Why it’s a great time to buy your first home

 

 

Been sitting on the property sidelines wondering when to make your real estate move?

There’s no need to hold off any longer because there are plenty of reasons why now is a great time to enter the property market.

Interest rates are low

Buying a home is more affordable at present thanks to historically low interest rates. The official cash rate is currently sitting at 1.5 per cent and has been since August 2016.

Interest rates are expected to stay at low levels for a little while longer at least, but there is no saying when they might start going up so it’s worth trying to pay off a mortgage as quickly as possible while rates are as good as they are.

Property prices are stabilising

National dwelling values dipped for the first time in May since 2012, according to data from CoreLogic. The fall in national values was fuelled mainly by weaker conditions in Melbourne and Sydney where property growth has risen the sharpest in recent years.

Melbourne saw the largest monthly drop in May, with the median dwelling value down by 0.5 per cent, followed by Sydney, which was down by 0.2 per cent.

There is no telling whether these price falls will continue, however it is a good time to get into the market while things are calming down and there is a little less buying competition around.

Before you rush out to buy

Make sure to do your research before you start hitting the pavement. Things that affect an overall city may not affect individual markets within that city. Get to know your local property market and find out for yourself if it’s the right time to buy there.

Don’t forget that you should also talk to lenders to get a sense of what you might be able to afford. It’s always worth having pre-approval ready to go so you can make your move on a property as soon as it crosses your path.

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