The property market is generally unpredictable, with great highs suddenly gone and replaced by falls in value that can leave people stuck in the chain for much longer than they want to be, so buying at the right time is pretty critical if you are to both secure a new property that you really want, and not be forced to pay over the odds for the pleasure of doing it.
The good news for buyers is that 2019 is, for several reasons, the perfect year for property seekers to start buying in Australia. Curious to know more? Here’s a brief outline of the top five reasons.
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Reason 1 – There are fewer investors around
As the current lending conditions for property are quite tight investors are not able to borrow as freely as they have in the past. Consequently, lots of housing stock which would usually be snapped up by that group is now emerging into the market place. This is great news for buyers, especially those on a low budget who can perhaps get negotiate with sellers for a much lower price and an even better outcome than expected.
If you already have your mortgage agreed and approved don’t be afraid to discuss extending it so you can take further advantage of the weak market, presuming, of course, you will be able to cover the debt without any problems.
Reason 2 – Interest rates are very favourable
Experts predict that the low-interest rates are likely to be around for a good while to come, and if anything to go down further rather than up. This makes it much easier to manage a mortgage or to buy a second property if you want to invest in the property market.
Reason 3 – Towns and cities are expanding
The number of households across Australia is expected to grow by at least 50% over the next few decades, so buying a property on the outskirts now means it is likely to shoot up in price as new developments are built around it.
Reason 4 – Projected economic growth
People in Australia are, on average, earning more and more each year, and the demand for housing is growing as people migrate to the cities from other areas of Australia, and other countries too. Being able to invest in extra properties mean you can benefit from these changes. The planned infrastructure to support new communities is already in progress, and this is attracting many foreign investors to the housing market. Take a look at some properties currently on offer at buymelbourneapartments.com.au.
Reason 5 – Melbourne is one of the key cities of Australia’s future
Although the population countrywide is growing fast it is said that in a couple of decades from now the majority of the population will live on the East coast, and consequently, economic opportunity and wealth will come along with them. People need housing, so being able to offer it puts you in a solid financial position.