February 28, 2017
Research by Mortgage Choice reveals 87% of Australians believe it is becoming increasingly difficult to achieve the ‘traditional dream’ of home ownership. But Penrith mortgage broker Paul Holland says home ownership is very much within reach in Penrith. Call Paul on 02 4789 0808 to find out more, or read on to learn the facts.
This is interesting. According to a Mortgage Choice report entitled Evolving Great Australian Dream, almost nine out of ten people think it’s getting harder to own a home.
Rising property prices across Sydney certainly don’t make it easy to save a first home deposit. But that’s one aspect where first home buyers in Penrith have a big advantage.
Buy a house for the cost of an apartment elsewhere
Penrith is one of those hidden gems where property prices are still extremely affordable. The median Penrith apartment price of $418,000 is well below the median unit price of $725,000 across greater Sydney. In fact, you could buy a house in Penrith (median price $671,000) for the cost of an apartment elsewhere.
Perhaps this explains why the great Australian dream is alive and well for first home buyers in Penrith. And the super low interest rates we’ve seen in recent years mean Penrith home loans are more affordable than ever before.
Rising home values
Even better, the huge amount of development going on in and around Penrith makes it likely that first home buyers choosing a Penrith home today will be rewarded with big capital gains in the future. As a guide, in the last three years house prices in Penrith have risen by 76% (up from a median value of $380,000 in 2013).
This property price appreciation is the result of a brilliant combination of factors including population growth, affordability, the riverside lifestyle of Penrith and easy access to the M7. These same factors will continue to push up Penrith prices in the future.
Put Penrith on your wish list
The key message if you’re a first home buyer, is to put Penrith on your wish list of suburbs. My team at Mortgage Choice in Penrith can answer any questions you may have including how much you can afford to borrow. We can select the Penrith home loan best suited to your needs, and put you in touch with some of the highly recommended local real estate agents and solicitors, who we work closely with.
To start making your Penrith first home a reality – and not just a dream, call me, Paul Holland, today, on 02 4789 0808 or drop in and see me at our office in Nepean Village shopping centre.