There are seriously good conditions right now re purchasing a property – sooner, rather than later. Currently there are ideal conditions for property buyers looking to get into the market
- Loan rates are really low (for example 4.39% variable; 4.29% 3-yr fixed) – depending on the loan you want & your circumstances. Many customers are starting to take out “hedging” loans ie part fixed/part variable – so they have comfort in their repayments
- Home prices are still affordable; but still continue rise with normal buy/sell demand – this is good for both home and/or investment owners) and repayments are now less than the monthly rent ie. In a lot of cases, buying is cheaper than renting
- Buying a property now could be a great investment with possible growth of 100% over 10 years – property prices in Melbourne are maintaining a healthy & moderate growth pace and there is currently positive capital growth due to strong population growth, shortfall in new home construction, low interest rates, and moderate income growth
- This is a good time to pick up the real estate classifieds and begin browsing for your first property - if you’ve been thinking of taking the plunge and becoming a property owner, then this is an ideal time to enter the market (low interest rates with long-term potential for strong gains)
- For investment property purchasing, always consider blue chip, median-priced properties in areas where there is always a demand (such as suburbs located 5 to 15 kms from the CBD, near the water, near the shops, near transport. These always attract working professionals, which reduced the risk of the property being un-tenanted and assure good rental returns.
IMPORTANT TO DO:
- Put in the legwork
As you’re investing your savings (a lot of money) don’t take risks – let us do an RP Data Research Report for you.
- Let us do your Pre Approval to ensure your finances stack up
Come and speak with us as your specialised broker before you begin stalking real estate websites and viewing open homes. The right time to buy your first property – whether it’s a home or investment property – is when you have your finances in order
- Buy where tenant demand is greatest
Properties close to leisure facilities, workplaces, beaches and transport, priced from $550,000 - $800,000 are affordable to rent for the majority of full time workers. Suburbs close to the CBD and leisure facilities are the places working professionals will always wish to live in, so as an investor, you’ll never have any problems leasing the property
- Invest for the long term
Whether a home owner or an investor, it should be looked at as a long term investment – meaning there’s no point in trying to predict the next boom. Far better to look for quality that will always be in demand, rather than hoping to cash in on the “next big thing”.