Most people will be looking for ways to erase 2018 from their memory from a financial point of view, but if you are looking at entering the property market and have been scouring updates on the Private Property website, then you will know that 2019 could offer some excellent opportunities to own property in Melville.
The problems that surfaced over the course of 2018, and there were many, are not exactly solved as yet. Political uncertainty and a struggling economy are still front of mind for many, and it will take significant time to overcome these obstacles. However, experts have pointed at some positive signs in the property market, and believe that this year could offer some excellent opportunities, especially for first time buyers.
One major reason for this is the improved lending conditions. Right now, banks are still highly competitive with one another as they look to make their products affordable and accessible to consumers. When casting an eye over stats from ooba, it shows that the Average Deposit as a Percentage of Purchase Price has dropped by a whopping 20%, when looking year on year. To break this down, it means that people are putting down 12% deposits instead of the 15.5% from a year ago.
“This is the ideal time for prospective first-time homeowners, including those without deposits, to enter the property market. 80% of our 100% bond applications in Q4 18 were approved compared to 72% in Q4 17,” said CEO of ooba, Rhys Dyer.
Then there is the matter of negative real property price growth, which basically means that salaries are increasing at a higher rate than the property price growth. This allows for more affordability in the market, and with the improved lending conditions, it puts buyers in control.
However, you should still be cautious when looking for the right deal, and consider various offers to ensure that you are getting the best deal.
