The slow-down in the property market is actually a natural part of the cycle. What goes up, must come down and now we’re seeing a healthy balance between supply and demand when it comes to house and land packages.
The Reserve Bank Australia might cut interest rates by the middle of 2019, making them the lowest they’ve been since the 1950s. And, as the lowering or raising of interest rates is largely dictated by the economy, it’s not certain these will stay down for long. Those looking to borrow for a home deposit should take advantage of these lending conditions as soon as possible.
Additionally, while inner-city housing sits at record-high prices, house and land packages in activated areas are selling at nearly half the price.
New master-planned developments in outer city areas are the perfect opportunity for first homeowners to get their foot in the door of property investment. With growing infrastructure, employment clusters, and expertly planned walkable communities, developments such as Candlebark in Sydney’s north-west and Habitat on Davis Creek in Victoria’s west present an opportunity for first homeowners to finally achieve the Australian dream.
One of the added benefits of these kinds of developments is that there is a fixed time frame and price up front, as well as a structural guarantee when purchasing from reputable builders and developers. Highly respected developers such as Dennis Family Homes and Frasers Property produce new masterplanned residential communities to the highest standards.
In the midst of this tougher selling climate, developers are adding more incentives to sweeten the deal. Frasers Property is offering a 5% deposit at contract signing across all of the lots at Wallara Waters in Wallan. With land selling from just $252,000* and savings of up to $20,000 if the buyer qualifies for the Regional First Home Owners Grant, owning a home has never been more achievable.