Capital is cheap and buyers are spoilt for choice so it appears to be favouring those who are choosing to move.
With record low interest rates many home owners and aspiring home owners are considering a move. Capital is cheap and buyers are spoilt for choice so it appears to be favouring those who are choosing to move.
It’s a great time for First Home Buyers. The entry level of the market is trading well and the rental demand is strong at this level. Young adults with a secure profession such as; teachers, lawyers, doctors and nurses, etc. generally, everyone whose employment is less likely to be impacted by changes in the economy should be seriously considering purchasing property. This also goes for the investor market.
For the upsizers and downsizers, there is also a few points to consider. There is an opportunity for downsizers to purchase for the future – buy now and secure your perfect position with the view to renting it out for a few years then move in when you’re ready. The aging population is making this a growing trend; downsizing and pocketing some cash.
Growing families are the main drivers of the upsizing market. Upsizers should take not that whilst the market is stronger at the lower price points, it’s weaker at the top.
The differential between the low, middle and high areas of the market is decreasing and now could be the perfect time to pounce on the opportunity of low interest rates and plenty of choice.
So when is the right time? Should you wait? What’s happening in the market?
The answer to all these questions is; get prepared.
Know your position financially – speak to your mortgage broker to establish what you can afford.
Know the market – speak to your Agent and get the inside scoop on what is happening in your area.