Investors looking to take advantage of the strengthening market should be looking into securing the services of a mortgage broker in the near future.
The latest Bendigo Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts report has illustrated the continued growth of Australia’s capital city real estate markets, which is only expected to continue rising during the remainder of 2014.
REIA President Peter Bushby said the weighted median price for houses in the nation’s capital cities rose by 1.9 per cent during the first quarter of 2014, while other dwellings such as apartments and townhouses saw their median price rise by an average of 1.7 per cent. With these levels of growth expected to last into the remainder of the year – and possibly further – now could be the perfect time for investors to secure property for their portfolios.
“The weighted average median house price for the eight capital cities is now $606,517 with Sydney, Melbourne, Adelaide, Canberra, Hobart and Darwin all contributing to the rise. At $782,973, the Sydney median house price is the highest of the capitals,” said Mr Bushby in a June 11 statement.
“Compared to the same time last year, the difference is much starker. The weighted average median house price rose 13.1 per cent over that period. For other dwellings, the weighted average median price for the eight capital cities was $483,230 over the March 2014 quarter and that’s a 9.5 per cent rise from a year earlier.”
Furthermore, the rental markets across these cities have grown in strength as well, with median rents increasing across the nation. This tightening market could be great news for emerging property investors looking to create a solid portfolio in the coming months.
These buyers will be interested in finding the best possible financial options to help them achieve these goals, with the skills learned from mortgage broker courses becoming immensely handy in these situations.
