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Is Now the Time to Buy Property in Brunswick?

By Jamil Allouche

With interest rates at an extremely attractive level and the market running red-hot, you may have been pondering over the idea of buying real estate in Brunswick.

Fortunately, it seems as though interest rates will stay on hold for another month after the Reserve Bank of Australia (RBA) left the official cash rate steady for December.

At a historically low level of 2.5 per cent, homebuyers can enjoy making reduced repayments to their mortgages, allowing them to free up some finance for other expenses.

In fact, affordability has improved significantly since the official cash rate began its downward cycle.

According to the Real Estate Institute of Australia (REIA) Housing Affordability Report, the proportion of income needed to meet loan payments fell by 1.2 percentage points to settle on 29.8 per cent nationally.

In Victoria, this figure dropped by 0.7 percentage points to 30.9 per cent.

And if that's not reason enough to think about securing a Carlton property, information from the Real Estate Institute of Victoria (REIV) found median rents are rising across the inner, middle and outer suburbs of Melbourne.

This may signal the perfect opportunity to make the transition from renter to homeowner while interest rates are low and attractive.

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