Now could be a good time to consider taking out a home loan in Sydney, particularly if interest rates are set to remain stable or fall further in the coming months.
ICAP senior economist Adam Carr told the Herald Sun earlier this month that a real estate investment can be an attractive option in a low interest rate environment.
The Reserve Bank of Australia has held rates steady for nearly a year, leaving last November’s 4.75 per cent in place for ten consecutive months.
Now, many economists anticipate rates could fall before the end of the year and Carr explains this may signal a good time to make a property purchase.
He commented: “Property in Australia has always been an attractive bet and you just can’t go wrong with it if interest rates come down.”
Carr’s opinion was echoed by Real Estate Institute of New South Wales president Wayne Stewart, who recently told Smart Company that Sydney is currently experiencing a buyer’s market.
Stewart noted that consumer confidence is growing in the NSW capital and an increasing number of people may consider purchasing a home in the near term.