July 9, 2019
The market downturn is over, now is the time to buy property
A seemingly endless flow of negative media has been published in the past 18 months about the Melbourne property market – be it a decline in dwelling values, the inability to secure a mortgage or the alleged oversupply of apartments.
But perspective is important when it comes to buying property and we all know that ‘doom and gloom’ sells papers.
Sure, the Melbourne property market has had its fair share of issues in recent times, but what few recognise is that the median house price declines have been mostly limited to certain pockets of Melbourne, and for the most part, apartment values have remained steady, with some even having risen.
What’s now evident, especially since the 2019 Federal Election result, is that the market is poised to rebound, and likely quite significantly.
In June, the Reserve Bank of Australia dropped interest rates to a record low meaning it’s never been more affordable to service a mortgage. Further, the banking regulator APRA has now removed the mandatory interest rate servicing cap applied to mortgage assessments, meaning the amount which one can borrow is only heightened.
The basic economic fundamentals of a strong Melbourne property market remain too – record population growth, low unemployment and a very sturdy economy all underpin a healthy real estate environment. These economic factors combined with more relaxed lending conditions will see the Melbourne market grow quickly in the immediate future.
So, what does this all mean for someone looking to purchase a home? Now is the time to get your act together.
If your desire is to live in the inner city, Coburg is a great choice. Close to everything you need for both lifestyle and work, and still very much a growing suburb, you can purchase safe in the knowledge that your apartment will be a solid investment.
Need help breaking into the property market?
If you’re keen to learn more, simply send us an enquiry – we’re always happy to talk through your property plans.
Maybe you’re a first home buyer looking to get into the market, or perhaps you’re a young family looking for a bigger apartment. Whatever your circumstances, now is the time to buy, and with One Coburg Quarter approaching completion in April 2020, you can get into that new home very soon.