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Queenslanders are being told to prepare now for the upcoming summer wet season, with the third La Niña in a row declared for Australia’s east coast. The devastation of the February 2022 flood disaster is still fresh in the minds of many residents, now facing another spring and summer of above-average rainfall and potential flooding. Here’s how to ensure you’re best prepared for the wet weather ahead. Check your insurance cover Experts say reviewing your current level of insurance cover should be a priority. Head of General Insurance at Compare the Market, Stephen Zeller, said some major insurance providers could introduce “temporary embargoes” on the sale of new policies or people amending their existing policy because of the La Niña declaration. This means homeowners would be denied coverage. “We know that these weather events are going to hit us at any time through spring and the summer [and] the biggest m...

Aussies spent more on home renovations last year than in any other period since records began in the 1970s, but soaring costs are beginning to dent DIY dreams. According to Australian Bureau of Statistics building approvals data, the value of alterations and additions approved hit a staggering $12.49 billion in 2021, surging 35% compared to the year before. Another tricky thing to consider is today the fourth local builder was announced as going broke.  It is important that your builder can see your project through to completion. How do you choose a builder? Renovations requiring approval typically include changes to the structure of the building. Usually, a simple kitchen or bathroom uplift doesn’t include those types of changes so wouldn’t be included in the building approvals data. That means the actual value of all renovations is likely to have well surpassed even the record levels shown. Renovation activity surged last year to reco...

In July, Australian home values were -2.0% lower than the peak in April 2022. On top of price declines, many other data points suggest a slowing in market conditions. Properties are taking longer to sell, vendors are gradually lowering their prices, and reduced appetite for finance means there is less buyer competition amid a larger number of properties available for sale. For those considering purchasing their first home, does this mean it is a good time to buy? While buyers may aspire to purchase at the bottom of the cycle and then sell at the top, ultimately, it’s notoriously difficult to time the market perfectly. Further to this, most buyers and sellers will generally work towards a more practical timetable based on their personal situation and housing requirements or investment strategy. Even when prices fall, it’s not a straightforward decision to get into the market. Here I explore some of the ‘pros’ and ‘cons’ associated with buying pr...