Is it a good time to buy a property now?
With regards to Australia's current soaring population, it has not taken long for us to become the ninth most sparsely populated country in the world. Consequently, there is a shortage of available land for housing. Although, the recent covid-19 pandemic has put population growth on hiatus. It is still estimated that Australia will reach a population of 29 million by the end of 2030. As a result of social and economic changes, population growth is adding pressure to the real estate market, driving an upward trend in housing demand in the long run, and striving for a strong property market over the next few years.
At the rate of Australia's current situation right now a lot of prospective purchasers have become unmotivated with higher interest rate for mortgage prices, however, this has lead to predominately cheaper property prices for buyers now than they were in early 2022. Despite interest rates, declining property prices have made home loan approvals more accessible and affordable. In terms of those with savings already prepared on the side or have been preparing savings, these could potentially cover a vast amount of the easing house prices in the market lately. Permitting buyers to supply a larger deposit than necessary at the peak of the market. Consequently, lower property prices decrease transaction costs, such as stamp duty.
So Is now a suitable time to buy?
Suitability to purchase a home is dependent on an individual’s personal circumstances. It is beneficial to contact a trusted real estate agency directly and discuss with them your circumstances to determine suitability. Right now, iAgency Real Estate can assist by matching your dream house with the best property!
-----This article is prepared by Hannah Huang
Sources:
https://remaxsuccess.com.au/
https://perfectagent.com.au/