If you have been thinking about purchasing, moving, investing or downsizing, there are advantages to making 2021 the year you make your move.
07 May 2021|3 minute read
There’s no crystal ball to tell you when to buy a home. But there is a vast amount of information available about the right time to buy a home and sometimes the noise can be challenging to sort through.
We know that Australians’ appetite for property hasn’t dulled and housing finance has arguably never been more affordable than it is today. Current market interest rates are the lowest we’ve ever seen in history and government schemes and concessions are flowing through to help home buyers take the next step.
According to Aussie’s Buyers’ Opportunity Report, while some regions are recording exceptionally strong selling conditions, others are well and truly reflecting a buyer’s market. This demand is creating a perfect storm for movers, first home buyers and investors wanting to get their home buying goals done in 2021.
However, in reality, there is no perfect time to buy a home, it needs to be the right time for you.
If you have been thinking about purchasing, moving, investing or downsizing a home there are advantages to making 2021 the year you make your move. Here are our 5 reasons why it could be your year to buy property.
There are many important factors to consider when looking for a home loan, and interest rates is one. Interest rates are at the lowest we’ve ever seen in history, and these rates are likely to stay low for the next few years, making right now an ideal time to consider getting a home loan.
When it comes to purchasing a home, it can sometimes be hard to get your head around the range of options available to you, including the latest government schemes and incentives. You may have more options to help you get into the property market than you think.
There are federal and state-based schemes and incentives available to assist home buyers with accelerating their property purchase. If you are buying your first home, be sure to research the latest Government schemes and look into whether you are eligible to apply for them.
If you think renting is cheaper than buying, then think again. Aussie’s Buy vs Rent report shows that in almost 60% of suburbs around the nation, it could cost less to pay down a home loan each month than to pay rent.
This is great news for first home buyers, who may not realise that buying a property could reduce their home buying costs in the long term. Check out our list of suburbs where it is cheaper to buy rather than rent a house or unit.
Although the overall number of houses for sale in Australia remains low, there are still plenty of suburbs around the country where conditions are skewed towards home buyers.
According to Aussie’s Buyers’ Opportunity Report, in 2020, only 5.3% of residential properties were advertised for sale, down from 6% in 2019 and well below the peak of 8% in 2015.
However, over one fifth (21.4%) of Australian suburbs saw more than 7% of housing stock available for sale last year and more than one third of suburbs (35.8%) had at least 6% of housing stock on the market in 2020.
Considering these ‘buyer’s market’ suburbs across Australia presents a great opportunity for home buyers looking to get into or move within the market. Check out our list of the top ‘buyer’s market’ suburbs.
Whilst listing numbers remain low across Australia, leaving little room for lender discounts on houses in certain suburbs, brokers can still help you find savings on your home loan.
They can negotiate a good home loan deal with your lender or help you look for cashback offers and interest rate deals that could help you save on your home loan. Brokers take the hassle and complexity out of the process in finding the right home loan, for right now.
Speak to an Aussie Broker today to find out your options.