First time homebuyers are eager to find a property they can call their own in Australia. The pricing of the homes and the recent media headlines have causes some concern. However, most people celebrate the fact that because prices are going up the economy may be turning around according to a recent article by Yahoo! Finance. Although, in reality low priced home can be good for some, it’s also seen as a sign that the economy has taken a turn for the worse.
The housing industry isn’t the only business sector that have increased recently. Everyday living expenses are also on the rise such as the cost to ride the train, food products and petrol. These increases have caused an outrage unlike the growth of housing prices which is viewed as a sign of prosperity. One big positive is that has been that homeowners are excited about the increase in the value of their home. In most instances it’s now worth more than the origanal purchase price.
Because more people begin to feel secure about the future of their finance they’re more likely to make bigger purchases due to having more confidence in the upturn of the economy. Property owners are able to expand their wealth through putting their home up for sell. Potential homebuyers are turning to more non-bank lenders as a way to protect their interests when borrowing for a home loan.
Because the property market is potentially doing better economically, this can also stir community growth and development. Areas for improvement include education, government sectors such as recreation and transportation. It can also lead to an increase in job opportunities as well.
