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Everyone feels the need to have a home but buying or building a brand new property might be hard for some. Buy what you can afford and over time you can work on a renovation schedule that turns the house into a great home. #FirstHome #Renovation #NewHome #Mortgage #Investment

“The current new home building boom is unlike any other that has come before it. It is the longest and largest in Australia’s history and has provided an unprecedented economic boost to the nation, without which domestic demand would be in or close to recession,” HIA chief economist Harley Dale said.

But as new home construction is expected to bottom out, HIA’s national outlook predicts a recovery in renovation work. Buying a rundown home that is in need of a little TLC makes a smart investment.
Contact Madhu on 0425 341 086 for a mortgage calculator and for investment and mortgage advice .

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Rental affordability falls while housing affordability improves

rent vs buyHousing affordability across the country improved in the March quarter of 2017 as the proportion of income required to make loan repayments decreased by 1.3 per cent to 30.4 per cent. #RentvsBuy #HousingAffordability #StampDutyWaiver #FirstHomeBuyer

The number of first home buyers across the country decreased by 11.2 per cent to 20,677 while the average first home buyer loan size fell by 0.4 per cent year-on-year and 3.2 per cent over the March quarter to $313,433. This data was published in the latest Adelaide Bank/Real Estate Institute of Australia (REIA) Housing Affordability report.

Rental affordability across the country also dropped as the proportion of income required to meet rent payments increased by 0.1 per cent to 24.6 per cent. This number, however, represents an improvement of 50 basis points from 25.1 per cent of family income in March 2016.

March data shows that buying a home is the way to go. The announcement of Stamp Duty waiver in NSW has also caused innumerable ripples with more first home buyer considering established homes in Sydney that was previously unaffordable.

Talk to Madhu on 0425 341 086 to discuss your buying options and to understand the Stamp Duty waiver.