If you've taken a serious look at the property market over recent years, you'll have realise there's been one subject on everyone's minds: affordability. Experts have warned that property prices are spiralling out of control – but new figures suggest Belconnen real estate might be more affordable than you think.
The latest Adelaide Bank/ REIA Housing Affordability Report shows that over the first three months of the year, affordability has dropped back to 2013 levels. This is good news if you've yet to get your feet firmly on the property ladder, but you may need to act fast, as there's no guarantee the situation will stay this way.
The report took a closer look at the various states and territories throughout Australia, concluding that the ACT is the most affordable place in the country. Therefore, if you're serious about moving out of Belconnen rentals and into somewhere of your own, now could be the right time to do it.
Price data from realestate.com.au shows that the average property price in Belconnen currently stands at $410,000. The region is up and coming among younger generations, with around 46.4 per cent of buyers being independent youths looking to get hold of their first piece of Belconnen real estate.
Neville Sanders, president of the Real Estate Institute of Australia (REIA), explained that across the country, the amount of income people need to dedicate to paying off their mortgage has fallen. In fact, during the final three months of last year, the average home buyer needed to use 32.4 per cent of their income, which fell to just 30 per cent at the start of 2016.
The figures sure look like they add up for buyers, so what are you waiting for? Get in touch to find out more about buying your new home in Belconnen.