While it is difficult to predict what the post-pandemic property market will look like, there is one thing that experts agree on. Experts believe that first-home buyers with stable jobs should be looking to purchase a property right now. Here are five reasons why:
Less competition from Investors
Statistics show that investors tend to look at the same properties as first-home buyers, creating lots of competition. The current pandemic has caused a decrease in the number of investors searching for properties, which means there is less competition for first-home buyers and a better opportunity for them to carefully consider their next move.
It’s never been cheaper to pay off a home loan
Interest rates are at an all-time low, which is another advantage for first-home buyers in the current market. Data from CoreLogic has also shown that more than a third of Australian properties have an estimated mortgage repayment that is less than local weekly rents! Ray White Upper Coomera have an in-house mortgage broker. For more information on these low interest rates, contact Conrad on 0410 296 050.
Lenders have loosened their belts for first-home buyers
Lenders have loosened the requirements for loans, which is another major advantage for first-home buyers in the current market.
Sellers are more willing to meet the market
With the current pandemic situation, some sellers feel a sense of urgency to sell their homes. While a lot sellers withdrew their properties from the market when social distancing laws were first implemented, there are still plenty of sellers who are ready to sell and are more prepared than ever to listen to offers.
Government handouts are still on the table
First-home buyers can still take advantage of the First Home Owner Grant (and exemptions to stamp duty) which can be found by visiting http://firsthome.gov.au. On January 1 of this year, the Federal government also began funding its First Home Loan Deposit Scheme, which aims to assist eligible first-home buyers with purchasing property with as little as a 5 per cent deposit.
If you would like more information regarding how you can purchase your first property, contact us today on (07) 5573 1007.