First homebuyers have been granted further relief in the South Australian state budget for those looking at vacant land markets. The removal of value caps and the abolishment of stamp duty for first homebuyers purchasing new homes or building their principal place of residence are measures aimed at helping first homebuyers get themselves into the property market.
Despite policy reforms, those looking to get their foot on the property ladder are still faced with a challenging market that includes competition from interstate investors and local downsizers, all whilst facing the rising cost of living.
The recovery phase of the property market will continue to grow gradually. This means strategic investors will keep investing in the Coorong region with affordable prices, forecast employment and population growth across the Coorong and Murraylands.
The price upturn is now firmly entrenched, rising for 18 months in a row and with home prices hitting fresh record highs.
How can values continue rising amid high interest rates?
· Wealthy buyers entering the regional Coorong market with higher deposits.
· Downsizers who have a lot of equity in their homes are buying debt free.
· The bank of Mum and Dad are helping many buyers with deposits.
· The Coorong region is still relatively affordable to interstate counterparts.
We are seeing a cross section of many buyers in the Coorong region who are investors, are downsizing to free up cash equity, retiring and are particularly looking for ideal rental investments properties or family homes. With such a broad market of buyers, this is putting our Vendors in a good position to sell in the warmer months leading into Christmas.
If you would like to know where your property sits in the market please give me or the team a call – you may be surprised at what you’re sitting on! |