Will 2021 Be A Good Year To Buy A Property?
When the global pandemic struck early last year, many were predicting doom and gloom for the Australian property market.
But despite a general plateauing of growth, the housing market is looking very positive for homebuyers in 2021. Here are some things property buyers should consider before making a move this year.
Interest rates are still at record lows
With interest rates holding at record lows and expected to stay that way for the foreseeable future, it means 2021 is shaping up to be an exciting year for home buyers. Not only can those looking to get into the property market get a better deal on their home loan, but current homeowners can shop around for a lower mortgage rate.
This is sure to give a big confidence boost to house hunters, so if you held off buying in 2020 due to the pandemic-induced disruption, then this year could be the ideal time to start looking at what’s on the market in and around Toowoomba.
Toowoomba is one of the country’s top 10 hotspots for 2021
Regional areas like Toowoomba are predicted to be leading the charge for buyers this year.
The Garden City was named at number five on Canstar’s top 10 property growth locations for 2021, right up there alongside existing sought-after destinations like the Sunshine Coast and the Moreton Bay Region. With the experts favouring Toowoomba’s market to do so well, you can expect plenty of willing buyers at open homes and auctions over the next few months.
But you might need to move quickly, as places like Canstar shining a light on Toowoomba – combined with a positive market outlook from the experts – means prices are only likely to go up as we progress through 2021.
A tight rental market
Investors looking to buy will find Toowoomba’s competitive rental market offers low vacancy rates under 1%, rising rents, and healthy rental yields of around 5%. This is all good news for those looking to invest in a landlord’s market.
And with further infrastructure development, including inland rail on the way, Toowoomba remains one of the best places to invest in regional Queensland.
The RBA forecasts 30% growth in house values over the next three years
Still not convinced 2021 is the year for you? If you believe what the RBA is saying, then the property will only get more expensive – by a whopping 30% – over the next three years. Moreover, experts believe Toowoomba is one of a number of key areas across the country “likely” to realise the RBA’s predicted growth.
Those who’ve been so far unable to get into the market shouldn’t despair at future price rises, however. After a year of uncertainty, the market is ripe for first home buyers – and the RBA believes we will see more of the same.
“First home buyer activity has increased strongly in recent months, a positive indication of access to housing for younger households, according to loan commitments data,” the Reserve Bank’s economists stated.
Make 2021 your year to buy a property
If you’re ready to take advantage of all these positive market movements, contact an experienced local agent today and let us find you your dream home in Toowoomba.