3 reasons Sydney’s property market may rise in 2021

Real estate markets around the world were impacted by the events of 2020. Some markets fell, others remained stagnant, and reduced housing inventory pushed prices up in others. Sydney’s market in 2021, from the perspective of property buyer agent Sydney, has the potential to rise in 2021. There are a lot of positive signals and government action being taken that indicate 2021 will see Sydney’s market rise and possibly the rest of Australia’s markets. 1. FHLDS will help first time home buyers First home buyers are at a disadvantage when buying a home because they don’t have another home to sell to cover costs. The First Home Loan Deposit Scheme offer deposit rates of as low as 5%. The scheme also eliminates the need for mortgage insurance. When the federal budget was announced in October, the scheme was expanded to 10,000 eligible buyers. Sydney buyers will be able to use the scheme for homes up to $950,000. 2. Low interest rates are here to stay While the market starts to recover, interest rates will play a major role in Sydney’s market. Low rates are always favourable because they enable buyers to pay less for home ownership. Rates are between 1.77%% and 3.95%, with variable rates tending to be lower. The rates for some home loans are as low as 1.77%, but rates may fall even lower in 2021. Lower rates indicate a buyer’s market, and along with the FHLDS program, these lower rates may help would be buyers land in their first home or newly… Read More