Buying Property in 2019: Why it’s A Good Time to Buy
A lot of potential buyers have been holding off on their plans to buy property because of a variety of reasons. One being the stricter regulations due to the effect of the royal commission, and secondly, would be because of the housing downturn. Because of these things, uncertainty is obviously going to be a huge thing to consider for many people, especially in Australia. Since last year, there have been a few articles talking about the decline in sales particularly in cities like Melbourne and Sydney, where it’s considered to be the best-performing markets in the country. Particularly, the eastern suburbs of Melbourne have experienced drops in sales when the prices started to increase, which was a big deal because from 2012 to 2017, the city was booming.
Although there are many reasons to not think about buying property, experts say to not be disheartened because 2019 should be the best time to invest in one.
Right now, Australia is enjoying a record low-interest rates. The nation is able seen to have a stable economy and great job opportunities for those who wish to move. Australia is also growing in terms of population, which also includes the migration aspect. Because of the population growth, there is also going to have a demand for housing. Although this can be good for developers and brokers, it could also become a problem because right now, there are not enough housing properties for the growth. Some studies predict that even with the construction boom, the growth in population will just probably be too much to handle.
Prices in Melbourne in terms of housing and land start at less than its median value, which is why this year would be the best time to purchase one. Along with the house or land, accessibility is one of the things that’s great about the city and this is specifically what the greenfield market officers offer to homebuyers not to mention the lifestyle amenities the city offers and the infrastructure near schools and services that will be perfect for homebuyers who have children or are just starting a new life.
What makes buying property this year wise is the fact that it’s an investment that will allow them to build a life for their family’s needs and for the future as well. There is also a huge prospect of low maintenance for the next 20 years if the investment is done today compared with buying a home that’s existing and older.
Even with all the news about the property market, one thing is for sure, prospective buyers will definitely find a home in Melbourne.