Shift in Property Priorities Inflicted by the Pandemic
With more lenders offering record-low interest rates on fixed loans, refinancing has become more popular than ever before. CUA Home Sentiment Survey revealed that 32 per cent of the respondents are existing mortgage holders and are looking for a different home or an additional property as the market conditions improve due to the government initiatives, supply and demand and low-interest rates.
According to Canstar, more than $53 billion worth of loans have been refinanced since May 2020, which reflects a 23 per cent jump in refinancing applications.
By refinancing, homeowners and investors can save thousands of dollars in interest and subsequently release valuable equity to fund renovations or additional property purchases.
Another interesting insight from the survey revealed that one fifth of Australians, in particular, those aged between 25 and 34 think they are now in a better position to buy or invest than they were before the pandemic.
For the 46 per cent of Australians who are thinking of buying a property in the next 12 months, having a home office and spacious backyard were the two priorities. You can read more about it here.