With interest rates at an all time low and decreasing property prices, 2009 could be the best time to buy a new home. Add to that the government initiatives being offered to first time home buyers to make it easier than ever to get into a new home, and you’ve got a formula that is destined for success in 2009.
Australian Policy Makers Hope To Boost The Market
The government initiatives were great to begin with. Recently they have been doubled from $7,000 up to $14,000 to offer even more value to first time home buyers and try to get them into a new home. Those who wish to build a new home can get up to $21,000 from the government to help them get a good start on their home. These measures are geared at boosting the domestic economy. The Reserve Bank of Australia has also recently cut the cash rate by three percentage points to a seven year low of 4.25 per cent.
Despite Bad Global Economic Trends Australia Real Estate Is Looking Good
For anyone looking to buy real estate the time could not be better than now for buying a home in Australia. Even those who currently own a home and have a variable rate could benefit from what experts are expecting to be the lowest interest rate ever offered in Australia. Experts also predict that home prices could grow by three to five percent in the coming year in most part due to more people becoming interested in buying a home thanks to the government grant. The deadline to take advantage of the grant is the end of the fiscal year, so prospective homeowners will be looking to get in while they can and meet the deadline.
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Hi Sean,
2009 was a great year to buy real estate. Interest rates were at some of their lowest levels in decades. The First Home Owners Grant was also extended. So, there were many great reasons to buy last year.
The governenment incetives to purchase property through the first home owners has really edged the real estate market on. I think the first home owners grant is a brilliant idea and should stay around for awhile to encourage more and more people to invest. Remember..if people dont house themselves then the government has to at the expense of the tax payer.