Perth, Western Australia (PRWEB) April 09, 2013
Millions across the country were holding off on buying a property, waiting for the markets to improve. Recent data now shows that the Australian housing market is steadily on the rise. Aveling Homes looks at why now may be a good time to buy a home.
No one can accurately predict how the Australian housing market will fare in the future. It may perform spectacularly well or it could all come crashing down in a property bubble. The most anyone can do is look at the market and speculate based on current data.
Although nothing is ever certain, the future outlook for the Australian housing market is positive. According to the latest figures from the RP Data-Rismark Home Value Index, capital city home prices increased by 2.8 percent for the first quarter of 2013.
The data is encouraging as it is the strongest quarterly results in three years.
The Australian housing market still has a long way to go before reaching levels before the global recessions hit but data suggests an upwards trend. So is it the right time to buy a home? The answer depends on numerous factors. However, the following are compelling reasons why now is the perfect time to buy.
Interest rates at record lows
The low interest rates are starting to spur activity in the Australian housing market and is currently at 3 percent. These rates are unlikely to drop again in the future as the Reserve Bank of Australia (RBA) evaluates their impact on the economy.
These record low rates also means that homes in certain areas are much more affordable for first time home buyers than before. Even fixed rate home loans are becoming increasingly attractive. Consumers are therefore able to secure a mortgage at a low rate as it is expected to crawl back up again once the economy recovers.
Increased ability to negotiate
No one enjoys paying more than they need to and for major purchases such as a home, every discount matters. Residential property sales are currently at their lowest in 17 years according to new reports and there is a shortage of buyers in the market.
This means first time home buyers have more negotiating power as sellers are often eager to take their property off the market. Consumers can significantly increase their bargaining power by obtaining financing prior to looking at a property. Fast settlements can mean saving thousands of dollars off the total price.
More access to financing
According to the RBA, savings rates on a national level are its highest in 25 years as more people pay off their debt. The Federal Government is also introducing new policies which will allow first time home buyers to have access to financing, even on an unsecured basis.
What this means is that even those with bad credit can be able to obtain a mortgage with a positive record of consistent payments and proof of stable employment. The Australian housing market is steadily on the rise so consumers can still get excellent deals.
About Aveling Homes
Aveling Homes is an award winning home builder based in Perth dedicated to providing exceptional service. Get all the information you need about our display homes and our house and land packages by contacting one of our representatives.
Visit the Aveling Homes website at http://www.avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
Aveling Homes Contact information
24/7 Metro Sales: (08) 6144 1000
24/7 Sth West Sales: 6144 1001
South West: southwest(at)avelinghomes(dot)com.au