Homebuyers in Australia continue to rise despite increase in house prices
Last year, the world had seen one of the most challenging experiences of our time. The pandemic affected a huge aspect of our daily lives, and we will never be the same again.
Because of the impact that it had and continues to have on so many workers around the world, many had to also look into the kind of change they could also do for their own lives to prepare for whatever lies ahead. Hopeful homebuyers continue to rise even after the apparent increase in house prices and are pulling out all the stops to be able to afford a property as the housing prices rise. These potential buyers are looking for ways to increase funds either through taking on more debt or asking their family members for financial support.
The rising house prices are not in any way discouraging house buyers from getting that investment, but instead finding other ways on how they can afford it. Mortgage brokers are flooded with enquiries from pre-approved potential buyers regarding this very matter. Some of these potential buyers are choosing to borrow more to be able to pay the mortgage insurance.
Property values have been rising at their fastest rate in 17 years according to CoreLogic Data. Prices are at record highs in every city in Australia excluding Darwin and Perth. Home lending hit record numbers for the second month in a row according to the Australian Bureau of Statistics. Potential homebuyers according to the latest reports are quick in trying to find ways to pay the mortgage so they are coming to experts for financial advice and more funds to accumulate.
While yes, people can be frustrated about the property prices, it’s a good thing that they have set their eyes on it no matter the cost. This is due to the perks that come with property investment. Last year, when the virus hit, we all realized the importance of having our own home. The lockdowns that happened forced us to stay in, and at the same time, we have all seen the great advantage of owning more than one property.
Thanks to the parents of so many potential buyers, purchasing property can be done much easier. It’s safe to say that homebuyers are not going anywhere soon and the boost in the property market will continue. The Fear of Missing Out is very evident nowadays and this is something that investors and builders should take advantage of.
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