First Home Buyers
Now’s a good time for first home buyers in Australia
In many cases, when you’re a first-time home buyer looking to get into the market in Australia, you’re going to encounter a whole host of competitive roadblocks. It’s not just you and other first-timers trying to get into the market – there will also be domestic property investors and international buyers in the mix, trying to snatch up property. Unfortunately, all of this competition has a way of driving up prices.
There is good news on this front, though. A quick look at the housing market in 2017 reveals that the first-time buyers have the upper hand – investment is declining, and first-timers are accounting for a larger portion of the market than they have in recent memory. If you’re considering buying, now might be the right time.
First-timers rule the market today
Traditionally, first-time buyers have only accounted for a small sliver of the housing market, but that’s begun to change recently. The June residential property survey from the NAB revealed that because home loan interest rates have recently been high for international investors, their activity has begun to drop off.
“Clearly, tougher measures on banks announced by regulators to rein in investor lending are being felt in this segment of the market,” the NAB economists said in a statement.
The result is that first-timers are getting their way instead. They now have a total market share of 35.7 per cent in housing in Australia, the largest since the organisation began tracking the breakdown in 2014.
Is it time for you to buy?
With the knowledge that now’s a good time for first home buyers, you may well decide to act and buy a place of your own. If you do, the first step is to take a critical look at your budget and decide what you can afford. This includes considering how much you’re willing to pay as a deposit right now and what sort of mortgage repayments you can make in the future.
Ideally, you’d be able to put as much cash as possible down now, to avoid paying excessive interest later; for whatever you can’t afford today, though, it’s good to have a home loan broker who can help.
We are more than happy to help you find the right deal on a home loan soon. The process of getting a house is complicated, but with an specialist to walk you through it, it becomes far easier. Speak to us today.
- Will property prices fall in 2018? March 20, 2018
- Is it time to review your interest rate? March 13, 2018
- Will renovesting be the 2018 property trend? March 6, 2018
- Tips on how to get your finances back on track in 2018 February 27, 2018
- How to start saving to buy your first home February 21, 2018