Property values have surpassed pre-Covid levels, says CoreLogic
Housing values are up by 1% over the course of January and have surpassed pre-Covid levels, according to recent figures from property researcher CoreLogic.
The researcher also found every capital city recorded a rise in housing value, ranging from 2.3% in Darwin down to 0.4% in both Sydney and Melbourne during January.
Regional housing values in particular increased by more than twice compared to capital city housing, which could be due to the high volume of buyers flocking to these areas during the height of the Covid-19 pandemic.
“Internal migration data shows more people are leaving Sydney and Melbourne for regional areas, resulting in a transition of activity from the metro regions to the outer fringe and regional markets,” said CoreLogic’s research director, Tim Lawless.
While regional areas are getting a boost, Lawless said that drastically reduced international migration has also meant metropolitan areas are lagging behind.
“This demographic trend is further compounded by the demand shock of stalled overseas migration,” he said. “As Melbourne and Sydney historically receive the vast majority of overseas migrants, these metro areas have been the hardest hit by this demand shock.”
CoreLogic also found that houses are still outperforming units, rising in value by 3.5% in the last six months, while units remain unchanged.
“Demand for units has diminished through COVID-19 amidst record low levels of investor participation and changing living preferences. While demand and supply remain imbalanced we are likely to see units continue to underperform relative to detached housing markets,” said Lawless.
Home buying up with hopes market will ‘bounce back’
Despite the fact that housing value figures are continuing to climb, it doesn’t look like it’s slowing down Aussies buyers.
In fact, CoreLogic says the number of mortgage related valuations is already 27% higher than it was a year ago.
“If this trend persists, the rapid rate of absorption is likely to keep overall stock levels low resulting in further upwards pressure on housing prices,” said Lawless.
Similar research by ME Bank from its latest Quarterly Property Sentiment Report revealed that 77% of Aussies say they ’expect to see property prices bounce back’ this year, with 54% of property owners and buyers predicting ‘prices will go up’ over the next 12 months.
If 2021 is the year you buy your dream home, then you’re going to need the right home loan to do it. You can compare more than 400 home loan deals by having a plan of our home loan comparison tool or by getting started with the offers below.
Compare first home loans - last updated 28 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. New Purchase - Metro only.
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. New Purchase - Metro only.
- 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
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- $0.00
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- $795.00
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- Maximum loan to value ratio
- 95.00%
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- $350,000
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- Variable
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Mozo experts choice awards won:
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Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.01% p.a. variable6.14% 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.
CompareCompareExpress Home Loan
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.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- upfront fees
- $134
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- $10.00 monthly
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- $350.00
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- Variable
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Read our Mozo Review to learn more about the Bendigo Bank Express Home Loan
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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
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- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
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- yes - fees apply
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- Maximum loan to value ratio
- 95.00%
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- -
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- type of mortgage
- Variable
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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
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- 6.70% p.a.
- interest rate
- 6.69% p.a. variable
- comparison rate
- 6.70% p.a.
- upfront fees
- $100
- Ongoing fees
- $0.00
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- $350.00
- Extra repayments
- Yes - free
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- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
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- type of mortgage
- Variable
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- 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
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- 6.26% p.a.
- interest rate
- 6.24% p.a. variable
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- 6.26% p.a.
- upfront fees
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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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