The current downturn in the residential property market is providing an opportunity for first home buyers to enter the market and realise their dream of home ownership.
A recent QBE’s Australian Housing Outlook Report 2018-2021 has confirmed that first home buyers are surging back into the market, with lending to this group at its highest national level since 2010.
Loan to first home buyers increased by 74% in Sydney in the last 12 months and 28% nationally, a trend that is expected to continue..
The report also anticipates a further weakening of both Melbourne and Sydney markets in 2019 and 2020. In Sydney house prices are expected to fall by 1.2% and home units by 3.1% over the next 2 years. Melbourne prices are also expected to continue to fall with houses expected to drop by 2.5% and units by 2.1%
So whilst existing property owners may be concerned with falling property prices, first home buyers should take this opportunity to see if they can now make their property ownership dream a reality.
Talk to the friendly team at ARK Financial and we can help you realise your dream sooner.
Are you trying to break in to the property market? Schedule a free first home buyer health check with Anne at ARK-Financial.
IF you would like to read more on the QBE housing Outlook report please click on the following link: