Property prices rise again | Spring selling tips | Average loan now $666k

We all know interest rates have been dominating the discussion recently, so I thought I’d share some other important topics in this newsletter:

Property market keeps rising
How to sell your home in spring
Average loan size reaches $666k
How to prepare for tax season

Australia's median property price climbed another 0.5% in May, following rises of 0.3% in April, 0.4% in March and 0.3% in February, according to Cotality.

The 1.7% rise over the past four months follows a 0.4% decline in the three months to January – just before the Reserve Bank of Australia delivered its first cash rate cut in February.

Spring is one of the most popular times of year to sell property in Australia. The weather is nicer, gardens look better and buyers tend to be more active. If you want to take advantage of the spring selling season, it pays to start preparing now.

Here are some smart steps to take in winter:

Declutter and clean your home. A tidy space looks more inviting and helps buyers imagine themselves living there.
Make minor repairs. Fixing small issues like dripping taps or chipped paint can make a big difference to your home’s presentation.
Start speaking to agents. A good real estate agent can offer guidance on timing, pricing and presentation – even before you formally list your home.
Talk to your broker. That way, you can secure the finance you need to purchase your next property, whether you want to buy before or after you sell.

By starting now, you’ll have everything in place to hit the ground running when spring arrives.

What does the average property cost and how much does the average buyer borrow?

The answers are $1,002,500 and $666,000, respectively, according to the latest data from the Australian Bureau of Statistics.

But averages disguise the fact that outcomes can vary significantly from consumer to consumer.

For example, you might not realise that the amount of money you can borrow from some lenders may be higher than others, which is why your choice of lender is so important.

Furthermore, the lending criteria, interest rates and loan features available from some lenders may be more generous than those available from others.

Also, while a lot of borrowers put down a 20% deposit, there are ways you can enter the market with a 10% or even a 5% deposit, depending on your scenario.

As your broker, I’ll be happy to explain your options to you and compare the market on your behalf, so you can make an informed decision and secure a great loan.

Tax time is just around the corner, so now’s the time to get your documents in order and ensure you’re ready to lodge your return.

Getting prepared early can help you avoid last-minute stress, maximise your deductions and set yourself up for a better year ahead.

Here are four simple steps to take now:

Gather key documents. This includes income statements, private health details, receipts for deductible expenses and any investment records.
Check for deductions. If you’ve worked from home, made charitable donations or used your car for work purposes, you may be entitled to claim.
Update your details. Make sure your contact information and bank account details are correct in myGov so the ATO can process your return without delays.
Contact your accountant. They can help you claim everything you’re entitled to and ensure your return is accurate.

Getting ahead of tax time means fewer surprises and a smoother process.