5 Reasons why now is the Time to Invest in Australia’s Property Market
From the seasonal bushfire down to the worldwide COVID-19 pandemic, you won’t probably think that it is the right time to invest in Australia’s property market. But yes, it is! Now is the right time to invest in Australia’s property market, and here are 5 reasons why:
1. Home Builder Grant. The Australian government recently allocated a whopping $688 million to roll out its Home Builder program- a cash subsidy scheme that will provide every deserving individual with $25,000 cash assistance intended for purchasing a new property or renovating an existing on. However, you can only apply for the Home Builder Grant once the estimated cost for renovation or buying a new house will not exceed $750,000. Also, to become a beneficiary, make sure that your house’s pre-renovation value doesn’t exceed $1.5 million, excluding those structures that are not physically attached to your home. The $25,000 cash grant will provide you with a perfect opportunity to get your foot on the property ladder, as you’ll need less money to make your property investment dream a reality. As the government is at the height of extending help to the public to mitigate the impact of the pandemic, now is the time to capitalize on the financial assistance that exists to those looking to invest in property market now.
2. Low Interest Rates. Another reason why now is the time to invest in real estate, is due to the jaw-droppingly loan discounts that major financial institutions are providing to those of whom have been severely hit by the pandemic. You can avail a home loan bearing a variable interest rate for as low as 2.29 per cent, and you no longer need to pay for any application and service fees as well. Some banks have been known to provide a $2,000 cashback if you transfer your existing home loan to them.
3. Bouncing Market Activity. Despite the double whammy setbacks brought by bushfires and COVID-19 in the first quarter of this year, Australia’s economy remains strong. Just last month, Australia recorded a 20.4% growth in its market activities, which is considered as one of the fastest economic recoveries around the world. Considering Australia’s robust economy despite the pandemic, investing in the country’s property market is a safe decision.
4. Increased Consumer Confidence. As the lockdown restrictions become more relaxed and due to the fewer reported COVID-19 case in the country, a lot of people are more confident to buy property in Australia. And you must capitalize on this scenario. According to studies, the demand for real estate in Australia almost overwhelms the listed properties in May. This means that you must keep on investing in the property market because the people’s demand is at peak.
5. Influx of Migrant Buyers. With less than 7,500 COVID-19 infections nationwide, there’s no doubt that Australia is one of the few countries that has successfully controlled the spread of the COVID-19. Due to the effective containment of the disease, many foreign nationals express interest in purchasing properties in Australia. According to the CEO of luxury apartment and hotel developer Crown Group Iwan Sunito, foreigners’ overwhelming interest in buying properties in the country is unprecedented. He said that foreign nationals trust the virus containment measures imposed by the Australian government and are very much willing to buy properties and settle in the country for good.
These are only some of the reasons why you must invest in Australia’s property market. Keep in mind that compared to other countries, Australia is a safer place. Australia’s economy also recovers faster than anywhere in the world. Indeed, all signs are pointing to one direction; telling you to invest in Australia’s property market, not tomorrow, but now! Contact us today if you would like to learn how you can build an investment property portfolio for as little as $50 per week. Email: team@jrprosperity.com.au or call: (02) 9635 1991.
