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Now is the
time to buy if you have a long-term strategy and want to take advantage of the
current property market situation where some houses are more than $200,000
cheaper than the city median.
Pete Wargent of BuyersBuyers.com.au says that although there have been false dawns aplenty across Perth's at times excruciating 'seven year' itch, but on this occasion the recovery is on.
Sometimes it seems crime does pay as houses in affected areas outperform
the market in Sydney and Melbourne.
The Bush or
the Beach? Which will it be? We identify which is best for capital
growth.
While some believe that mortgage stress will
have a major negative impact on the housing market, deferrals are now clearly
in decline, and Australia’s high level of loan repayment deferrals is unlikely
to prevent a housing market rebound in 2021, according to Doron Peleg, CEO of
Riskwise Property.
Doron Peleg, CEO of Riskwise Property said that the proposed wind-back of responsible lending obligations cemented the already expected housing rebound mooted for 2021.
While the property market may look gloomy at this point of time,
certainly in Melbourne, it is expected to bottom in the first half of 2021 with
dwelling prices to rise relatively quickly thereafter.
Now
is the time to prepare to buy for prospective homebuyers in Melbourne, says
Pete Wargent, co-founder of BuyersBuyers.com.au, a national marketplace now
offering affordable buyer’s agency services to all Australians.
There has been a good deal of uncertainty brought about by COVID-19, and some price falls are to be expected in the housing market in the immediate term.
However, the cost of new borrowing has fallen to record lows, and Australia has fared better than most developed countries, both in terms of how well it has contained the spread of the virus, and in terms of its stimulus and economic response.
Renters are in the perfect position to buy a house and start earning
equity, while actually paying LESS for their mortgage than they would paying
rent, thanks to ultra-low interest rates.
Since the onset of COVID-19, working remotely has become an 'accelerating phenomenon' and it's proving a great opportunity for homebuyers looking to take advantage of 'lifestyle' prospects instead of being tied to employment hubs.
While the unit market in high-supply areas were already in the Danger
Zone in terms of settlement, cash flow and equity risk, COVID-19 has only
served to increase the pitfalls of buying off-the-plan rental high-rise
accommodation.
Buyers' Market - pressure mounts as COVID-19 takes hold of property market
Pete Wargent of BuyersBuyers.com.au says that although there have been false dawns aplenty across Perth's at times excruciating 'seven year' itch, but on this occasion the recovery is on.
Sometimes it seems crime does pay as houses in affected areas outperform
the market in Sydney and Melbourne.
Outlook
strong for houses on the Sunshine Coast as buyers hone in on lifestyle options,
ultra-low interest rates and the ability to work remotely.
Now
is the time to prepare to buy for prospective homebuyers in Melbourne, says
Pete Wargent, co-founder of BuyersBuyers.com.au, a national marketplace now
offering affordable buyer’s agency services to all Australians.
Adelaide-Central and Hills is the only area in Greater Adelaide where principal and interest loans for both owner-occupier and investor loan repayment amounts are higher than the annual rent.
For people who want to live in Perth and eventually their own home there, rent money is dead money and renters with secure jobs are better off buying a house than continue paying someone else's mortgage.
Southeast
Queensland renters are being urged to take advantage of the ultra-low interest
rates as paying a mortgage in most areas is cheaper than paying rent.
Despite COVID-19, the Sydney property is strongly forging ahead with auction clearance rates tracking at levels similar to those of 12 months ago, according to RiskWise Property Research.
Ultra-low
interest rates have created a unique environment where buying a house in most
areas of Greater Melbourne is cheaper than paying rent on one.
Apart from one area, interest-only loan repayments for owner-occupiers
in Greater Sydney are higher than the annual rent, meaning now is the time to
buy if you are in a position to do so.
Buyers looking for the perfect property trifecta are placing their bets
on the Victorian port city of Geelong where lifestyle, accessibility to
employment hubs and affordable housing are the key to capital growth.
As previously projected,
price growth in Tasmania has decelerated, followed by some modest price
reductions.
Prior to the onset of COVID-19, population growth in the Northern
Territory had been poor for some time.
The performance of
the South Australian economy has been muted, but houses in some suburbs of
Adelaide have performed solidly.
Western Australia came into 2020 with
consumer confidence tracking at a low level.
Having
already been hit hard by a major oversupply issue, the Brisbane unit market
continues to suffer thanks to COVID-19, leading to both equity and cash flow
risk.
When assessing the risk of over-building, a common and reasonably
sensible approach is to compare the number of properties in the pipeline to the
established housing stock for a suburb or sub-region, to get a feel for the potential
uplift in the dwelling stock.
Canberra has seen some very high auction clearance rates lately, and it’s one of the first questions I’m asked lately about the Canberra market. Yet this statistic isn’t one that I suggest buyers look at as the ‘be all and end all’ of measuring the market.
Now is the time to buy for first home buyers and owner-occupiers with secure jobs and ability to service the mortgage, as this current slowdown in the property market is only temporary with popular areas likely to experience solid capital growth in the medium to long term.
Investors buying rental apartments are taking an enormous gamble with not only equity and cashflow risk materially increasing, but also serviceability risks.
When you’ve found a property that you want to pursue, it’s often a stage where buyers come unstuck. The process of buying real estate can’t be too complicated, surely? Found a place, make an offer, right? The problem is, the sales agent and vendor are actively pursuing the highest possible sale price - and as the buyer, you’re after the opposite. Or at least you hope so.
Perhaps the best way to describe this is to compare the differences. Before you begin to consider what your time is worth, let's consider two different experiences...
While the property market may look gloomy at this point of time,
certainly in Melbourne, it is expected to bottom in the first half of 2021 with
dwelling prices to rise relatively quickly thereafter.
Despite COVID-19, the Sydney property is strongly forging ahead with auction clearance rates tracking at levels similar to those of 12 months ago, according to RiskWise Property Research.
While the
coronavirus pandemic has had a major impact on the property market, it’s not
all doom and gloom, with many taking advantage of affordable lifestyle
opportunities in sought-after areas.
Dual
occupancy dwellings might seem like an attractive proposition to investors, but
the reality is they are a high-risk gamble for both equity and cash flow.
Since the onset of COVID-19, working remotely has become an 'accelerating phenomenon' and it's proving a great opportunity for homebuyers looking to take advantage of 'lifestyle' prospects instead of being tied to employment hubs.
A new online platform is saving Aussie property buyers thousands on the
price of buying their homes by connecting first homebuyers, upgraders,
downsizers and investors with independent, industry-leading buyer’s agents to
help them find, research, negotiate and bid on properties.
While the unit market in high-supply areas were already in the Danger
Zone in terms of settlement, cash flow and equity risk, COVID-19 has only
served to increase the pitfalls of buying off-the-plan rental high-rise
accommodation.
Buyers' Market - pressure mounts as COVID-19 takes hold of property market
Now is the time to buy for first home buyers and owner-occupiers with secure jobs and ability to service the mortgage, as this current slowdown in the property market is only temporary with popular areas likely to experience solid capital growth in the medium to long term.
Investors buying rental apartments are taking an enormous gamble with not only equity and cashflow risk materially increasing, but also serviceability risks.