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PropTrack has reported that, over the course of this year, 23% of all buyer enquiries on realestate.com.au have come from people based in a different state. That compares to 17% in 2022, 15% in 2021 and 11% in 2020.<\/p>\nAn increasing number of property investors are buying interstate, potentially because they\u2019re chasing affordability, diversification or stronger returns.<\/p>\n
PropTrack has reported that, over the course of this year, 23% of all buyer enquiries on realestate.com.au have come from people based in a different state. That compares to 17% in 2022, 15% in 2021 and 11% in 2020.<\/p>\n
South Australia is the state that\u2019s received the most interstate enquiries this year, at 29%, followed by Queensland (27%), Western Australia (25%), Victoria (23%) and New South Wales (15%).<\/p>\n
If you\u2019re a property investor who doesn\u2019t want to self-manage your asset and doesn\u2019t feel the need to drive by the home from time to time, it makes sense to at least consider buying throughout Australia rather than just locally, so you have more options.<\/p>\n
Get in touch if you\u2019re thinking about buying an investment property, whether locally or interstate. I\u2019ll help you get a home loan pre-approval, so you know your budget.<\/p>\n
Reserve Bank of Australia (RBA) governor Michele Bullock has outlined why the RBA might be forced to make another increase to the cash rate.<\/p>\n
The challenge, as she explained in a speech to the Australian Business Economists, is that inflation has entered a new phase, which will make it hard for the RBA to reduce inflation from 4.9% now to its target range of 2-3%.<\/p>\n
Governor Bullock said the initial surge of inflation, during which inflation rose from 2.1% in July 2021 to 8.4% in December 2022, was largely driven by international supply-chain disruptions. Now, though, the remaining inflation challenge \u201cis increasingly homegrown and demand-driven\u201d<\/em>. We know that because:<\/p>\n “This point is important because it has implications for the appropriate policy response,”<\/em> Governor Bullock said.<\/p>\n If inflation was still being driven by international supply-chain disruptions, raising the cash rate would have little effect. \u201cHowever, a more substantial monetary policy tightening is the right response to inflation that results from aggregate demand exceeding the economy\u2019s potential to meet that demand,\u201d<\/em> she said.<\/p>\n Home loan borrowing activity is increasing among both owner-occupiers and investors.<\/p>\n Owner-occupiers committed to $17.23 billion of mortgages in October, according to the latest data from the Australian Bureau of Statistics. That was 5.6% higher than the month before and 1.4% higher than the year before.<\/p>\n Investors committed to $9.52 billion of home loans, which was up 5.0% on the previous month and 12.1% on the previous year.<\/p>\n Collectively, Australians signed up for $26.75 billion of mortgages, which was 5.4% more than the previous month and 4.9% more than the previous year.<\/p>\n Meanwhile, borrowers refinanced $17.35 billion of existing home loans with new lenders. That was high by historical standards, but was 7.0% lower than the month before and 5.0% lower than the year before, as refinancing has declined from the record levels experienced between March and July.<\/p>\n Despite rising interest rates, Australians have improved their credit score over the past year.<\/p>\n The national average credit score rose from 846 in 2022 to 855 in 2023, according to an analysis of more than two million credit scores by credit bureau Equifax.<\/p>\n That means the average Australian has improved from \u2018very good\u2019 to \u2018excellent\u2019, based on Equifax\u2019s gradings:<\/p>\n Lenders generally check your credit score when you apply for a loan \u2013 and the higher your score, the more likely your application will be approved and you\u2019ll get a lower interest rate.<\/p>\n To build and protect your credit score, Equifax recommends:<\/p>\n Contacting your lender if you\u2019re worried about falling behind on payments.<\/p>\n If you are buying, re-financing or have any questions, contact me on the below information.<\/p>\n Sal Cinque | CEO<\/p>\n 03 9886 0800 |\u00a0loans@tagfinancial.com.au<\/a><\/p>\n Disclaimer: The information contained on this page is general in nature. Professional advice should be sought before acting on any aspect on this page. TAG Finance and Loans Pty Ltd ABN 25 609 906 863 Credit Representative Number 483873 National Mortgage Brokers Pty Ltd ABN 88 093 874 376 Australian Credit License 391209.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" An increasing number of property investors are buying interstate, potentially because they\u2019re chasing affordability, diversification or stronger returns.<\/p>\n","protected":false},"author":1,"featured_media":8201,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-and-loans"],"_links":{"self":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/8192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/comments?post=8192"}],"version-history":[{"count":0,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/8192\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/media\/8201"}],"wp:attachment":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/media?parent=8192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/categories?post=8192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/tags?post=8192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\nMortgage borrowing increases 5.6% month-on-month<\/span><\/h3>\n
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\nAverage credit score hits 855<\/span><\/h3>\n
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TAG Finance and Loans<\/p>\n![\"\"](\"https:\/\/www.tagfinancial.com.au\/blog\/wp-content\/uploads\/2023\/02\/finance-and-loans-contact-info-1-300x71.png\")
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