According to the ABC, it is predicted that Australia will see the world’s biggest house price decline this year. Property prices are expected to fall an additional 5% above the current 6.7% fall already. This leaves many Australians wondering whether 2019 is the right time to purchase a property. Is it worth holding out?
How to predict property prices
We can make educated guesses about how the housing market will move based on historical data. However, there really is no real way of predicting what the future holds for house hunters and sellers. If you are looking for the perfect time, you might actually miss out on the area you want. Ultimately, if you’re willing and able to get a loan at this point in time then you should consider taking advantage of the current market conditions.
Home loans are tougher than ever to secure
Although property prices are falling dramatically, it has become harder for buyers to secure a loan. This is because banks are implementing tighter screening processes for lenders. This is particularly the case for first home buyers who are looking to borrow for the first time. Before you apply for a home loan, it is recommended that you consult a Mortgage Broker. A Mortgage Broker can help you analyse the best option for your unique circumstances. With the housing market acting in unpredictable ways, seeking professional advice has never been so important.