You’ve probably heard the phrase “the early bird catches the worm”, but at the moment it seems like buyers who have bided their time could be in line for the greatest rewards. That’s because the latest Real Estate Market Facts publication from the Real Estate Institute of Australia (REIA) indicates that house price growth is starting to slow down, potentially making Murrumbeena real estate more affordable for first-time buyers.
Across the eight capital cities, the median price for houses stood at $684,601, while for other dwellings it registered at $537,591 during the first three months of the year.
“Over the quarter, the weighted average capital city median house price decreased by 1.3 per cent while the figure for other dwellings went down by 1.1 per cent,” noted REIA president Neville Sanders.
Couple this with the news that lending to new home buyers is rising and there’s every reason to be optimistic at the moment. Taking a closer look at data from the Australian Bureau of Statistics, the Housing Industry Association revealed that lending was up 4 per cent over the course of April. Owner-occupier lending increased 4.5 per cent in Victoria.
There’s potential for these results to improve even further, as they don’t take into account the period since the official cash rate was reduced. This will have helped reduce mortgage costs when buying Ormond real estate for many people, further opening up the market to buyers.
It doesn’t matter what type of property you’re hoping to buy, Matt Hurlston and his team are here to help, With years of experience in the local market, we can narrow down your options and make sure you find a home or investment property you’re totally happy with.