Announcements like the recent record interest rate cut mean great news for home-hunters, while according to real estate experts, property values in Melbourne have lifted for the first time since 2017, a good sign for those looking to build equity and value in their home quickly.
The confidence boost and increased certainty in the housing sector has been attributed to the recent stabilisation of the government as a result of the re-election of the Coalition. Alongside this, APRA has recently confirmed it will remove the 7 per cent interest rate buffer for residential mortgage lending, with the change set to boost purchasers borrowing capacity.
Additionally, significant previous cuts to official interest rates have already had a positive flow-on effect, with Realestate.com.au reporting rising search results for properties in Melbourne and impressive clearance rates.
With property forecasters predicting future growth in the next 12 months, and interest rates at an all-time (and now historic!) low, there is a significant opportunity now for buyers to capitalise on the market – particularly for first-home buyers looking to get their foot-up with their first home.