Tuesday, December 21, 2010

Almost 2% WA Mortgages are Delinquent

For those that may be wondering what has been happening with this "mortgage stress" situation in WA, it seems that we are topping the nation in having delinquent mortgages - that is, where mortgage repayments are at least one month behind! In terms of specific areas, Western Sydney has the worst mortgage delinquency rate with Fairfield - Liverpool area averaging 2.81%. Closer to home, these are WA suburbs featuring prominently in the top 20 mortgage delinquent suburbs in Australia.

6. Mandurah 3.9 per cent delinquency

8. Casuarina 3.8 per cent
11. Marangaroo 3.6 per cent
17. Gosnells 3.4 per cent
18. Swan 3.3 per cent

Monday, December 13, 2010

Buyers Not Desperate in Perth Property Market

The property market has been described as the worst in ten years by an article today in WA Today. With around 17,000 houses on the market, experts have said that property prices have dropped by up to 15% in some areas that are cheaper.

David Evans who runs a real estate agency said "If you go somewhere like Butler and there's 80 homes on the market, they're all pretty similar. A buyer will make an offer $30,000 below the asking price, and if it's not accepted, they'll just move on to the next one. People are walking away from deals where the buyer and seller are only $5000 apart, and that just doesn't happen normally." 

The market will be interesting to watch in the coming year as the recent interest rate hikes take a toll on a very unpredictable market. Many people believe that the market will remain flat for another six months but my gut feeling is that some first home buyers will be going house hunting over the Christmas holidays. 

Thursday, December 2, 2010

Top 20 First Home Buyer Suburbs in WA

Another article recently published mentioned that first homebuyers are fleeing Perth with the last month showing Perth recorded the lowest number of first homebuyers being paid since April 2007. This was a 60% drop from the peak of first homebuyer payments in June 2009. I would think given the current housing market, the federal government would start reintroducing the first homebuyer grants. Personally, that would certainly help to get my attention. 
Here is a list of the top 20 suburbs that first homebuyers have been targeting over the past financial year to date.
Top first home owner grant suburbs 2010-11 to date:
  1. Canning Vale, 114 grants paid
  2. Baldivis, 113
  3. Banksia Grove, 78
  4. Ellenbrook, 77
  5. Butler, 71
  6. Bertram, 65
  7. Gosnells, 56
  8. Piara Waters, 53
  9. Byford, 50
  10. Nollamara, 49
  11. Girrawheen, 47
  12. Clarkson, 45
  13. Wanneroo, 43
  14. Dianella, 41
  15. Hammond Park, 40
  16. Thornlie, 40
  17. Aubin Grove, 39
  18. Success, 38
  19. Innaloo, 38
  20. Perth, 38
If you are a first homebuyer, which suburb did you finally buy into? leave a comment if you may.

Wednesday, December 1, 2010

We also had the top 4 Tips to Beat Bank Mortgages and the shocking revelation that we've gone two years without price growth and heard the  Australian housing bubble rumours circling the globe. 

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