More and more Australians prefer to rent houses than own one. They prefer to wait for a while, thinking that prices of property will eventually go down. Recent trends in the property market, however, suggest that now is the right time to buy a house.

1. The Time is Right to
Make the Most of the
Australian Property
Market
Manor Lakes
Address: 2 Eppalock Drive, Wyndham Vale,
Melbourne, Victoria, Australia 3024
Phone: 03 9731 0277
Email: info@manorlakes.com.au

2. More and more Australians prefer to rent houses than own one. They prefer
to wait for a while, thinking that prices of property will eventually go down.
Recent trends in the property market, however, suggest that now is the
right time to buy a house.
Low interest rates in home loans
Australia has a long stretch of low interest
rates for housing loans since the global
financial crisis. Experts note that this trend will
continue well into 2015. People are making the
most out of the situation to pay their mortgage
debts faster.
In Citibank’s annual financial survey, they found that 25% of Australians are
mortgage-free, which is better than 16% in 2007. With lower interest rates,
people will be able to find loans that fit their budget, pay their debts and
own their house quickly.
No peak for property prices yet
The rise of property prices in Australia
especially in Melbourne and Sydney are
not showing signs of stopping yet.
Sydney has more than 14% increase in
price in 2014 and the trend just goes on.
Melbourne properties’ prices rose by
more than 7% at the same time. In the
latest survey of RP Data and Rismark,
Sydney's median house price is $824,000
while Melbourne's is $697,000.
Latecomers in the housing market may have trouble buying properties as
prices continue to go up. Some people note that buying now would be a
most viable option, as there are low interest rates on loans and prices may
not go down for a while.
Foreign investments underway
Foreign investors fuel the property boom in Australia. Credit Suisse reported
that Chinese buyers account for foreign investment of more than $5B a year
into Australia's residential market. A fifth of Sydney’s properties went to
Chinese investors in 2014 alone. Analysts expect more foreign investments
in the property market as more wealthy foreigners settle down in Australia.

3. This could mean trouble, as it may push up prices further. This makes it
hard for first time locals to buy houses.
Low interest rates will continue for some time. Property prices will continue
to go up as more foreign investors enter Australian property market. With all
these trends in place, it indeed makes sense to buy a house now while the
market shows no signs of slowing down.
Sources:
http://www.manorlakes.com.au/
http://www.news.com.au/finance/money/home-loan-customers-are-
optimising-low-interest-rates-to-cut-their-mortgage-debts-faster/story-
e6frfmdr-1227186099314
http://www.abc.net.au/news/2014-05-26/chinese-investors-drive-
australian-property-boom/5478392