As the Sydney market begins to cool off, people who usually rent may be pricking their ears up at the mention of increased affordability. It’s true – Sydney has seen only a 0.51 per cent monthly value increase in January, compared to Melbourne’s 2.47 per cent increase, according to CoreLogic RP Data. If these growths continue to slow, it may be time for renters to consider getting their toes wet in the property market with their first home loan.
While it’s certainly a bigger commitment, it may actually be easier finding a home to buy than to rent in recent times. The Real Estate Institute of New South Wales (REINSW) reports that the rental availability in Sydney has dropped quite significantly, with the most recent statistics seeing a 0.2 per cent drop in the number of properties for rent, down to 1.7 per cent.
“The popularity of inner Sydney was recognised during the month of November and the flood of new apartments reaching completion declined to see vacancy rates hit their lowest level since May,” REINSW President John Cunningham said.
On the other hand, Domain has reported a bumper crop in the number of Sydney homes being auctioned – with the weekend of the 6 February seeing 215 auctions listed, compared to the previous weekend’s 46. Obviously, plenty of homes are being put up on the auction block, making it far easier for buyers to discover a property that is right for them.
So, if you’re having trouble finding the right property to rent, it might be more worth your time to speak to a mortgage broker and take out your first home loan instead.
You can contact a Smartline Mortgage Adviser on 13 14 97 for mortgage advice. Or complete our call request form and we’ll call you!