The affordable end of the housing market, already streaking ahead, is about to get even more competitive for buyers as more downsizers seeking to reduce their mortgage join the fray, property experts say.
“I think the cost-of-living crisis and the lag effect of interest rate rises have pushed more people over the edge.“People who bought at the peak of the market are now more motivated to rapidly reduce their financial commitments, while those who have built large equity in their homes but are struggling with cash flow, are also selling to relieve financial pressure.”
“I just want to get out of my house, get rid of my mortgage and buy something smaller but comfortable and safe. Growth rate gathered momentum in the past three months, with home values in the lower end jumping by 3.1 per cent, nearly five times faster than the upper end. Melbourne’s affordable suburbs Beveridge and Albanvale posted 2 per cent house price increase in the past three months, helped by their lower median house prices, which sat at $713,931 and $604,153, respectively.
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Source: FinancialReview - 🏆 2. / 90 Read more »