Are you tired of renting your home? Do you have the finances and the ability to purchase a house in the area you want? If you do, then what are you waiting for? This is an excellent time in the Australian market to purchase a house. The following tips are a simple reminder of the importance of research, organisation, and how to get your dream house at the best price possible.
Whether you are finally sick of renting and want to buy a place of your own, or you feel the interest rate is at a fair amount currently, you can become a homeowner in 2018! With that said, before you can start your home buying adventure, you need to be aware of all the incentives, rewards, and other perks of buying a new home in 2018.
Keep reading for the top four reasons why 2018 is gearing up to be a great year for Australian homebuyers.
1. Owning is Cheaper than Renting
In the end, owning your own house is less expensive than renting a place that will never be yours. Home builders in Sydney are currently hard at work taking orders and working on completing new homes for Australian residents. It makes good sense to take the money that you are applying monthly to a rental and use it as a mortgage payment on a house that you will eventually pay off and own. 2018 is looking like the year to purchase or build a new home. Get in on this action while you still can!
2. Housing Affordability Packages
Another reason 2018 is gearing up to be the perfect year to buy a house is due to the new stamp duty exemptions that are taking place. First-time homebuyers in New South Wales (NSW) and Victoria will no longer be required to pay stamp duty on properties valued up to $600,000.
This is due to an Andrews government plan to make housing more affordable for Australians. The number of homebuyers who were entering the housing market was declining in recent years and measures were taken to increase the number of people to the housing market.
3. Home Price Trends
The housing market in the Sydney area has shown signs of slowing, indicating prices have dropped for the first time in over a year. This is fantastic news if you are in the market to build or purchase a new home. With a levelling off of pricing in the area, 2018 will be a great time to buy a house, as you will get more for your money!
4. Interest Rate Movements
Mortgage interest rates vary on a daily basis in Australia. One minute they are up and the next moment they are down. How are you supposed to know when it is a good time to buy a house based on interest rates?
The primary factor to watch is a rise in inflation. Currently, inflation is very low. This is a great thing as it is a sign that interest rates will not go up. Therefore, 2018 is looking like the best time to purchase or build a new house!
2018 is the Time to Purchase Your Australian Home
Purchasing a home can be a significant endeavour. It can be overwhelming, costly, and stressful. However, it can also be satisfying and uplifting, as you will finally have a place to call home that is entirely yours.
There are a great many reasons why 2018 is the year to purchase a house in Australia. Whether it is the incentives in NSW such as the stamp duty exemptions or the currently very low inflation rate, you can be guaranteed that your choice to purchase a house in 2018 will be the best decision you have ever made! So, whip out your 2018 diary and start planning!
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