Perth, Western Australia (PRWEB) February 05, 2013
The Housing Industry Forecasting Group (HIFG) predicts a promising outlook for the housing development market in Perth.
“We’ve seen new house sales rising, we’ve seen building approvals rising, we’re seeing FHOG (first time home owner grant) applications rising and also (higher) financial approvals, so it’s all very positive signs to suggest... the market is on the way up” said HIFG chairman Stewart Darby.
The RP Data-Rismark January Home Value Index backs up the claim with solid numbers. Median home prices for across eight capital cities rose 1.2 percent for the month. These are promising signs that the housing market is recovering with the trend likely to continue.
According to Tim Lawless, the RP Data research director, “...the positive trend in housing values will dampen calls for further interest rate cuts.” What does this mean for potential first time home buyers? All time low interest rates.
While these future outlooks on the housing development market remain promising, this can also potentially mean bad news for first time buyers or those looking for investment properties as homes are selling at a much faster rate.
A recent survey of real estate agents in Perth has revealed increased activity in the suburbs, particularly those homes near major transportation hubs. Low to mid price range homes also remain popular for obvious reasons as their prices are attractive selling points in the market.
The future outlook of the housing market in Perth certainly looks positive but many home buyers are still price sensitive. Most importantly, price driven buyers are mainly concerned about affordability and the costs beyond the purchase price of the property. Considerations such as cost of living, proximity to convenient transportation, quality of nearby schools and living conditions are particularly of high concern.
The perfect time to buy property in Perth
With interest rates at an all time low, right now may very well be the perfect opportunity for first time home buyers as well as property investors. Increased competition amongst buyers also means that those homes in the low to mid price range are selling fast and may even threaten to push market prices upwards.
As the housing market continues to improve, the need for financing naturally arises.
First home owners grants: To help assist first time home buyers, the Federal Government offers those who qualify a grant up to $7,000 for the property purchase.
Keystart home loans: These loans are available as a variable interest rate loan which can be used by first time home buyers with as little as a 6% deposit.
Shared equity loans: These loans offer affordable home ownership opportunities by allowing buyers to borrow up to 20% of the property cost interest free.
Financing options can be quite complicated which is why it is important to work with qualified experts who are able to custom tailor financial services.
About Aveling Homes
Aveling Homes is an award winning home builder with a commitment to providing superior homes at affordable prices. We understand that buying a home is a significant investment. From choosing the perfect design to explaining all financing options in detail, our attention to detail is simply unmatched.
Get all the information needed about display homes, house designs, land for sale, house and land packages and first time buyer finance by getting in touch with one of our representatives. We are dedicated to providing exceptional customer service by offering the best in the industry.
To learn more about our services, visit the Aveling Homes website at http://avelinghomes.com.au.
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