Perth, WA — The Australian housing market continues to show positive signs, indicating that now may be a good opportunity for first time home buyers.
A combination of record low interest rates and significant improvements in affordability have contributed to strong activity in the property market. A report from RP Data-Rismark has shown that capital city house prices have increased almost 10% last year.
This represents the highest yearly growth in nearly 4 years.
While Sydney saw the strongest yearly growth at 14.5%, Perth also saw a huge jump with a 9.9% increase and is expected to continue to see record buying activity throughout 2014. The Reserve Bank of Australia has continued to maintain low interest rates to spur activity in the housing market.
Those looking to buy or build a home are in a strong position to secure a great rate as housing prices continue to increase. Buying a home is an important decision which is why Aveling Homes has put together a buying guide to help homebuyers avoid potentially costly mistakes.
Set Expectations
Buying a home represents a significant financial commitment which needs to be carefully weighed before a decision is made. Monthly payments on a mortgage may seem lower than renting but there are always additional costs to take into consideration.
The first step is to get all finances in order and to calculate how a mortgage fits into a monthly budget. Using a mortgage calculator is extremely beneficial in this case to estimate monthly payments based on interest rates and loan terms.
Find an Experienced Professional
The home buying process can be confusing to navigate especially for first time home buyers. Working with a qualified agent is strongly recommended to provide assistance during the process and to answer any questions. An experienced professional will be able to outline all financing and loan options.
This step is incredibly important whether choosing a mortgage broker or a home builder. After setting a budget and finding an agent to work with, the next step is to begin the home search.
Inspect Different Properties
One common mistake to avoid is making a decision too quickly. While finding the right home is essential, the actual location also needs to be taken into consideration. It is strongly recommended to inspect different properties and to carefully weigh all options.
Buying a home in Perth or other capital city can be an overwhelming ordeal. This is why working with a real estate agent is invaluable to help with the search. Once the right home is been found and all the inspections have been done, an offer can then be made on the property.
The process will be a little different for those looking to build their own homes. However, taking the time to review all finances and to work with an agent will help to secure a great rate on a home loan.
About Aveling Homes
Aveling Homes is an award winning home builder based in Perth dedicated to providing exceptional service. Find out more about our display homes and our house and land packages by contacting one of our representatives today.
Visit the Aveling Homes website at http://avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
Aveling Homes Contact Information
24/7 Metro Sales: (08) 6144 1000
24/7 Sth West Sales: (08) 9795 3444