The Problem So Far: Housing Affordability
Home purchases have increased drastically over the past few months and it comes with it a whole slew of issues. Interest rates are down, rising property values and demand for property has never greater. With these factors comes the ultimate bane: housing affordability.
It was reported last week that First Home buyers have slumped to 6.8% or just a total of 12.5% commitments across Australia for the past month further showing that prices for new homes are just too much for First Home buyers. Lenders are doing everything they can to entice home buyers by offering LVRs as much as 95% of the property value, even requiring low value deposits. But this doesn’t mask the current situation where property is just too expensive for certain sectors.
To get the best properties in the market that align with your finances, financial planners are on their toes to encourage home buyers. In major capital cities, home values are in an upward trend but for others, you might be surprised as there are still properties available for under $500,000. Get sound financial advice to get your money’s worth.
Read more about this on the New Zealand Herald website.