Invest
Will September spark a panic sell-off?
The usual spring selling season could look very different this year, with government support tapering a potential spark for panic selling, an industry expert has warned.
Will September spark a panic sell-off?
The usual spring selling season could look very different this year, with government support tapering a potential spark for panic selling, an industry expert has warned.
Despite the property market remaining strong, CoreLogic figures showed that Australia’s housing market dipped 0.4 per cent in August as capital markets diverged, with three rising and five falling.
Melbourne fell the furthest, down 1.2 per cent as the city’s coronavirus lockdown set in, Sydney fell 0.5 per cent and Brisbane 0.1 per cent.
Adelaide and Perth didn’t change in value, while Hobart values increased 0.1 per cent, Canberra increased 0.5 per cent in value and Darwin home values soared 1.0 per cent higher.
Canstar is warning that pain in the housing market could potentially start in September, with property prices potentially falling due to distressed sales.
“September is the turning point for many home owners and investors hoping to see the year out in better shape and avoid selling their property under duress,” said Canstar’s finance expert, Steve Mickenbecker.
“With JobKeeper and JobSeeker winding back from September and many mortgage-holders nearing the end of repayment pauses with their banks, September will be a testing time.
A recent Canstar survey reveals that 57 per cent of property owners haven’t done anything to cut the cost of their repayments this year.
“There are likely better rates out there for you. We know lenders have been moving rates out of step with the Reserve Bank, and the moves have been largely cuts with just one variable rate increase since July and widespread rate rises still seem a while off,” said Mr Mickenbecker.
He highlighted that during difficult economic times, the banks will fight harder for customers’ business.
“The banks have been battling each other for lower fixed interest rates, with 12 lenders cutting 112 fixed rates in August. If you are nearing the end of a repayment pause, you should at least be considering this as an option to lock in low repayments.
“Interest-only rates have been coming down in the past couple of months, so if you’re an investor this might be an option to cut repayments for short-term relief,” Mr Mickenbecker concluded.
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