The average buyer could expect an additional $70,000 to put towards their property purchase after newly announced changes to lending rules are in place. The changes will soften bank scrutiny of borrower spending to allow for easier access to borrowed money, a move set to fuel the market.
Data shows that home loan pre-approvals have already grown 71% since the start of the year, and over half of all pre-approvals are for the first-home buyers. Research we shared earlier this month indicated that in most locations across the country, it’s now cheaper to buy than to rent, a statement that rings true when considering Wentworth Point as your home.
Wentworth Point remains one of the best value suburbs in Sydney, particularly for first home buyers aiming to stay within the $650k threshold for stamp duty exemption, or $700k if eligible for the First Home Loan Deposit Scheme. With a median price of $698.5K, the suburb provides undoubted value for money when compared to its neighbouring suburbs such as Rhodes, where you can expect to pay an average of $883.5K, and Mortlake demanding $975.5K.
The suburb has also fared most resilient next to its inner west counterparts this year, experiencing a modest 2.4% price shift over the last two months, compared to 4.2% and 6.3% drops in nearby suburbs such as Rhodes and Concord, respectively.
With the ease of lending requirements around the corner, we can expect to see reduced days on market and improved confidence, lower stock levels and increased competition, as well as upwards pressure on house prices by generating even further demand.
Our open home attendance figures are progressively higher as we head into the summer period and people realise there’s never been a better time to be a first-home buyer in Australia.
