Home News Property price growth

Property price growth

Font size :
Q. At the moment, we are saving to purchase a property, but it seems like property prices are only continuing to increase. Is this going to continue for the next few years or will we see some relief? How can we get into the property market sooner with these higher prices?

A. The property market has definitely seen a boost in property prices over the past few months and is expected to hit 4.4 per cent by the end of 2015. However, according to chief economist, Alan Oster, Sydney and Melbourne prices will start to slow in 2016. There are a number of things you can do to give yourself the best chance and get your foot on the property ladder sooner.
  • Change the destination: This may be difficult to do if you have your heart set on a certain area, but if you want to buy in a 'hotspot', particularly a capital city, it may take you a very long time and could be very costly. Take some time and do your research about areas surrounding your 'dream suburb'. Often properties in suburbs only 10 or 20 kilometres away are significantly cheaper.
  • Become an investor: While your dream may be to purchase your own home to live in, it may be difficult to do in a hot property market. Buying an investment instead can have long term benefits and help put you in a better financial position. Finding a property that costs less may be easier if you are not planning to live in it, potentially making loan amount and repayments more affordable.
  • Spend more time saving for a deposit: At the moment there is a lot of competition within the property market and it can become frustrating and disheartening if you keep missing out on properties. As mentioned above, some industry experts believe property price growth will start to ease in 2016. So, you may want to consider spending the rest of 2015 putting your time and effort towards saving for a larger deposit. Instead of spending every Saturday and Sunday house hunting and at auctions, you could take on another job and put a few extra hundred towards your deposit each week. Weekly savings can also get you used to making mortgage repayments once you purchase.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

Many millennials are relying on an inheritance to buy homes Many millennials are relying on an inheritance to buy homes

Lawyers are seeing cases where disputes over inheritance have created tensions within families Read more

Gen Y homeowners fearful of interest rate rises Gen Y homeowners fearful of interest rate rises Many are worried rising interest rates will negatively impact their cost of living expenses, according to a new survey ... Read more

Young Sydneysiders are less keen on homeownership Young Sydneysiders are less keen on homeownership Many would rather ‘rentvest’ than be tied down to a costly owner-occupier mortgage, according to new studies ... Read more

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate The sprawling redevelopment aims to boost the supply of affordable housing in Sydney ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 24, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords