As property prices hold, home loan research is even more crucial

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National home prices rose for a third consecutive month in March, as limited supply and strong demand continue to hold up the property market, according to the PropTrack Home Price Index.

The latest report shows that home prices were up a touch (0.13%) nationally in March, with all capital cities aside from Brisbane, Hobart and Darwin recording rises. 

Of course, for this reason, national indexes need to be kept in context: where the headline number suggests home prices have reversed their general downward trend, we need to remember that figure represents an average only. 

For example, the national average was led by Sydney (+0.27%), Perth (+0.24%) and Melbourne (+0.12%), the three largest jumps. But Adelaide and Canberra only saw marginal increases, while Hobart (-0.43%), Brisbane (-0.06%) and Darwin (-0.10%) each saw monthly declines.

These figures aside, an interesting view of current prices is that they are 30% above their pre-pandemic levels. This means there really hasn't been much of a price slump during interest rate hikes over the past year.

Furthermore, PropTrack notes that while interest rates have been the primary driver of price falls of late, the recent upturn has been influenced by the limited supply of properties for sale.

So tight supply together with fewer new listings has led to a pickup in competition among potential buyers. Proptrack says this has buoyed values in March. 

This type of scenario can also make it tough to pick up a deal, especially in in-demand suburbs. It means that prospective buyers need to be even more strategic about shopping around

With this in mind, here are a few tips for improving your chances of finding a better deal and possibly a more affordable home:

  • Consider looking one or two suburbs over where demand can be lower and the distance to transport links or the local shopping centre is a few minutes more.
  • Keep an eye out for smaller homes where limited floor space or less land might dissuade some buyers. 
  • If you can, scout suburbs that don't have popular schools in them because those areas tend to come at a premium price. 
  • Older properties that need a bit of work or repair usually draw smaller crowds. If you budget for some small repairs you'll often get a better overall asking price from the vendor. 

If you’re ready to start your property journey, browse our home loans comparison page where you’ll be able to filter your search by rate and type, or simply browse the selection below.

Compare the top home loans - last updated 22 April 2024

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  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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