Home sales for detached properties in Western Australia have recently posted the highest increase since the 2008 global economic crisis. Although the overall figure was just 9.3% for the June quarter, economists say that there are several reasons why the Australian property market will not crash, and therefore it’s worthwhile for people to consider home loans. Rockingham and local area families and others should take into account the various positive factors about Australia’s overall situation and consider talking to a mortgage broker to review some options.
A Healthy Economy
As a starting point, the economy is generally in good standing and envied by others. In fact, some people in the struggling European countries, such as Ireland are moving to Australia in vast numbers to seek employment. This boost should factor into the housing market, as well.
For example, as more people explore Australia as a place to settle, rental properties will become scarcer. And, the increasing demand for rental properties is already causing prices to spike in some areas.
By instead choosing to work with a mortgage broker, Cockburn residents as well as those in other parts of Australia can avoid having to deal with rising rental costs at all by choosing to take steps to buy their home, instead.
Debt and Home Ownership Trends
Some economists also note that although Australians are still borrowing consistently, debts are being paid off quickly. Also, since people are taking on less credit card debt overall and speedily paying off home loans. Kwinana and other local families we talk to are feeling that the dream of home ownership is finally something that’s attainable. Some statistics note that an overwhelming percentage of Australians are paying off their own homes sooner, and do not have any debt against them.
Affordability of Homes is Increasing
Although property prices remain high, an increasing number of people are able to afford them due to factors such as rate cuts, increases in wages and appealing offers worked out between banks and mortgage brokers.
Western Australia residents (such as those in Kwinana, Cockburn, and Rockingham), along with people in other areas are also noticing that some investors feel that the Australian property market is beginning to stabilise, which increases affordability, as well.
Whether you’ve found yourself saddled with the increasing burden of growing rental costs, or are simply looking forward to finally realising your dream of owning a home, consider looking to mortgage brokers to help you navigate through all phases of the process. Our broker team is happy to answer any questions as you go along.