Price is going to be a pretty major consideration when you buy Carlton property, so results of the latest Adelaide Bank/ REIA Housing Affordability Report are likely to come as welcome news. According to the study, property prices are starting to fall throughout many parts of the country – and Victoria has proved to be no exception.
Admittedly, values across the state are falling from a pretty high level, but we're not ones to turn down a bit of positivity. President of the Real Estate Institute of Australia (REIA) Neville Sanders explained that people now need to dedicate less of their income to paying off their mortgage, meaning more money in their pocket for splashing out on other things.
"Victoria, which previously broke past the $400,000 mark for the average loan size slipped back in the March quarter with the figure now sitting at around $387,000," Mr Sanders revealed.
He said in recent days that affordability needs to be tackled, especially if first-time buyers are to be in with any chance at all of getting onto the property ladder. The REIA believes the answer to this is building more houses, as making more Fitzroy North property available will mean there's less competition and prices will come down. Well, that's the theory anyway!
However, tax arrangements need to be changed if this situation is going to become a reality. Stamp duty is one of the necessary evils many people face when they enter the property market, a scheme that the REIA and other property experts believes is in desperate need of an overhaul.
Still, for the time being at least it seems that prices are starting to work in buyers' favour. If you've still yet to enter the market, make sure you speak to the team at Ray White Brunswick for a helping hand.