Brisbane property market update - January 2021
The New Year has seen very strong buyer activity throughout Brisbane. After a small Covid-19 scare causing Greater Brisbane to go into lockdown on the weekend of January 9-10, buyers have since been out in force inspecting and buying properties around the City. This article will explore in more detail what we are seeing on the ground and also what the market indicators are telling us. The latest Australian Bureau of Statistics (ABS) figures show that new loan commitments for housing and the value of owner occupier home loan commitments each reached records highs in December 2020. Figures show an increase of 31.2% in new loan commitments compared to December 2019. This type of data is usually a leading indicator for what is happening in relation to housing demand in the market.
7 tips to get your mortgage application approved
Are you planning to apply for a mortgage in the near future? If so, there are steps you can take in advance to increase your chances of getting a YES from the bank. Practice good account conduct. Avoid going into overdraft by accident. This happens when an automatic payment is slightly more than the amount available in your bank account. While this may not involve a large amount of money, it can serve as a red flag for the bank and it can affect your chances of being approved for a mortgage later on. Avoid short term debt on consumer goods like TV's, sound systems, expensive cars. If you can’t afford to pay cash right now, consider whether you should be buying it. Things that are on deferred payment really do matter in the eyes of the bank. Even if the weekly amounts going out are small. Avoid deferred payment plans if at all possible.
