Home loan borrowers in Manly Vale have emerged as the State’s top savers when it comes to refinancing their home loans, according to research over a two-year period.
Mortgage broker Aussie Home Loans crunched the numbers on thousands of refinance deals across NSW and discovered that mortgage holders in Manly Vale came out the big winners.
According to their research borrowers refinancing in Manly Vale saved an average of 1.26 per cent on their interest rates.
On average the old interest rate Manly Vale borrowers were paying was 5.19 per cent and the average new rate was 3.93 per cent.
They were ahead of borrowers in Randwick and Earlwood, Glenmore Park and Dulwick Hill.
James Symond, Aussie Home Loans Chief Executive Officer, said: “Manly Vale borrowers have easily outscored the national average interest rate drop achieved through refinancing their home loans over the last two years, which showed a drop from 4.67 per cent to 4.01 per cent.
“Our refinancing figures show that even in a low interest rate environment there are still deals to be done and savings to be made when you get expert help from a mortgage broker. In this market it certainly pays to keep an eye on your home loan rate and review it with your broker regularly or at least every year,” he said.
Manly Vale is a small suburb just north of Manly and it has a range of properties from old units, new units, modern townhouses and houses on big blocks.
Agent Florence Labadens, of Cunninghams Real Estate, isn’t surprised at the mortgage broker’s findings. She said many of the buyers in Manly Vale were young professionals in their 30s and 40s who worked in the city and who were financially savvy.
“They are often buying their second or third property when they come to Manly Vale and 55 per cent of our buyers are from out of area,” she said.
“Many come from Mosman and Neutral Bay and the Eastern suburbs. They are educated and financially smart,” she said.
Manly Vale has been shedding its former working class and humble reputation and the original weatherboard homes are being rebuilt as smart large family homes.
The local primary school has expanded hugely. Seven years ago Manly Vale Public School had 320 students, today there are 535 enrolled but the school has been rebuilt with a capacity of 1000 students and the $47 million overhaul is expected to be completed early next year.
In addition the recent B-Line bus service operating a turn up and go bus run between the CBD and Mona Vale has Manly Vale as its first stop. Savvy commuters are targeting Manly Vale as an ideal suburb to raise a family, enjoy being on Manly’s doorstop, have Manly Dam reserve in its suburb plus the quickest commuter run to the city.
According to CoreLogic the median house price in Manly Vale is $1,765,000 up 17.5 per cent in three years. The median unit price is $788,000.
Recent sales in the suburb include a two-bedroom unit in Gordon St for $910,000 and a three-bedroom townhouse in Campbell Pde for $1,325,000.
Ms Labadens is marketing a three-bedroom house at 24 Campbell Pde which goes to auction early May with a guide of $1.9 million.
“We have had 69 groups inspect the house in three weeks, and most were young families with parents working in the city,” she said.
“We are seeing a lot of upsizers and out of area buyers looking for their second or third property and wanting Manly Vale,” she said.
This article was first published in www.realestate.com.au. Here is the link to the original article.