A new Buy v Rent Report for 2020 released by CoreLogic has provided more compelling evidence on why the move from renting to property ownership is smartest. The report confirms it is now even cheaper to pay down a mortgage than it is to pay rent in 59.1% of Australian suburbs, a significant rise from 45% just a year ago.
People are currently feeling absolutely positive about the property market and its trajectory for 2021, and Westpac’s Consumer Confidence Index has recorded its highest levels since November 2013. On the question of whether now was “the time to buy”, the index jumped 8% - hitting its highest point in seven years, and 11% higher than it was this time last year.
It also seems that apartment living in Australia is amongst the best in the world. A new CommSec Home Size Trends paper found that Aussie homes are some of the largest globally, with our average apartment sizes up 6% to a decade high of 136.8 square metres.
Christmas will be here in six weeks, and purchasing remains an achievable goal with shortened settlement periods able to be negotiated. As 60 groups attended nine of our open homes last weekend, buyer activity is undeniably strong, and our attendance numbers have increased an average of 23% since last month and currently sitting 32% higher than September.
We placed three very different properties across a range of size and price points under contract this week, and sold one, as people move to make it happen.
