The low interest rates and lower house values, along with the government first home buyers incentives have led many first time home buyers to look into purchasing that new home that they have always dreamed of. But before jumping into a new home purchase there are a few things to consider.

With the government incentives and the low interest rates and housing prices now is a good time to buy a new home before the market jumps up again. The best time to get into a home is when the prices are down and the rates are low. But it is important not to rush into a big decision such as buying a property.

First Figure Out The Basics

One of the first things that you will want to do is determine how much house you can actually afford to buy. When you are looking to move into an unknown area get an idea of what the median prices of homes are in that area before you buy anything. The last thing you want to do is pay a lot more for your home than what everything else in your area is worth. The value of houses varies greatly from region to region and state to state. Prices can even vary greatly within a city limits so do your homework first and find out what the houses in the area where you want to live are worth.

Another good way to determine if you will like a certain neighborhood is to talk with the people who live in the area. Also, if you are able to, visit the area that you are interested in at varying times throughout the day. This will give you a better idea of what it is like to live there overall.

Property Options Australia
Property Options Blog © 2006 - 2009

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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.

Property Options Australia
Property Options Blog © 2006 - 2009

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With the New Year here many people are looking at making 2009 the year they buy a new home. And with government incentives to help first time home buyers now is a great time to get that home that you have always wanted. Some areas are more desirable than others to buy a home in. Some of the places that are considered to be hot spots for 2009 include Sydney, Melbourne and Brisbane. There are also some regional areas that promise to provide great buyer appeal in the coming year.

Gauging The Temperature Of Real Estate In Australia

The real estate market in Australia proved that it can stand the test of time in 2008 showing resiliency and fortitude. Despite the fact that many share markets fell an average of 40%, house prices held fairly steady showing only an average decline of 1.5%. In 2009 there will be many factors that will drive the market either up or down. These factors include:

• Falling interest rates

• Affordability

• The cost to rent houses or apartments

• Investment yield potential

• And an undersupply of available homes

These factors will help to drive the prices of homes up. The areas where the most growth will be seen are in the areas that exhibit many of these factors. Also the government grant opportunity to double the money given out expires at the end of the fiscal year, so home buyers will be looking to take advantage of that while they still can.

While markets that have these driving factors are expected to do well in 2009, some markets are not expected to do well at all. Markets that are already affluent and where the demand has been reduced are not expected to experience good growth in 2009. Another area that is not expected to do well are vacation homes, and areas that are dependent upon holiday travel and tourism. This is due to the fact that in 2008 many people had to unload these extra homes due to financial difficulties.

Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 - 2009

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