The instability of the housing market in recent months due to the effects of the COVID-19 outbreak presents an opportunity for tenants to consider home ownership , said an expert.
Steve Hooker, CEO of Resimax Group, said the supports available to potential buyers, including government subsidies and the low interest rate environment, give tenants the benefit of momentum needed to enter the real estate market.
"People are now making home ownership a higher priority and looking to buy out of the rental trap." This year has reinforced the importance of having a place to call home, ”he said.
Hooker said it's critical that renters carefully consider their options when planning the start of their homeownership journey.
"The most common feedback we get from our customers is that it's so hard to save for a down payment while paying the rent. That's why Firstly was born, to help first-time homebuyers to enter the market faster than they thought possible, "he said.
First, a Resimax Group savings program that allows buyers to turn their rents into a mortgage deposit. Currently, the Savings Program is available to buyers of certain properties in and around Melbourne.
"This would be a great time to buy. Given that real estate sales have been slow over the past four to five months in Melbourne, there is a pent-up supply that will hit the market when things reopen," said Hooker said.
Eynesbury, for example, is one of the main suburbs for shoppers in Melbourne. Hooker said that over the past decade, prices in this suburb have doubled from $ 281,000 in 2010 to $ 593,750 this year.
"I think the pandemic has taught people that you don't need to be as close to the city as you once thought – with working from home you may need less traveling the CBD. It really makes places like Eynesbury highly desirable as you have the space, nature, the bush and also a tight-knit community looking after each other, "he said. he stated.
Hooker believes the demand for homes in outer suburbs and green areas could increase as more people consider moving away from the CBD.
“The pandemic has proven how flexible work environments can be and how we can be physically distant but still connected. This opens up the possibility of getting away from the city and I think people are going to make the most of it, ”he said.
Top suburbs:
West Wodonga
,
Mayfield
,
tiwi
,
sunshine
,
Willoughby is
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in a property it is important to ensure that you not only have the lowest available rate possible, but also have the right loan features for your needs.
You only need to fill in a few details below and we will then arrange for a local mortgage broker to contact you and determine the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
