The Australian housing industry is experiencing a massive shake. For the first time in two years, house prices in all Australian capitals have dropped. This is the case because the market is finally slowing nationwide. You should take this news seriously if you’ve been meaning to buy your very own house and lot for the longest time. The market is soft and intelligent buyers should duly take action.
The Current State Of The Australian Housing Industry
The Australian housing industry contributes over $150 billion per annum to the Australian economy. Much of the country relies on this industry as it provides employment to over one million Australians. It also boosts thousands of local businesses and over 200,000 sub-contractors. This industry very much helps in keeping the Australian economy afloat.
Today though, it is experiencing a massive shift. Prices are getting low. The last time prices went down was two years ago. This year, the housing market is experiencing a cooldown. And things are expected to get better for homebuyers come next year.
Big Takeaway: Now Is The Best Time To Buy Your Own House And Lot
As the market is soft and agreeable to homebuyers, now is the best time to consider buying your own house and lot. In Australia, you can now easily be a house owner if you at least have a million dollars. This is because prices are now 0.9 percent more affordable than last year.
8 Reasons Why Now Is The Best Time To Buy Your Own House And Lot
The following are solid reasons why you should consider buying a house and lot today:
1. All Prices Are Down
Do you know that Sydney is the second-least affordable city in the world? It might be hard to purchase a house and lot in Sydney and that pretty much reflects how it is in most of Australia. However, this year is different. As the market is soft and is experiencing a significant slowdown. You should grab this chance as it is rare that Australian housing gets this affordable.
2. Prices Are Projected To Go Up In The Coming Years
There is a considerable slowdown in the pricing but economists predict that prices are to shoot up after two years. What you could afford now, you may not be able to afford in the years to come. So it’s best to make the most out of this year’s unique slowdown.
3. More Options For An Affordable House And Land Packages
Apart from the fact that house pricing is now significantly lower, there are now more and more companies that offer affordable house and land packages. They are so financially wise as some can even be purchased for as low as $400,000. Apart from the fact that they are extremely wallet-friendly, the advantages of house and land packages also include quicker move-in, less maintenance, and massive tax discounts.
4. Lower Interest Rates
The Australian economy is experiencing a rattle as interest rates were recently raised. With things as they are – the global pandemic and current local events – one can expect that today’s interest rates will already be the lowest if compared to the coming years. Hence, it is best to swiftly take advantage of it.
5. Time Is At Your Side
Buying early will allow you to earn more and double the value of your property in no time. You will have to pay less in pricing and less in interest. The Australian housing market is pretty open for intelligent house buyers that want to make the best possible deals. You should not waste the unique industry slowdown that 2022 is offering you.
6. Wise Investment
A house and a lot of your very own is never a wrong investment. You can only ever expect it to be more valuable through the years. It will also give you more chances to intelligently handle your finances and optimize your loans. You will get so much as you will pay way lower if you’d opt to buy your own house and lot this year.
7. Tax Exemptions
You will also enjoy numerous tax exemptions and discounts from the government. The discounts and aids will be doubled up if you’re a first-time homebuyer. The government has ready financial plans to robustly aid house buyers that keep the Australian housing industry afloat.
Now is the time to look at everything that has been happening in your life. We are still in the middle of a global pandemic, and it’s wise if you’d get your head out of the clouds and start slowly returning to how things were before. Do you want to close this global chapter in human history without anything at all? Do you want to move to your next life chapter without bringing something along with you? You survived the past two years. You have done so much. You know that you deserve to go all in and buy your own house. Now is the best time to do it.
Australian Housing Industry In The Coming Years
Bloomberg reported that Australia is facing its biggest test in three decades. Everything has been sweet and fun but all are now beginning to get dull and slow down. Property prices are expected to fall continuously in the coming months. If you’re a buyer, now is the best time to make a move.