Buying your own home – especially when that happens to be a prime piece of real estate in Bunbury – is the highest of priorities for so many people. Getting to a stable financial position in order to put down a deposit, however, isn't too far behind.
Changes to legislation have already seen the impact of investors dropping on the prices of properties around the country, and that's helping with the issue of affordability. The Real Estate Institute of Australia (REIA) outlined the way the markets have reacted in an 11 May media release.
"Despite an increase in the value of investment housing commitments in trend terms of 1.1 per cent this follows nine months of falling investor lending in response to the increase in mortgage rates for investors and the strengthening of banks' non-price lending terms," said REIA president Neville Sanders.
With that in mind, there may well be a drop in the price of a home over the next few months, and owner-occupier buyers will be able to take advantage.
REIA states that the number of owner-occupied lenders over the month of March fell slightly by 0.2 per cent. That's of note because the previous 18 months saw increases in this region, and it's potentially allowing more room to move in available properties. There may not be quite as much competition when searching for that perfect place, and if the slowdown continues, your next home purchase might be much more affordable.
"The lending figures show that the macro-prudential measures introduced are working and that owner-occupiers are the dominant force in the stabilising market," said Mr Sanders.
After your own home, but don't think you'll be able to afford it? Taking out a home loan, and maybe with a smaller deposit than previously thought, is going to put the keys in your hands. Contact Ray White Bunbury today to see what available properties it has for you.