13/12/2023
On the back of the Australian Government First Home Guarantee, we’ve helped 25 first home buyers – all existing clients’ children – into the market this year. The Federal Government effectively replaces “the bank of mum and dad” – this means parents no longer need to put their homes up as security to help their kids buy a home! It’s great to see they are getting the best possible rate as they technically have a 20% deposit. If you are trying to get into the market, this is an initiative to consider.
Surprisingly, the rate rise on Melbourne Cup Day saw an immediate impact on the property market and worked in favour of some of our home buyers. The market went cold, the bidding stopped, and auctions were pulled. Sellers’ expectations came down. And some of our clients who had been looking for a property for over 18 months, were able to jump at the opportunity. In quick succession, multiple clients found new homes.
The one thing I’m hearing from people who have purchased a property in the last two years, is ‘Thank God I bought’. Driven by the rental market, and 615,000 new arrivals all looking for somewhere to live, competition is currently high. You can’t get a rental property in some cities! There are reports of 50 would-be renters applying for the one rental property in Brisbane!
If you’re looking to get into the market, or you know someone who is, we can help you understand your options. Get in touch on 1300 16 16 00 today.
