The higher end of Sydney’s property market is rising twice as fast as the mid-range market, and four times faster than the lower-end market.
Annually, mid-priced houses are up 14.1% to a new peak of $1.05 million, while the cheapest houses are up 10% to a record $528,000.
COVID-19 income losses haven’t hit the buyers in the higher end of the market, who would usually be spending their money on holidays, something they haven’t been able to do during the lockdown.
These buyers have had a lot of time to increase their savings during COVID-19. This means they are now in a good position to buy high-end properties, driving the top end of the market up faster than mid-range and low-range property.
Buying property in Australia with $2 million
Sydney and Melbourne provide a much different offering for $2 million compared to other states.
In Adelaide, Perth and Brisbane, buyers can secure a much bigger and better property for the price.
With Melbourne’s median house price expected to touch the $1 million mark and that of Sydney already crossing $1.3 million, a $2 million property can no longer be considered top end.
Sydney’s market has seen numerous properties sell for millions more than $2 million.
However, there are still some properties that can be found in the price range.
With what you’d get a three-bedroom fixer-upper in Melbourne, you could get a newly built, five-bedroom home in Brisbane.
Goldmine for rentvestors!
If you want to live in Sydney or Melbourne and can’t afford to get in the property market sooner, you can buy property in other states for much less money and rent it out.
You’ll be able to get on the property market and possibly rent in one of the major cities instead, without having to lose the lifestyle you enjoy.
Turnaround time still high
Non-majors and non-traditional lenders are leading the data in terms of reduced approval times. There’s a pretty big chance this is due to lower numbers and the ability to be more agile in their processes.
The average turnaround time is sitting at 11.5 days, the second-highest since September 2019 (after December 2020 where turnaround times hit 11.6 days).
Although banks have been focused on decreasing their approval times, it doesn’t look like changes have happened yet.
To take full advantage of the current market scenario, talk to an experienced mortgage broker before finding a house you love.
Call us on 1300 889 743 or complete our free assessment form to discover how we can help to get your mortgage application approved faster.