Latest news with #ComparetheMarket
Herald Sun
12 hours ago
- Business
- Herald Sun
Simple reason Aussies refusing to downsize for city
Australians are clinging to their laundries, spare rooms and car spots — even if it means ditching city life — in a defiant rejection of the downsizing dream. New research from Compare the Market reveals just 18.8 per cent of Australians would sacrifice space to live closer to the CBD, while a staggering 71.3 per cent either won't downsize or have no desire to live in the city at all. But while most of the nation is holding onto space, property experts say buyers are increasingly flipping the script. RELATED: Overlooked VIC suburbs winning in 2025 'Major lift': Shock Aus city tops price boom 'Crippling': Tradies in turmoil over meltdown Compare the Market's general manager of money Stephen Zeller said Australians were drawing clear lines around which home features they would and wouldn't compromise on — and it wasn't what you might expect. 'Knowing which home amenities you definitely want and which you're willing to compromise on can help you narrow down which properties are right for you,' Mr Zeller said. 'Using comparison tools can also help you find a competitive interest rate on offer.' Laundries topped the list of non-negotiables, with 50 per cent of Australians saying they would not give them up — followed by car park spaces, 38.9 per cent, garages, 34.7 per cent, and spare rooms, 30 per cent. Buyers were most willing to ditch pools, 57.9 per cent, garden sheds, 42.1 per cent, and backyards, 35.8 per cent, to get closer to the city. Melbourne based buyers advocate Cate Bakos said the national data came as a surprise, because her clients are increasingly choosing location over space. 'That actually surprised me — because I'm seeing the opposite,' Ms Bakos said. 'People are much more willing to give up space to be close to cafes, culture and lifestyle. 'They want to be where the action is.' Ms Bakos said many buyers had moved away from car ownership entirely, opting for public transport, ride-share services and car share schemes. 'They'd rather save that cost and use the money elsewhere,' she said. 'The focus has shifted to experiences, lifestyle and social connectivity.' But the buyers agent said one feature remains a deal-breaker for many buyers: 'Move-in readiness. Buyers are not interested in renovators right now,' Ms Bakos said. 'The builder shortage and renovation costs have turned people off. 'A turnkey home is gold.' Ms Bakos added that confidence was being driven by major infrastructure upgrades, particularly Melbourne's $15bn Metro Tunnel, set to reshape commuting when it opens later this year. 'It's the kind of change buyers will feel in their daily commute,' she said. 'It builds confidence and convenience.' 'The Suburban Rail Loop might be the long game, but right now, the Metro Tunnel is what people are excited about.' McGrath Wynnum-Manly principal Gaby McEwan said buyers, particularly in Brisbane were still chasing space, but not for land size alone. 'It's not necessarily about acreage. It's about a change in pace,' Ms McEwan said. 'They want a backyard, a garden, a safer community and access to the water.' Ms McEwan said a growing number of young families were selling up in Brisbane inner-city pockets like Newstead and West End to secure lifestyle homes in seaside suburbs such as Wynnum and Manly. 'They're not just trading sideways,' she said. 'In some cases, they're paying more for a smaller block, just to live near the water. 'The Esplanade used to be quiet. Now it's buzzing. People discovered it during lockdowns and never left.' The McGrath Wynnum-Manly principal said even basic homes are being snapped up by buyers keen to get into the suburb. 'We recently sold one for $925,000, it was full of asbestos and hadn't been touched in decades,' Ms McEwan said. 'But it was on a great street, and the buyers were happy to renovate just to get in.' Ms McEwan said a wave of locals who grew up in the area were now returning after years of inner-city living. 'They've seen the value of their units go up, and now they're either selling or holding and buying again here,' she said. 'It's a smart move, and once they're back, they never want to leave.' State-by-state: Who's least willing to compromise? Victorians were the most attached to their laundries, with 53.2 per cent unwilling to give them up. Queenslanders were more open to ditching the backyard, 38.5 per cent, and only 10.9 per cent were willing to lose a laundry. New South Wales came in close to the national average, but Sydneysiders showed slightly greater willingness to downsize for location. South Australians were most attached to having a garage, with 42.9 per cent unwilling to let it go. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Block star reveals mistake that devalue homes 'Major lift': Shock Aus city tops price boom These Aussies may never be able to buy a home
Yahoo
a day ago
- Business
- Yahoo
Car insurance move that can save Aussies $184 per year: 'Wake-up call'
I often say to Australians shop around, but did you know that it also pays to plan ahead? The team at Compare the Market have found what they call the 'convenience catch', where Australians could be spending hundreds more on car insurance than they need to. It all comes down to the policy commencement date. RELATED Health insurance warning as dad forks out $1,200 bill: 'So many people forget' Tradie reveals surprising industry where he makes '$300,000 to a million' a year Right to disconnect warning as worker sues former employer for $800,000 Insurers often slug consumers the highest premiums if they start their car insurance policy immediately, on the same day of quoting. In fact, the consumer comparison experts found the 'sweet spot' for the best savings is commencing three to four weeks later. Quotes for a hypothetical Ford Ranger ute owner could reduce around $184 (10.21 per cent) on average by simply commencing their cover three weeks later, compared to the same day. Even purchasing a policy to start on the next day resulted in a $78 (4.33 per cent) reduction in quoted premiums on average, while commencing one week later saw an average quoted premium reduction of $130 (7.19 per cent) compared to starting the same day. Compare the Market research found a similar pattern for two other popular vehicle models. Average car insurance quoted premiums by commencement date Some insurers put 'loadings' in place to compensate for the risk of higher claims volumes. For example, new car owners could be initially unfamiliar with driving their new vehicle and insurers may take this into account when pricing for a policy to commence immediately. Additionally, insurers may consider there is a greater chance that a vehicle is already damaged, if the policy is commencing immediately. This is a wake-up call. Never wait until the last minute. There are substantial reductions in the tens – and in some cases, hundreds of dollars – by planning ahead. Never auto-renew. Mark on your calendar when your car insurance is due and shop around a few weeks before. Even commencing the next day could save money! Never be brand biased. Don't just pick the first insurer that appeals to you. Compare your options, consider whether a higher excess is appropriate for you, and if your circumstances permit, consider setting driver minimum age limits if the option is available. These are all levers to ensure the power is in consumers' hands, not the insurers. There's an old saying: 'to be early is to be on time, to be on time is to be late and to be late is to be forgotten'. Without getting too profound, there is some truth in this when it comes to your insurance! Compare the Market research and disclaimers can be viewed in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
2 days ago
- Automotive
- Yahoo
10 ways young UK drivers can avoid high car insurance costs
Young people usually pay more in car insurance – sometimes a lot more – as they are statistically more likely to be involved in an accident and policies are based on overall risk. Those aged between 17 and 24 pay £828 on average, close to double the £476 typically paid by 25-to 49-year-olds, according to data from the comparison site However, comparing quotes can still save you hundreds of pounds. Comparison sites – others include MoneySuperMarket, and Compare the Market – let you easily see prices across dozens of insurers. Experts say getting quotes about three to four weeks before your policy is due to start often results in cheaper deals. Adding a parent, or any other experienced motorist as a named driver – as long as they drive the car occasionally – can help lower your premium. Insurers see this as spreading the risk as the vehicle is not just driven by someone with little experience. Look for someone with a clean licence and many years of no claims. Whatever you do, don't pretend someone else is the main driver – that is known as 'fronting', and is illegal. Generally, the smaller and less powerful the car, the cheaper it will be to insure. Go for something in a low insurance group (cars are put into one of 50 groups), typically the less expensive models with small engines and where the cost of parts and repairs are generally lower. The cheapest for 17- to 25-year-olds include Volkswagen's up! (averaging £576 a year), the Suzuki Alto (£597) and the Fiat 500 (£604), according to 'This shows it is smaller cars – specifically modest one-litre engine hatchbacks – which are taking the top spots as the cheapest cars to insure for young drivers,' says Tom Banks at Buying secondhand will keep costs down. Just make sure it is in good condition and has a full service history. 'Avoid making modifications, too, as these could lead to a hike in the price,' says Andrew Lee at the insurer Marmalade, which specialises in young drivers. A black box, or telematics, is a great way to reduce costs over time. A small device (or an app on your phone) tracks how safely you drive. If you stick to speed limits, avoid harsh braking and do not drive late at night, you could earn a lower insurance quote or repayments, adds Banks. 'If the data shows consistent safe driving, insurers might reward policyholders with benefits like lower premiums, cashback or a voucher, either during your policy term, or when it's time to renew,' he adds. According to the median price for a 19-year-old driver with a telematics policy is £864 a year. This compares with £1,096 without telematics. At age 23, the difference is only £21: £636 with telematics; £657 without. If you don't make a claim, you will earn a no-claims discount, which can further reduce costs. However, there are some potential disadvantages to a black box. It will record poor habits and so could result in higher premiums. 'If you don't drive carefully, or within pre-arranged limits of your policy, you could end up paying more,' Banks says. If you are already insured, do not just accept your renewal quote. Use comparison sites to see what others are charging for the same, or similar, cover, then go back to your current insurer and see whether it will match, or beat, those prices. Monthly payments may be easier for some younger people to handle, but they often involve paying interest on the premiums – sometimes as much as 30% APR. If you can afford to pay in one go, it is nearly always cheaper. If an annual payment is not possible, it is worth looking into alternatives such as a 0% interest credit card (provided you can pay it off before interest kicks in). Or set aside money each month. Where, and how, you park matters. Insurers like driveways more than street parking, so prices tend to fall if you have access to one. If your building has designated private parking, whether gated or residents only, that is also usually rated as safer than street parking. If you have a fob-controlled or gated car park, even better. Mention it when getting quotes. And adding a steering wheel lock, immobiliser or dashcam can help. The more secure your car, the less of a risk it poses – and the more likely something will be shaved off your premium. What you put as your job title can affect how much you pay – sometimes by hundreds of pounds. That's because data based on years of claims is used. Some professions are flagged as higher risk, either because of how often people in those jobs claim, or the way they are perceived to use their cars. Many forms include a dropdown menu for job titles, and choosing a different, but still legitimately accurate, title – such as 'writer' instead of 'journalist' – could lower your premium. Make sure it is truthful. False information could invalidate your policy. MoneySuperMarket has a 'car insurance job picker' to help you identify the role that best describes what you do, and find the average premium for each job. Your excess is what you pay towards a claim before your insurer chips in. It is usually split into two parts: a compulsory excess, which is set by your insurer and non-negotiable; and a voluntary excess, the extra you choose to pay on top. 'The most common excess chosen by our customers is £250,' says Rhydian Jones, a car insurance expert at 'But opting for a higher – or sometimes even lower – excess can help reduce the overall cost of your cover. Experiment with your excess amount when comparing quotes to see if you could save.' The higher the voluntary excess, the lower your premium tends to be. 'Make sure you can afford to pay the excess amount you have stated,' says Lee, otherwise you could be left in a tricky situation. The discount increases with each year you drive claim-free. After just one year, you could get a 20% to 30% discount. After five years, some insurers will knock 60% or more off your premium. Your no-claims discount is tied to you, not the car – so if you change your vehicle or insurer, you can usually transfer it. Even if you have an accident, it will not always wipe out your discount – especially if you are not at fault and the other driver's insurer pays. It is worth asking your insurer to confirm how much your premium would go up by if you made a claim.
South Wales Guardian
2 days ago
- Business
- South Wales Guardian
Calls for changes at supermarkets to combat 'shrinkflation'
The Liberal Democrats want government legislation amended to legally require large supermarkets to inform shoppers when the quantity of goods within a pre-packaged product has decreased thereby increasing the price per unit of measurement. Details of the changes would need to be attached or placed alongside the product for a 60-day period, according to the amendment tabled to the Product Regulation and Metrology Bill. Digestive biscuits, butter, crisps and chocolate bars were among the items found to have decreased in size while their unit cost increased, according to 2024 research by Compare the Market. MPs could be asked to vote on the Lib Dem proposal on Wednesday when the Bill returns to the Commons for its report stage. The Bill as a whole gives powers to ministers to regulate the marketing and use of goods in the UK after Brexit. It was previously amended in the House of Lords to provide protections to the imperial pint measure to ease fears over its future. The changes accepted by the Government would bar ministers from preventing or restricting the use of the pint in relation to draught beer, cider or milk in returnable containers. It also provides a definition of a pint as 0.56826125 cubic decimetres. Lib Dem trade spokesman Clive Jones said: 'The scourge of shrinkflation needs to be exposed. 'Shoppers have been hammered during a cost-of-living crisis all while massive companies and big supermarket chains are forcing them to pay more for less to protect their bottom lines. 'They need to be called out on it and for shoppers to know when they are at risk of being ripped off. 'The Government should accept this Liberal Democrat amendment so that we can help protect shoppers and their already stretched household budgets from another round of shrinkflation.' A Department for Business and Trade spokesman said: 'We're committed to protecting consumers from unfair commercial practices and making sure they have all the information they need to make informed decisions on purchases. 'That's why we're bringing in strict new laws next year to make sure businesses use clearer labelling for prices on supermarket shelves, and retailers show all unit prices in either kilograms or litres to improve clarity for shoppers.'
Western Telegraph
2 days ago
- Business
- Western Telegraph
Calls for changes at supermarkets to combat 'shrinkflation'
The Liberal Democrats want government legislation amended to legally require large supermarkets to inform shoppers when the quantity of goods within a pre-packaged product has decreased thereby increasing the price per unit of measurement. Details of the changes would need to be attached or placed alongside the product for a 60-day period, according to the amendment tabled to the Product Regulation and Metrology Bill. Digestive biscuits, butter, crisps and chocolate bars were among the items found to have decreased in size while their unit cost increased, according to 2024 research by Compare the Market. MPs could be asked to vote on the Lib Dem proposal on Wednesday when the Bill returns to the Commons for its report stage. The Bill as a whole gives powers to ministers to regulate the marketing and use of goods in the UK after Brexit. It was previously amended in the House of Lords to provide protections to the imperial pint measure to ease fears over its future. The changes accepted by the Government would bar ministers from preventing or restricting the use of the pint in relation to draught beer, cider or milk in returnable containers. It also provides a definition of a pint as 0.56826125 cubic decimetres. Lib Dem trade spokesman Clive Jones said: 'The scourge of shrinkflation needs to be exposed. 'Shoppers have been hammered during a cost-of-living crisis all while massive companies and big supermarket chains are forcing them to pay more for less to protect their bottom lines. 'They need to be called out on it and for shoppers to know when they are at risk of being ripped off. 'The Government should accept this Liberal Democrat amendment so that we can help protect shoppers and their already stretched household budgets from another round of shrinkflation.' A Department for Business and Trade spokesman said: 'We're committed to protecting consumers from unfair commercial practices and making sure they have all the information they need to make informed decisions on purchases. 'That's why we're bringing in strict new laws next year to make sure businesses use clearer labelling for prices on supermarket shelves, and retailers show all unit prices in either kilograms or litres to improve clarity for shoppers.'
