Property market update
07 January 2022
Australian housing values have continued to increase despite the disruption from lockdowns. The November CoreLogic home value index reported that national dwelling values in Australia are 21.6% higher over the past 12 months, which is the highest annual appreciation since June 1989.
Capital cities are up 20.8% the last year, while regional locations have increased 24.3%. Hobart has seen the highest amount of growth among the capital cities at 28.1%, closely followed by Canberra (25.5%), and Sydney (25.2%).
Australia’s residential property portfolio was worth $9.6 trillion in October. This is almost three times the value of all the money held in superannuation, and over three times the value of the share market.
Has your property value increased?
If you have seen an increase in your property value you may be eligible to apply for a further advance to increase your reverse mortgage. If approved, these funds could be accessed via an initial advance, ongoing regular advances or set aside in a cash reserve for future needs.
If you would like to apply for a further advance, discuss your eligibility, or have any questions, please get in touch.
Please note that Heartland encourages our customers only to borrow what they need, and applications are not guaranteed — they are subject to credit criteria, a suitability assessment and acceptable valuation. Independent legal advice will be required. You can also repay your loan, in part or in full, at any time.
Source: CoreLogic Monthly Chart Pack November 2021
Information provided is accurate as of 1 November 2021 and may change from time to time.