on the market below, as handpicked by our team of experts.