Buy now, newbies urged
It’s the best first-homebuyer market in Australia for many years and young people should take advantage of it, says First National Real Estate Karratha licensee Rita Pahl.
With fewer investors in the marketplace than normal and an over-supply of housing forecast, first-homebuyers should take advantage of timing to seek well-priced entry-point units and homes in Karratha and other Pilbara towns.
“Millennials who think real estate is too expensive would be surprised at what they can afford to buy right now,” she said.
“With the Reserve Bank dropping official interest rates to 1.5 per cent and fewer investors to lend to, there’s considerable pressure on banks to sharpen their pencil with first-homebuyers.
“This is probably the last time the Reserve Bank will cut rates so now is the perfect time to lock in a competitive rate and get on the property ladder.”
First-homebuyers should find out about any grants or exemptions available in their State, starting by visiting the Federal Government’s First Home Owners Grant website.
It provides a comprehensive guideline to the current schemes in place across Australia.
“There is a significant window of opportunity so now is the time to make a move.”