Spring is in the air, the sun is shining and it’s the best time to buy property in Victoria. Why exactly is that, though?
You may already be aware that, during the spring months, the Australian property market kicks into gear in unison with nature. Gardens look better, homes gleam in the sunlight and waterfront properties will be at their very best.
For-sale signs will be cropping up around your neighbourhood as people take advantage of the top 3 reasons to move this spring. We’re going to take a closer look at what those are, so you can see why now is a great time to find a new home or boost your property portfolio.
1) The choice will be huge
As more people begin to buy properties, in turn, they’re going to sell theirs. A greater amount of choice for your next home increases the chance of finding one that you truly love.
In fact, historical data from CoreLogic RP data has shown huge increases in auction numbers during the spring months. This year isn’t set to be any different.
In Melbourne, spring is the only season of the year where nearly 1,000 auctions occur every week. With a clearance rate above 78.7% too, it’s obvious that a large number of people know that spring is a great time to buy.
2) Moving house will be seamless
You’re likely going to agree with the majority that shifting a couch into the back of a van in a raging thunderstorm isn’t exactly fun. For this reason, you can probably imagine why the majority of people choose to move during the warmer winter months.
Not only will you be able to move your belongings without turning hypothermic, you’ll also be able to start fresh in a season symbolic of new beginnings.
3) Interest rates couldn’t be lower
On August 2nd, there was a significant change in the loan space, as the Reserve Bank reduced interest rates to a record low of 1.5%.
This created a serious knock-on effect, resulting in large commercial banks also cutting interest rates on the loans they offer. As a result, it’s now cheaper than ever before to secure a loan for a property purchase.
People are capitalising on these interest rates, joining the buyer market at an accelerated place, which is also supplementing the number of properties available for purchase.
Make the most of the weather, wide selection and great interest rates to find your dream home this spring.