Smart customers are buying now
Posted on | March 15, 2009 |
Susan Cowen over at the Herald Sun, thinks that the right time to get into the property game is now: http://www.news.com.au/heraldsun/story/0,21985,25139349-5013926,00.html
CAN’T decide whether to buy property as the financial crisis sinks its teeth into the local real estate market?
Now could be the ideal time to give landlords the flick forever and secure land at one of Melbourne’s many estates, experts say.
Buying land represents value for money, with the average land price in Melbourne hovering at $166,000.
For less than $300,000 you can buy a four-bedroom house with two bathrooms and two car spaces, within 40 minutes of the city, in an up-and-coming neighbourhood where schools, shops and public transport are in good supply.
Spend that $300,000 in Carlton — or a similar inner-city suburb — and get a shoebox-like apartment for your trouble, if that.
Infochoice chief executive officer Shaun Cornelius says now is the time for families who rent to consider bidding their landlord goodbye forever by entering the property market.
“If you are ever going to buy now is the right time,” he says.
“Buy if you know you will have a job; if you are in the market you are much better off.
“Having money salted away in the bank that’s hardly earning any interest at an average 3.3 per cent is no good.”
In the scramble to attract new faces to up-and-coming communities, developers are also throwing increasingly enticing bonus features at buyers.
VicUrban’s Karen Attard says environmentally friendly extras top developers’ lists.
“Water recycling, (optical) fibre to the home, high-quality open spaces and urban orchards are some of the special features developers are throwing in to make buying land more attractive,” Attard says.
“Stamp-duty savings, higher first-home buyer grants and the opportunity to select a home that suits your needs also make building a good idea.”
HIA spokeswoman Nassim Khadem agrees that the current economic climate has helped make building an attractive option for families.
“Now is a good time to build because the cost of borrowing is much cheaper,” Khadem says.
“The cost of some building materials is coming down so you could be better off.
“There is still a shortage of tradespeople, but the shortage isn’t as acute as it was some years ago.”
Add to these factors the federal government’s $14,000 boost to the $12,000 metropolitan Victorian first-home builders’ grant (for houses priced less than $500,000) and landowners will be laughing all the way to the bank.
Tags: buying > financial crisis > house > interest rates > mark forytarz > paul castran > real estate
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