Demand for Sydney property rises in the middle of winter
Despite growth in the Sydney property market lagging behind Melbourne’s in the June quarter, rising auction clearance rates have shown that demand for housing in the harbourside city remains high.
For four consecutive weeks the percentage of successful Sydney auctions has continued to climb, with figures from last weekend reaching a high point of 73.1% and accounting for $269.2 million worth in sales, Domain reported.
According to CoreLogic’s Quarterly Auction Market Review, Mosman held the most number of auctions in Sydney in the June quarter, while Double Bay was the top performer when it came to auction clearance rates at a perfect score of 100%.
“Auction popularity shows no signs of waning,” said CoreLogic research analyst, Cameron Kusher.
Anticipating these results, Mozo’s Property Expert Steve Jovcevski advised first home buyers months ago to snap up Sydney property as soon as the July 1 stamp duty concessions and exemptions kicked in while investors were spooked in the wake of APRA’s clamp down on investor lending.
“As you can see the tide has turned now, with demand ramping up in the Sydney property market largely due to two types of buyers - first homeowners and property investors with a restored sense of confidence,” he explained.
“Something else to remember, is that at this time of year property investors are doing their tax returns which means they can benefit financially from the perks of negative gearing too.”
For those looking to take their first step on the property ladder, Jovcevski reminds house hunters that the spring selling season will soon hit the calendar.
“I urge first home buyers to take heart that house prices in Sydney aren’t skyrocketing like they were in 2016. Winter is always a time of limited listings and with spring just around the corner there will be more properties to choose from,” he said.
In more good news for borrowers, mortgage rates for those paying off both the principal and interest are at competitively low levels, with many providers offering loans well below the 4% mark. Whether you’re in the market for a fixed or variable rate home loan, shop around for the best mortgage for you at Mozo’s comparison hub.
Compare home loan rates: - last updated 19 March 2024
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Featured Product
Ultra Low Rate <95% LVR
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment6.30% p.a. variable6.58% p.a.Only 5% deposit required to apply. Low upfront costs to pay. No LMI Required. Unlimited Redraw and additional repayments. No Application or ongoing fees. No guarantors or equity sharing required.
CompareCompareUltra Low Rate <95% LVR
Only 5% deposit required to apply. Low upfront costs to pay. No LMI Required. Unlimited Redraw and additional repayments. No Application or ongoing fees. No guarantors or equity sharing required.
- interest rate
- 6.30% p.a. variable
- comparison rate
- 6.58% p.a.
- interest rate
- 6.30% p.a. variable
- comparison rate
- 6.58% p.a.
- upfront fees
- $790
- Ongoing fees
- $0.00
- Discharge Fee
- $795.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $350,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Sucasa Ultra Low Rate <95% LVR
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First Home Buyer Loan Special
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.90% p.a. variable5.93% p.a.A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.
CompareCompareFirst Home Buyer Loan Special
A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.
- interest rate
- 5.90% p.a. variable
- comparison rate
- 5.93% p.a.
- interest rate
- 5.90% p.a. variable
- comparison rate
- 5.93% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - fees apply
- Offset account
- yes
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- Special Offer Variable Rate available for a limited time.
Read our Mozo Review to learn more about the G&C Mutual Bank First Home Buyer Loan Special
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Basic Home Loan Special Offer
Owner Occupier, Principal & Interest, LVR 80-95%
interest rate
comparison rate
Initial monthly repayment6.69% p.a. variable6.70% p.a.CompareCompareBasic Home Loan Special Offer
- interest rate
- 6.69% p.a. variable
- comparison rate
- 6.70% p.a.
- interest rate
- 6.69% p.a. variable
- comparison rate
- 6.70% p.a.
- upfront fees
- $100
- Ongoing fees
- $0.00
- Discharge Fee
- $350.00
- Extra repayments
- Yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- Receive $2,000 refinance cashback, min loan size of $250,000 and LVR less than or equal to 80% (excludes refinances from Westpac Group), apply by 30 November 2023 and settle in 120 days.
Read our Mozo Review to learn more about the St.George Basic Home Loan Special Offer
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FHBG Special Offer Classic Home Loan
interest rate
comparison rate
Initial monthly repayment6.24% p.a. variable6.26% p.a.CompareCompareFHBG Special Offer Classic Home Loan
- interest rate
- 6.24% p.a. variable
- comparison rate
- 6.26% p.a.
- interest rate
- 6.24% p.a. variable
- comparison rate
- 6.26% p.a.
- upfront fees
- $195
- Ongoing fees
- $0.00
- Discharge Fee
- $530.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $800,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the QBANK FHBG Special Offer Classic Home Loan
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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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