Why is now a great time to invest in property in Narre Warren South?
The last year has created a lot of uncertainty for investors looking to get a foothold on the property ladder. If you’re reading this blog and wondering whether to hold off and wait to see if the property market will fall any further: we have the answers!
Think back to where Australia was just a handful of months ago.
Many of us across the country were working from home, and during this time we became experts in the art of social distancing. We became accustomed to closed businesses and schools and the panic shopping of essentials. The stock market had crashed and we were heading into a recession, whilst consumer and businesses confidence completely tanked.
The property market was placed in a period of hibernation, with some severe restrictions in place on home inspections and auctions.
We overcame all of that, with new windows of opportunity that have created a perfect storm for property investment
Why is it a great time to invest in property in Narre Warren South right now?
It is likely that there will be weakness in some sectors of our property market as we move forward, but we have now entered a new window of opportunity for investors and prospective home buyers to get into the market.
Here are some things to weigh up:
To make lending criteria easier, rental vacancy rates are also an all-time low which means there are lots of prospective renters out there looking to rent.
With such historic low interest rates, it is a very common circumstance now for rent to cover mortgage repayments.
If you’re thinking of investing in property, now might be the right moment for you!
Remember to look at market cycles, there has been a down market for over three years, and historical economic patterns can help us to forecast forward, which would indicate that we have around 5-7 years of quality property growth ahead of us.
We are at the bottom end of a growth cycle, which will see around a 40-50% growth in property prices in Narre Warren South alone over the next 5-7 years.
I’m interested. What should I do now?
Ray White at Narre Warren South are a team of highly experienced individuals who have the skills, knowledge and experience to give you the best advice on your property.
We can help to put you in touch with financial brokers and advisors who can provide you with expert assistance in the running of numbers. They will be able to show you, a prospective investor, just how easy things can be in this current economic climate.
We can also help to secure investments on your behalf, which will in turn take the stress out of the process of purchasing property for buyers.
So contact us today!