Why Waiting to Purchase a Sydney Property is the Worst Financial Decision You Can Make
The prices of homes in Sydney are rapidly rising. If you wait to purchase a home in Sydney, you may not be able to afford one the next time you want to buy one. In addition, with interest rates being at their lowest, purchasing a home in Sydney now could save you thousands of dollars in interest over the next 20 or 30 years.
Why You Shouldn’t Wait to Purchase a Home in Sydney
While real estate experts suggest waiting until the housing market stabilises in many areas of Australia, they suggest the opposite for Sydney. Sydney housing prices are expected to rise because of demand and increased cost of living. COVID caused the market to slow to its lowest rate, but it is not likely to last with the country beginning to recover. In addition, interest rates are at a record low. So purchasing a home now will not only save you interest, but within a few years, your property value will increase, leaving you with equity.
If you wait to buy property in Sydney, you may wait too long. In a year or two, prices may rise so much you can no longer afford to purchase a home in this sought-after area. In addition, with increased purchase prices comes a need for a larger deposit, which is not easy to afford in Australia. Most lenders require at least a 20% deposit, which on a $1 million home loan is around $200,000. In a few short years, a 20% deposit could be unattainable.
If you are looking to buy a home in Sydney, don’t wait to call the experts at Mortgage House. We understand the current market and the lending process. So not only can we find a home loan for you, but we can find one with the best interest rates.