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If you’ve always wanted to purchase your own home in South Australia, now is a good time to do so.
In light of the recent cut to the official cash rate, which brought it to a new all-time low, housing affordability levels across Australia remain positive.
According to the Commonwealth Bank’s Melanie Timbrell, low interest rates coupled with rising incomes make for an opportune time to buy a home, despite rising house prices.
In an August 12 post on the bank’s MyWealth blog, Ms Timbrell also offered some real estate advice to South Australian residents, saying the state was enjoying a period of peak housing affordability.
Every state in the country, except Western Australia and Tasmania, enjoyed improved affordability in the first quarter of the year, according to Ms Timbrell.
She supported her claim by also noting that South Australia was the only state that saw an increase in the number of first homebuyers in the March quarter.
Those encouraged by the news who wish to make the first step in buying a property will want to take some real estate tips from Housing SA and have a look at the Affordable Homes initiative.
Run by the SA government, Affordable Homes aims to provide eligible low to middle income families a head start in the competitive housing market.
The program is offering selected properties exclusively to eligible participants for 30 to 90 days, before making them available to the wider market.
With favourable economic conditions such as low interest rates and increasing housing affordability, combined with government initiatives to help those looking to secure a first home, there has never been a better time to invest in a property in South Australia.
Follow the Christies Beach real estate blog for more interesting articles.