“I got a new place last year and I have to do some renovating,” he explained in his post-match press conference. “The only fitting time was tonight at 10PM, so there’s going to be a Zoom call that I have to get on to decide a few different materials and so on.
“But it’s actually something I enjoy. My mother is an interior designer, as well, so ever since I was young I was quite into it. I’ve done a few projects in the past back home in Norway. This is for my own personal use.
“I like to try to stay in the zone in the Grand Slam, but just, you know, a 30-minute call in one evening shouldn’t be a problem. I’m looking forward to it. It’s small things that we do outside the tennis court that can be, in a way, helping when you’re playing.”
The 25-year-old made a few more substantive changes heading into 2024, eschewing the busy exhibition schedule that left him fatigued well into 2023 and adding a new physiotherapist, Alex Strober, to his team.
“I feel physically better than I have done in a long time now,” he said. “I was lifting too many heavy weights last year between the seasons, tried to build too much muscle. I did somewhat of a preseason kind of training after Australia before I started playing in Acapulco, so I had, like, four weeks there.
“I feel smoother around the court, moving better, and I also feel like that helps me play well.”
Up against Aussie favorite Max Purcell in the next round, can Ruud pull a proverbial “21” and make it back to the second week?
If you spent your teenage years waiting anxiously for one of your siblings to get out of the shower, the idea of selling your spacious, multi-bathroom home and moving into a smaller house or condo may feel like a reversal of fortune.
Yet for many retirees, downsizing makes financial and practical sense. Younger baby boomers — those currently ranging in age from 57 to 66 — made up 17% of recent home buyers, while older boomers — ages 67 to 75 — accounted for 12%, according to a 2022 report from the National Association of Realtors Research Group. Boomers’ primary reasons for buying a home were to be closer to friends and family, as well as a desire to move into a smaller home, the report said. Both younger and older boomers were more likely than others to purchase a home in a small town, and younger boomers were the most likely to buy in a rural area.
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For retirees Fred and Shelby Bivins, selling their home in Green Valley, Ariz., will enable them to realize their dream of traveling in retirement. The Bivinses have put their 2,050-square-foot Arizona home on the market and plan to relocate to their 1,600-square-foot summer condo in Fish Creek, Wis., a small community about 50 miles from Green Bay. They plan to live in Wisconsin in the spring and summer and spend the winter months in a short-term rental in Arizona, where they have family.
Fred, 65, says the decision to downsize was precipitated by a two-month stay in Portugal last year, one of several countries they hope to visit while they’re still healthy enough to travel. “We’ve had Australia and New Zealand on our list for many years, even when we were working,” says Shelby, 68. The Bivinses are also considering a return visit to Portugal. Eliminating the cost of maintaining their Arizona home will free up funds for those trips.
With help from Chris Troseth, a certified financial planner based in Plano, Texas, the Bivinses plan to invest the proceeds from the sale of their home in a low-risk portfolio. Once they’re done traveling and are ready to settle down, they intend to use that money to buy a smaller home in Arizona. “Selling their primary home will generate significant funds that can be reinvested to support their lifestyle now and in the future,” Troseth says. “Downsizing for this couple will be a positive on all fronts.”
Challenges for downsizers
For all of its appeal, downsizing in today’s market is more complicated than it was in the past. With 30-year fixed interest rates on mortgages recently approaching 8%, many younger homeowners who might otherwise upgrade to a larger home are unwilling to sell, particularly if it means giving up a mortgage with a fixed rate of 3% or less. More than 80% of consumers surveyed in September by housing finance giant Fannie Mae said they believe this is a bad time to buy a home and cited mortgage rates as the top reason for their pessimism. “This indicates to us that many homeowners are probably not eager to give up their ‘locked-in’ lower mortgage rates anytime soon,” Fannie Mae said in a statement. As a result, buyers are competing for limited stock of smaller homes, says Hannah Jones, senior economic research analyst for Realtor.com.
Here, though, many retirees have an advantage, Jones says. Rising rates have priced many younger buyers out of the market and made it more difficult for others to obtain approval for a loan. That’s not an issue for retirees who can use proceeds from the sale of their primary home to make an all-cash offer, which is often more attractive to sellers.
Retirees also have the ability to cast a wider net than younger buyers, whose choice of homes is often dictated by their jobs or a desire to live in a well-rated school district. While the U.S. median home price has soared more than 40% since the beginning of the pandemic, prices have risen more slowly in parts of the Northeast and Midwest, Jones says. “We have seen the popularity of Midwest markets grow over the last few months because out of all of the regions, the Midwest tends to be the most affordable,” she says. “You can still find affordable homes in areas that offer a lot of amenities.”
Meanwhile, selling your home may be somewhat more challenging than it was during the height of the pandemic, when potential buyers made offers on homes that weren’t even on the market. The Mortgage Bankers Association reported in October that mortgage purchase applications slowed to the lowest level since 1995, as the rapid rise in mortgage rates has pushed many potential buyers out of the market. Sales of previously owned single-family homes fell a seasonably adjusted 2% in September from August and were down 15.4% from a year earlier, according to the National Association of Realtors. “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR chief economist Lawrence Yun said in a statement.
However, because of tight inventories, there’s still demand for homes of all sizes, Jones says, so if your home is well maintained and move-in ready, you shouldn’t have difficulty selling it. “The market isn’t as red-hot as it was during the pandemic, but there’s still a lot to be gained by selling now,” she says.
Other costs and considerations
If you live in an area where real estate values have soared, moving to a less expensive part of the country may seem like a logical way to lower your costs in retirement. While the median home price in the U.S. was $394,300 in September, there’s wide variation in individual markets, from $1.5 million in Santa Clara, Calif., to $237,000 in Davenport, Iowa. But before you up and move to a lower-cost locale, make sure you take inventory of your short- and long-term expenses, which could be higher than you expect.
Selling your current home, even at a significant profit, means you will incur costs, including those to update, repair and stage it, as well as a real estate agent’s commission (typically 5% to 6% of the sale price). In addition, ongoing costs for your new home will include homeowners insurance, property taxes, state and local taxes, and homeowners association or condo fees.
Nicholas Bunio, a certified financial planner in Berwyn, Pa., says one of his retired clients moved to Florida and purchased a home that was $100,000 less expensive than her home in New Jersey. Florida is also one of nine states without income tax, which makes it attractive to retirees looking to relocate. Once Bunio’s client got there, however, she discovered that she needed to spend $50,000 to install hurricane-proof windows. Worse, the only home-owners insurance she could find was through Citizens Property Insurance, the state-sponsored insurer of last resort, and she’ll pay about $8,000 a year for coverage. Her property taxes were higher than she expected, too. When it comes to lowering your cost of living after you downsize, “it’s not as simple as buying a cheaper house,” Bunio says
Before moving across the country, or even across the state, you should also research the availability of medical care. “Oftentimes, those considerations are secondary to things like proximity to family or leisure activities,” says John McGlothlin, a CFP in Austin, Texas. McGlothlin says one of his clients moved to a less expensive rural area that’s nowhere near a sizable medical facility. Although that’s not a problem now, he says, it could become a problem when they’re older.
If you use original Medicare, you won’t lose coverage if you move to another state. But if you’re enrolled in Medicare Advantage, which is offered by private insurers as an alternative to original Medicare, you may have to switch plans to avoid losing coverage. To research the availability of doctors, hospitals and nursing homes in a particular zip code, go to www.medicare.gov/care-compare.
At a time when many seniors suffer from loneliness and isolation, a sense of community matters, too. Bunio recounts the experience of a client who considered moving from Philadelphia to Phoenix after her daughter accepted a job there. The cost of living in Phoenix is lower, but the client changed her mind after visiting her daughter for a few months. “She has no friends in Phoenix,” he says. “She’s going on 61 and doesn’t want to restart life and make brand-new connections all over again.”
Time is on your side
Unlike younger home buyers, who may be under pressure to buy a place before starting a new job or enrolling their kids in school, downsizers usually have plenty of time to consider their options and research potential downsizing destinations. Once you’ve settled on a community, consider renting for a few months to get a feel for the area and a better idea of how much it will cost to live there. Bunio says some of his clients who are behind on saving for retirement or have high health care costs have sold their homes, invested the proceeds and become permanent renters. This strategy frees them from property taxes, homeowners insurance, homeowners association fees and other expenses associated with homeownership
The boom in housing values has boosted rental costs, as the shortage of affordable housing increased demand for rental properties. But thanks to the construction of new rental properties in several markets, the market has softened in recent months, according to Zumper, an online marketplace for renters and landlords. A Zumper survey conducted in October found that the median rent for a one-bedroom apartment fell 0.4% from September, the most significant monthly decline this year.
In 75 of the 100 cities Zumper surveyed, the median rent for a one-bedroom apartment was flat or down from the previous month. (For more on the advantages of renting in retirement, see “8 Great Places to Retire—for Renters,” Aug.)
Aging in place
Even if you opt to age in place, you can tap your home equity by taking out a home equity line of credit, a home equity loan or a reverse mortgage. At a time when interest rates on home equity lines of credit and loans average around 9%, a reverse mortgage may be a more appealing option for retirees. With a reverse mortgage, you can convert your home equity into a lump sum, monthly payments or a line of credit. You don’t have to make principal or interest payments on the loan for as long as you remain in the home.
To be eligible for a government-insured home equity conversion mortgage (HECM), you must be at least 62 years old and have at least 50% equity in your home, and the home must be your primary residence. The maximum payout for which you’ll qualify depends on your age (the older you are, the more you’ll be eligible to borrow), interest rates and the appraised value of your home. In 2024, the maximum you could borrow was $1,149,825.
There’s no restriction on how homeowners must spend funds from a reverse mortgage, so you can use the money for a variety of purposes, including making your home more accessible, generating additional retirement income or paying for long-term care. You can estimate the value of a reverse mortgage on your home at www.reversemortgage.org/about/reverse-mortgage-calculator.
Up-front costs for a reverse mortgage are high, including up to $6,000 in fees to the lender, 2% of the mortgage amount for mortgage insurance, and other fees. You can roll these costs into the loan, but that will reduce your proceeds. For that reason, if you’re considering a move within the next five years, it’s usually not a good idea to take out a reverse mortgage.
Another drawback: When interest rates rise, the amount of money available from a reverse mortgage declines. Unless you need the money now, it may make sense to postpone taking out a reverse mortgage until the Federal Reserve cuts short-term interest rates, which is unlikely to happen until late 2024 (unless the economy falls into recession before that). Even if interest rates decline, they aren’t expected to return to the rock-bottom levels seen over the past 15 years, according to a forecast by The Kiplinger Letter. And with inflation still a concern, big rate cuts such as those seen in response to recessions and financial crises over the past two decades are unlikely.
Note: This item first appeared in Kiplinger’s Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
In a chilly winter, it’s not uncommon for travelers to flock to warm-weather destinations. For example, December was 2022’s most popular month for Canadian tourists to visit Hawaii, according to the Hawai‘i Tourism Authority’s 2022 Annual Visitor Research Report.
It’s a similar story with Caribbean cruises. According to a spokesperson at Holland America, November through March are the most popular months for the cruise line. Clearly, winter beach vacations are appealing, and some beachfront destinations are especially popular this season — seeing higher interest in 2023 than in 2022.
Chase Travel, an online site that lets customers book trips using cash or points from Chase travel credit cards, analyzed its proprietary data to find the top destinations this winter. The data included Chase Travel bookings for air or lodging between Nov. 17, 2023, and Jan. 7, 2024, and found places with the biggest year-over-year increase from last year. Then, Chase looked at beachfront destinations. Here are the top four.
Noord, Aruba (105% YoY growth)
Noord, which means “north” in Dutch, covers the northern portion of Aruba and includes tourist epicenter Palm Beach, the Bubali Bird Sanctuary and Tierra del Sol Resort and Golf. History and culture buffs might visit the California Lighthouse and Alto Vista Chapel.
Luxury-minded travelers might stay at The Ritz-Carlton, Aruba, which is among the fanciest of the Marriott brands. The property just completed an extensive renovation and upgraded all 320 rooms and suites.
Miami Beach, Florida (80% YoY growth)
Miami Beach is hardly an underrated beach city, but the appeal goes beyond its white, sandy beaches and turquoise waters.
In April, Miami earned the title of Bon Appetit’s 2023 Food City of the Year. This winter, Miami is celebrating Miami Arts, Culture and Heritage Months. The event, which runs through Jan. 31, 2024, includes discount tickets to shows, free park and museum tours, and limited-run performances such as “Cuba Under the Stars,” an outdoor musical theater show at Bayfront Park.
Roatan, Honduras (76% YoY growth)
Roatan is part of a cluster of island archipelagos located off the northern coast of Honduras, surrounded by the largest barrier reef system in the Northern Hemisphere (and second in size to Australia’s Great Barrier Reef).
Perhaps one big reason why it’s spiking in popularity: Time Magazine placed Roatan on its World’s Greatest Places 2023 list, citing its appeal to backpackers and nature lovers.
But it’s appealing to the luxury traveler, too. Among the region’s newest additions is the Kimpton Grand Roatán Resort & Spa, which opened in October 2023 as a five-star, beachfront resort. For a hefty $50 daily resort fee, amenities include coffee, an evening social hour, sunblock, plus snorkel and kayak rentals. And like all Kimpton properties, there’s no pet fee.
West Palm Beach, Florida (57% YoY growth)
West Palm Beach got even more accessible in 2023 when Brightline, a privately funded passenger rail service, began offering high-speed rail service from Orlando. West Palm Beach is the first southbound stop from Orlando after the roughly two-hour ride. (Brightline service between Miami and West Palm Beach began back in 2018.)
If you’re seeking manatees, there’s no better time to head to West Palm Beach than in the winter. According to Manatee Lagoon, a free educational tourist destination, manatee season runs from Nov. 15 through March 31.
Tips to save on a winter beach vacation
Because winter is popular for beach vacations, it can also be one of the most expensive times to travel. These tips to save on a beach vacation can help:
Visit during shoulder season: Delaying your trip until the tail-end of winter can help you capitalize on the benefits of traveling during shoulder season. For example, Florida’s shoulder season is generally late February into early March, according to Visit Florida. During that time, the snowbirds will have had their fill of sun — but spring break crowds haven’t arrived.
Avoid lodging on the beach: If you’re spending your time at the beach anyway, then booking an oceanview room might not be worth the additional cost.
For example, in Honolulu, you’ll usually find lower rates at the Sheraton Princess Kaiulani versus the opulent Moana Surfrider, a Westin Resort & Spa, Waikiki Beach. The former is situated inland one block from Waikiki Beach, on the other side of the Moana Surfrider. Yet, the two sister properties in the Marriott Bonvoy portfolio offer reciprocal benefits, including daily yoga on the Moana Surfrider’s beachfront Diamond Lawn overlooking Diamond Head. Sheraton guests can use many of the same amenities as Moana Surfrider guests (albeit at a lower price).
The appeal of the Moana Surfrider is its elegant lobby and wraparound, beachfront porch. But you can listen to the live pianist in the evening even without being a hotel guest. And while the Moana Surfrider’s breakfast buffet on the restaurant’s veranda is popular, Sheraton guests can still charge it to their room.
Pack beach necessities: Complimentary sunscreen as a hotel benefit is the exception, not the norm. As long as you aren’t planning to travel with a carry-on only, pack sunscreen from home to avoid inflated gift shop prices.
It might also be worth bringing your own snorkeling set, as rental prices can exceed the cost of buying your own gear. Rentals can run more than $50 per day, but you can buy snorkel kits from retailers like Amazon for less than half that price.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Princess Cruises is a U.S. cruise line owned by Carnival Corp., which also owns and operates other lines including Carnival, Holland America and Cunard.
First launched in 1965, Princess Cruises offers passengers the opportunity to sail all over the world, including to North America, South America, the Caribbean, Europe, Asia, Australia and Antarctica.
About Princess Cruises
Here’s a quick overview of some of Princess Cruises’ key features.
Cabin types: Princess Cruises ships feature room types that are standard across most cruise lines. These include interior, ocean view, balcony, mini-suite and suite rooms. Princess Cruises’ inside rooms are contemporary and well-furnished, as are its higher-end offerings.
Main U.S. routes: You’ll find Princess Cruise ships throughout the U.S., though routes are heavily season-dependent. Look for Caribbean cruises out of Fort Lauderdale, Florida, and for destinations along the West Coast, out of Los Angeles.
Loyalty program: Captain’s Circle is the name of Princess Cruises’ loyalty program, which provides elite benefits based on how much you’ve cruised with the line.
Princess Cruises destinations
Princess Cruise offers a large array of itineraries and destinations. Its sailings range in length from two-day getaways to a 116-day journey that travels around the globe, and it stops in seven continents and 330 ports of call.
Princess Cruises prices
Princess ships tend to be a little more upscale than some other options, which means it can be more expensive to travel on one. However, that doesn’t mean you’ll necessarily be paying luxury prices.
Prices for rooms can vary dramatically based on when you travel. The cost is higher during the holidays. For example, a seven-day Western Caribbean cruise leaving from Fort Lauderdale can cost as little as $548 for an interior room. However, if you’re traveling during the winter holidays, the price skyrockets up to $1,178 for the same room.
What is the best Princess cruise ship?
There are a total of 15 vessels on this cruise line, with two more ships planned for sailings in 2024 or later.
Many of the line’s ships score well with reviewers, including the Discovery Princess ship, which is one of six Royal Class vessels. These vessels feature a larger atrium (the social hub of the ship), private poolside cabanas, a glass-bottomed over-water SeaWalk and more staterooms with balconies.
What is the newest Princess Cruises ship?
The Discovery Princess is the newest ship. It debuted in 2022 and can carry up to 3,660 guests. However, according to Princess Cruises news, the Sun Princess will soon take the title of newest ship with its inaugural voyage in 2024.
What’s included in a Princess cruise
Here’s what comes with each fare package on a Princess cruise:
The Princess Standard fare includes your cabin, use of facilities, all meals, snacks and entertainment.
The Princess Plus fare includes all the amenities of the Princess Standard fare but also provides Wi-Fi service to one device, crew gratuities, premium beverages (including most alcoholic drinks), fitness classes, food delivery and two nights of dining at a casual sit-down restaurant.
The Princess Premier package includes all of the above, with Wi-Fi available on multiple devices, a superior drink package, two nights of specialty dining, unlimited casual dining, a photo package and reserved seating at shows.
Princess Cruises loyalty program: Captain’s Circle
The Captain’s Circle is the loyalty program for Princess Cruises, and after you complete your first cruise, you’re automatically a member with Gold tier status.
Captain’s Circle levels
The Captain’s Circle levels are Gold, Ruby, Platinum and Elite. Here’s how to reach each tier as well as the benefits you’ll receive.
Gold
How to earn: Complete one Princess cruise.
Best benefits: Preferential pricing, members-only events.
Ruby
How to earn: Complete three cruises or 30 cruise days.
Best benefits: Vacation protection upgrade, shoreside access to priority phone line.
Platinum
How to earn: Complete five cruises or 50 cruise days.
Best benefits: 50% off Wi-Fi package, priority boarding, early access to dining reservations, exclusive member lounge, 10% discount on spa treatments.
Elite
How to earn: Complete 15 cruises or 150 cruise days.
Best benefits: Early access to new itineraries, 10% off-shore excursions, complimentary mini-bar setup, complimentary laundry services, priority embarkation and disembarkation.
(Top photo courtesy of Princess Cruises)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Jump to winners | View PDF Recognising the mortgage professionals andcompanies across Asia-Pacific, North America,and the UK who have excelled and raised the bar All throughout 2023, Key Media’s 30-strong Intelligence Unit researched and produced a series of Special Reports, each showcasing the top-performing mortgage professionals and companies across a number of important professional categories. All of … [Read more…]
Home loan borrowers relying upon family; potential coffee shortage; stocks for increased domestic gas supply & listing trends for stocks in the classifieds space.
-Banks spurned as home loan borrowers increasingly turn to family -Potential (withdrawal) headache for coffee drinkers? -Stocks leveraged to increasing domestic supply of gas -Morgans reviews listing trends for stocks in the classifieds space
By Mark Woodruff
Banks spurned as home borrowers increasingly turn to family
The decision to buy a home is becoming increasingly dependent on accessing assistance from one’s own (wealthy) family, suggests Jarden, splitting home ownership along class lines.
Monetary assistance is material and takes the form of a (weighted average) family gift/loan of around $70,000, or 9% of median dwelling value, according to a November survey of 282 mortgage brokers by Jarden (in conjunction with Agile Market Intelligence/Broker Pulse).
The survey results support Jarden’s view that the types of buyers driving the housing market have shifted increasingly towards higher income/wealth buyers who have more cash and are less constrained by borrowing capacity.
Average monetary assistance in New South Wales is $92,000, consistent with higher dwelling prices in that state, and just $34,000 in Western Australia, observe the analysts.
Perth’s more affordable housing market is highlighted by only 9.5% of borrowers receiving family assistance, according to the broker’s survey, compared to around 15% across the other major states.
Over the last 12 months, Jarden believes the ‘bank of mum and dad’ in Australia has contributed more than $2.7bn in financial support (or 1% of new lending flows), which poses questions around potential impacts on banks from this increasing trend.
According to combined data from Corelogic and the Australian Bureau of Statistics, the ratio of home loans to housing sales has fallen to a record low of 70%, consistent with borrowers having more cash and larger deposits, highlights Jarden.
Additionally, the broker points out APRA data show the share of higher loan-to-value ratio (LVR) lending (of more than 80%) has fallen to less than 30% from more than 40%.
On the one hand, larger deposits and lower turnover increase the risk of subdued credit growth for the banks. On the other hand, the analysts note the recent trend has supported home prices and allowed new lending/credit growth to stabilise at higher levels than originally feared.
Potential (withdrawal) headache for coffee drinkers?
In a looming first world crisis for up-market latte drinkers, market dynamics suggest potential for a shortage of coffee, at least of the best quality.
We may gather from this distinction all coffee is not equal. Indeed, Central American countries, including Colombia, lead the way in producing the “best” coffee, according to XTB MENA.
Market analyst Milad Azar at XTB, explains Brazil is the world’s largest producer of arabica coffee, which is used primarily in espresso machines, while the country only ranks second for robusta-type coffee, used largely to produce instant coffee.
Most robusta is grown in Asia, mainly in Vietnam and Indonesia.
Mr Azar provides some recent context for the coffee market, one of the most active commodity markets in the world, right after oil.
Back in October, coffee prices rebounded after long-term declines, due to both declining stocks and potential El Nino impacts, which could expose coffee crops to lower yields, according to Mr Azar.
XTB expects a further rally in price by the end of 2023, given the combination of the usual seasonality in the coffee market, and now, speculators have significantly reduced the number of short positions in the market.
As for 2024, it will be difficult for price increases to continue, based on XTB’s projections for broadly equal production and demand.
However, should coffee production in Brazil not rebound, and El Nino takes its negative toll, the market may be close to a deficit for the 2023/2024 season, according to XTB MENA, and the best quality coffee (at least) may be in short supply.
Stocks leveraged to increasing domestic supply of gas
Jarden forecasts an upward trajectory for domestic gas prices and suggests this outcome would be most beneficial for the likes of Beach Petroleum ((BPT)) and Cooper Energy ((COE)), as they look to contract, re-contract or reprice existing gas supplies.
The combination of gas producers with uncontracted gas volumes, as well as gas prices subject to price reviews, should improve the economics of new gas supply, according to the broker. APA Group ((APA)), the owner of key gas pipeline infrastructure, is also expected to be another winner from greater supply.
However, significant supply risks remain, according to the analysts, as the Gas Mandatory Code of Conduct (which came into effect in July this year) has yet to pass through the Senate. Also, looming supply challenges are expected for the NSW, South Australia and Victorian markets from 2027, driven by declining Bass Strait output.
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With home values on the rise, Australians priced out of the markets where they currently live may have to consider a change of scenery if they want to buy.
Home prices are rising to record levels
The latest CoreLogic Home Value Index (HVI) reveals that Australian dwelling values have hit a record high, just narrowly cracking April 2022’s peak by 0.03% on 22 November 2023.
It’s been described as a ‘V-shaped recovery’ by CoreLogic’s executive research director, Tim Lawless, who said it took about 9 months from April 2022 for the index to bottom out in January 2023, and a further 10 months for the new record high to come about last week.
“The ‘V’ shaped recovery may seem counterintuitive, given high interest rates, deeply pessimistic levels of consumer sentiment and high cost of living pressures, however, the recovery can be explained by an imbalance between supply and demand,” Lawless said.
If the shape of the line looks less like a ‘V’ and more like someone forcing themselves to smile, you might be a prospective homeowner who’s watching house prices and interest rates rise with rapidly deflating enthusiasm.
However, this whirlwind recovery is, for the most part, isolated to only five capital cities and four of the states’ regional areas – it’s in the others where there could be an opportunity for those who wouldn’t mind a change of scenery.
The cities and regions where prices are stable or dropping
Capital cities:
Hobart (-1.5%)
Darwin (-0.8%)
ACT/Canberra (+0.5%).
According to CoreLogic, year-on-year (YOY) home values in Hobart (-1.5%) and Darwin (-0.8%) have gone down, with the ACT (Canberra) only experiencing a +0.5% increase in dwelling values, according to CoreLogic.
These three cities are all trending down compared to their record highs, with Hobart posting a -11.8% decrease since its most recent high in March 2022.
Darwin is also down -3.3% since its record high in September 2022 and the ACT (Canberra), despite its slight increase in YOY values, has slipped -6.4% since May 2022.
It’s a similar story in the nation’s regions, although with less pronounced YOY declines.
Regional areas:
Regional Victoria (-2%)
Regional Tasmania (-0.3%)
Regional Northern Territory (-0.4%).
Regional Victoria, Tasmania, and the Northern Territory all experienced small decreases in dwelling values, the largest of which was regional Victoria, with a -2% decline.
Regional Tasmania and the Northern Territory stayed reasonably flat at -0.3% and -0.4% respectively.
These regional areas have all experienced a significant drop in value since their record highs, with regional Victoria showing a drop of -7% since May 2022.
Home values in regional Tasmania have dropped -5.4% since May 2022, while regional Northern Territory values decreased -3.4% since April 2023.
Resident Mozo finance expert, Peter Marshall, recently made the decision to leave Sydney for more affordable interstate shores and shared some practical tips for those considering the move.
As a renter in Sydney for over three decades, Marshall says that buying in Australia’s most expensive housing market was “never on the table as an option.”
“The home price thing was an enormous part of why I left Sydney,” he said. “It’s possible I would’ve stayed, I don’t know. But given the choice between renting in Sydney and buying somewhere else, it becomes much easier.”
Marshall did his due diligence before putting the wheels of his move into motion, helping to make sure there weren’t any surprises on the cost front.
His biggest tip?
“Budget more than you think you need for everything.”
Marshall recommends budgeting for a small amount above every quote that you get, whether it’s for conveyancing fees, or building and pest inspections.
“That means when you get around to having to pay for things, you find that some things end up costing a little bit more, you’ve got room in your budget to deal with that – and it’s not going to be the end of the world.”
Aside from giving yourself some budgetary wriggle room, Marshall also recommends sorting out your conveyancer and inspectors before you lock into making an offer on a home, as once the ball starts rolling, things can move quite quickly.
“You spend months and months looking for a place to buy and, all of a sudden, you need to have all these things at your fingertips. So have those things at your fingertips before you need them because when you do, you won’t be wanting to do that research,” he said.
The same ethos applies to your home loan financing. You’ll want to have a lender on hand, ready to go well before signing the deed, so you know exactly how much money you can borrow to buy your new home.
That also means you’ll need to compare home loan interest rates to see which lenders currently offer competitive rates and the home loan features you want. Get started with some of the featured products below.
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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Rising need for interior lighting solutions and urbanization are stimulating the growth of the floor lamp market in China. India floor lamp sales are expanding steadily due to rising middle-class demand and increasing living standards.
NEWARK, Del, , Nov. 06, 2023 (GLOBE NEWSWIRE) — The global floor lamp market size has the potential to surge significantly, achieving US$ 34,516.70 million by 2023. From 2023 to 2033, floor lamp sales are expected to strengthen at an optimistic 12.4% CAGR. The floor lamp market is expected to be worth US$ 1,11,289.4 million by 2033.
The Influence of Consumer Aesthetics on Home Decor
The growing consumer preference for aesthetically pleasing home décor items is a significant determinant of global floor lamp market growth. As people become more aware of and appreciate interior design, the demand for stylish and functional décor elements like floor lamps develops. Rising disposable income levels enable consumers to invest in premium home décor products, boosting demand for floor lamps.
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The Eco-advancement of Floor Lamp
The growing awareness of environmental sustainability results in greater emphasis on energy-efficient lighting solutions. The production of eco-friendly floor lamps that use energy-efficient LED bulbs or are made from sustainably sourced materials aligns with demand, boosting floor lamp market expansion.
E-commerce Reshapes Home Decor Retail
The emergence of e-commerce platforms with various products, easy options, and home delivery services has prompted consumers to shop for home décor items. The switch to online shopping has contributed to floor lamp market growth by providing floor lamp providers with an extensive customer base.
Limiting Factors in the Floor Lamps Sector
Consumer spending on non-essential items like floor lamps can be adversely affected by economic downturns. The floor lamp demand is impacted when people postpone buying decorative lighting fixtures because they have less money to spare.
Modern design and lighting trends can potentially substitute older floor lamp models. To remain competitive and cater to the evolving tastes of their customers, floor lamp manufacturers need to innovate constantly.
Floor lamps are frequently offered for sale by both online and physical merchants. Traditional brick-and-mortar stores may face difficulties due to changes in the retail environment, such as the rise of e-commerce in consumer purchasing behavior.
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Regional Insights into the Floor Lamps Industry
Market Trends for Floor Lamps in North America
Floor lamp manufacturing and consumption are most concentrated in North America.
This results from influential people being present and consumers having a lot of disposable income and buying goods that improve the atmosphere in their homes.
The floor lamp market in North America is expanding due to manufacturers’ emphasis on creating cutting-edge goods that satisfy consumer demands and current trends.
Europe Market Forecast of Floor Lamp
Europe is going to keep evolving as a result of the increasing adoption of contemporary home décor designs.
Changing customer lifestyle habits and rising disposable income are two more factors contributing to the high demand for floor lamp in Europe.
The increasing prevalence of decorative lights in residential and commercial settings has increased the demand for floor lamp.
“Thefloor lamp market is still expanding steadily due to changing interior design trends and consumer demand for flexible lighting options. The growing emphasis of consumers on energy efficiency and aesthetics stimulates standing lamp market growth. Concerns about sustainability and competitive pricing present difficulties for floor lamp manufacturers.” says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways
The household application segment is expected to garner a market share of 38.70%.
The modern floor lamp category is expected to attain a market share of 36.70%.
The Canada standing lamp market is anticipated to accelerate at a CAGR of 9.6% from 2023 to 2033.
The United States floor lamp sales is anticipated to surge at a CAGR of 8.1% by 2023.
The floor lamp demand in the United Kingdom will grow at a CAGR of 7.4% from 2023 to 2033.
The France floor lamp industry is expected to accelerate a CAGR of 9% between 2023 and 2033.
The Italy standing lamp market to record at a CAGR of 7.2% through 2023.
The Spain standing lamp market expects growth from 2023 to 2033 at a CAGR of 8.5%.
Germany floor lamp market to develop at a CAGR of 6.6% through 2023.
India floor lamp industry is anticipated to boost at a CAGR of 14.5% by 2023.
China floor lamp sales are expected to surge at a CAGR of 11.9% until 2033.
Japan floor lamp market may exhibit a CAGR of 14.1% by 2023.
Singapore floor lamp sales to soar at a CAGR of 12.3% between 2023 and 2033.
Australia floor lamp industry to register a CAGR of 12.8% through 2023.
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Competitive Landscape
Leading floor lamp manufacturers have introduced new products with enhanced capabilities. The standing lamp manufacturers are working on price, height, color and shade combinations, and material composition to create adjustable floor lamps with multiple lights. The demands of different applications have caused floor lamp providers to concentrate on developing new products.
Key Floor Lamp Manufacturers
Recent Developments
GUANYA TLighting
Energy-efficient light bulbs are becoming increasingly popular as a symbol of going green. Since GUANYA is expanding its floor lamp line, high-tech LED bulbs are leading this subtle revolution in floor lamps.
The introduction of floor lamps with LED lighting and a wide variety of LED colors by Philips is increasing sales of floor lamps because customers want to purchase those that complement their interior design.
Key Segments
By Product:
Modern Lamps
Rustic Lamps
By Application:
Household
Commercial
By Distribution Channel:
Online
Offline
By Region:
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage on Consumer Product Domain:
The Lamp Shades Market is likely to hold the global market at a moderate CAGR of ~7% during the forecast period. The global market holds a forecasted revenue of ~US$ 29.26 Billion in 2022 and is likely to cross ~US$ 57.5 Billion by the end of 2032.
The Mosquito Lamps Market is likely to hold the global market at a moderate CAGR of ~13.7% during the forecast period. The global market holds a forecasted revenue of ~US$ 363.1 Million in 2022 and is likely to cross ~US$ 1311.09 Million by the end of 2032.
The battery operated lights market is projected to register a CAGR of 10.3% during the forecast period, up from US$ 101.5 Billion in 2021 to reach a valuation of US$ 300 Billion by 2032.
The outdoor lighting market is likely to strengthen its boundaries at a steady CAGR of 7.4% during the forecast period. The market is anticipated to hold a revenue of US$ 12.57 billion in 2023, while it is anticipated to cross a value of US$ 25.67 billion by 2033.
The ring lights market size is estimated to be valued at US$ 9 billion in 2023 and is expected to surpass US$ 36 billion by 2033. The adoption of ring lights is likely to advance at a CAGR of 15% during the forecast period. Household and photography applications will continue driving growth over the decade.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Two years ago fixed rates were reduced to levels not seen in decades, giving borrowers access to rates around 2 per cent and below.
Since then, there has been a considerable shift in the interest rate landscape with the Reserve Bank of Australia lifting the cash rate from a historic low of 0.1 per cent to 4.1 per cent within 13 months.
At its November meeting, the RBA hiked the cash rate for the 13th time within 19 months, taking the benchmark interest rate to 4.35 per cent.
While the strain from interest rate hikes has impacted many, home owners who fixed their loan in 2020-2021 are facing hundreds, and in many cases thousands, of dollars extra a month in repayments once they roll off their fixed-rate.
RBA data shows there were 590,000 mortgages that came off fixed rates in 2022, and there will be 880,000 in 2023 and 450,000 in 2024.
If your fixed-rate home loan is ending, experts say there are practical things you can do now to prepare.
What happens when your fixed-rate home loan expires?
Your home loan will typically revert to your lender’s standard variable rate at the end of your fixed term.
While this may sound like the easiest option to take, Two Red Shoes mortgage broker Brett Sutton said these rates can often be higher than other deals on the market.
“We often find that there aren’t many lenders out there that offer existing customers ‘new to bank’ rates,” Mr Sutton said.
“This type of scenario is also typical with insurance renewals and gym memberships, and is known as a loyalty tax.”
So instead of taking a back seat, it can be wise to review your options and start preparing earlier.
Take action for when your fixed-rate ends
Here are a number of steps you could consider taking if you’re approaching the fixed-rate cliff:
Create a buffer
Instead of sitting back and enjoying a low rate, Mr Sutton suggests working out what your repayments would look like when you roll off the fixed rate and how it fits into your current budget.
“Review what non-essential costs you are carrying that could be culled to assist in covering the increased mortgage repayment,” he said.
Even with a fixed-rate, most lenders let you make extra repayments, but there might be conditions attached such as a cap.
“If there are no penalties in doing so, start making increased repayments before you need to,” Mr Sutton said.
“This helps you trial the new repayment amount and gives you real time feedback if further budget adjustments are required.
“The excess will build in the home loan providing you with an increased buffer for life events and saving you interest.”
Negotiate a better rate with your current lender
Before you agree to automatically roll onto your lender’s standard variable rate, Mr Sutton says you should be ready to renegotiate a cheaper rate.
“Contact your lender and let them know your dissatisfaction with the rate and potentially give them an indication that you are looking to refinance elsewhere by requesting a discharge form,” he said.
“This will inform them that you’re serious about leaving, and is typically when they’ll come to the party with their best rate.”
He said a lender’s strategy is to retain borrowers so they will likely be willing to have that conversation with you.
Refinance with a new lender
If your current lender doesn’t want to come to the party, you could try and refinance your loan elsewhere to potentially score a better deal.
According to Savings.com.au analysis on a $500,000, 30-year principal and interest loan, the monthly repayments with a rate of 5.75 per cent per annum (p.a.) would be around $2,918, compared to monthly repayments of $3,079 at a rate of 6.25 per cent p.a
That’s a $161 saving per month. Over the life of the loan, it would work out to be a total of $57,860.
However, Savings.com.au money analyst Dominic Beattie warns some people may have to pay lenders mortgage insurance (LMI) for a second time in order to refinance if the equity in their property is below 20 per cent.
“The cost of LMI alone — often several thousand dollars — may override any short-term savings you’re hoping to generate by refinancing, so you’ll need to calculate whether it’s worth it,” Mr Beattie said.
“In some very specific circumstances, you may qualify for a partial refund of the first LMI premium you paid, but don’t count on this.”
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Financial disclaimer: This is general advice only. Please see a professional for advice on your individual circumstances.
During highly challenging times for mortgage holders as the Reserve Bank of Australia (RBA) hit borrowers with a succession of interest rate rises, the mortgage broking industry continued to deliver strong results.
The Mortgage and Finance Association of Australia’s latest Industry Intelligence Service report found in the 12 months to March 2023, mortgage brokers settled a record $358.68 billion in home loans.
The MFAA said brokers have maintained a strong market share, writing 69.6 per cent of all residential home loans in the March 2023 quarter. Conversely, market share of the major banks declined in the March 2023 quarter to 45.8 per cent following a 2.7 percentage point increase in the December 2022 quarter to 49.9 per cent.
MFAA CEO Anja Pannek said the 16th edition of the report focused on the six-month period from October 1 2022 to March 31 2023, drawing on data supplied by the industry’s leading aggregator brands to provide mortgage broker, industry performance and demographic data.
“The period covered in the report coincided with a period of intense refinancing as fixed rate mortgages reverted to variable, clients encountered serviceability constraints and a moderation of property prices in some markets,” Pannek said.
“This confluence of factors can be seen in this industry research, however, the outstanding service mortgage brokers deliver to their clients has remained a constant throughout this time.”
While another strong result for brokers, the report noted in comparison to the October 2021 – March 2022 period, the total value of loans settled by mortgage brokers declined 8.63 per cent.
However, Pannek said the broker channel still outperformed the overall home loan lending market.
“Whilst the value of home loans settled by brokers declined 8.63 per cent for the period, the lending market as a whole – broker and proprietary channels – declined 10.89 per cent over the same period. This highlights that the broker market is meeting more needs of more consumers in a challenging economic environment,” she said.
Bell Partners is ready to assist if you want a more competitive interest rate with your current lender or are looking to refinance to a different product elsewhere in the market.