With the property market starting to head downwards and interest rates on the move upwards you could be forgiven for thinking that now isn’t the best time to buy, but we are actually in a very favourable market for buyers.
Weaker property markets
After years of strong property demand in cities like Sydney and Melbourne things are finally starting to turn around for buyers. Sellers have definitely had the upper hand in property negotiations over the last few years, which has kept a lot of buyers on the sidelines.
Now that prices are starting to ease in some areas and there is less competition around, it should be a lot easier for those buyers who are in the market to snag the properties they set their eyes on.
Lots of spring sellers
It may not always hold true, but in general more homes tend to come onto the market during spring, which is great news for those looking to buy. There should be a larger choice of properties available up until Christmas when things are likely to slow down a little.
This gives buyers options and may make it easier to find the particular property they are looking for.
First home buyer incentives
It’s a particularly great time to get into the market if you’re a first home buyer. Both the NSW and Victorian governments introduced stamp duty discounts for first home buyers in July 2017, which can provide significant savings.
First home buyers can also take advantage of grants and the federal government’s First Home Super Saver Scheme, this allows first time buyers to make extra contributions into their super account to help them save for a home faster.
Competitive home loan deals
While many banks are lifting their interest rates it’s important to remember that they still sit at some of the lowest levels we have seen in recent history. Plus, many banks offer up special deals over spring to entice new customers. It’s well worth shopping around to see what you can find. If you need any help finding the right home loan deal for you then you can contact Professionals Finance for assistance.