As with most financial endeavors, timing can be everything, and that goes double for landing a dream home. The old adage of “sell in a boom and buy in gloom” is ringing loudly, interest rates earmarked to stay low and with fewer investors in the market, would be a great time for home buyers to move on or up the property ladder.
According to a February report by an investment firm, unit values in Sydney and Melbourne fell by 6.3 percent and 2.3 percent respectively over the past year.
But there is one group that benefits from current conditions – first home buyers. First home buyer lending increased nationally by 28.4% in the past year, with New South Wales and Victoria leading the charge.
Here are a few reasons to buy property as soon as possible:
Interest Rates are more likely to go down than up
At its April meeting, the Reserve Bank of Australia (RBA) decided to keep the official cash rate at 0.25%. Many lenders cut their rates on fixed-rate home loan products last month outside of RBA movements, and these remain very competitive. Meanwhile, the housing price correction is continuing around the country, creating many opportunities for those in the market to buy a home.
Tighter lending conditions by banks will see fewer investors in the market
Fewer investors mean less competition and less competition means more opportunities for home buyers. Negotiation will be crucial to securing a good deal so a professional mortgage broker Ibadat Waraich is highly recommended who will help you to save your time before you start your property hunt by getting pre-approval. This will make the later stages of the process run a lot smoother, removing unnecessary stress.
Thinking Long Term
Australia’s population is growing fast in order to support this population growth, Australia needs housing. Natural population growth and migration will continue to drive future demand for buying a property. Therefore, you should always consider the long-term outlook of the market. A major investment like a home or property is something you’ll want to hold onto for 10, 20, or even 30 years. Having a professional team of Investors Mortgage on your side can make all the difference to your success.
The federal election will present an abundance of opportunity for the Australian home buyers heading
This year’s pending Federal election could present opportunities for interested home buyers and investors with less competition at auctions and open homes as previously. people tend to sit on their hands in the lead-up to elections and the dedicated buyer is out there every weekend seeking to find that best property regardless of the political landscape.
We have access to a number of lenders Australia wide and will ensure that you will get the best deal.
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