Sales and Information Centre Now Open – Barry Road, Oaklands Park
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Sales and Information Centre Now Open – Barry Road, Oaklands Park
BOOK AN APPOINTMENT
The fact is, the entire country is facing a situation we haven’t seen in years.
With higher interest rates, we usually see house prices drop, because the increased monthly mortgage payments puts people off buying, and fewer people in the housing market should mean less competition and lower prices.
Conversely, when we see lower interest rates, the usual pattern is to see an increase in house prices. This is because people’s monthly payments go down, which is a huge incentive to buy.
So why are we in the current situation, of high interest rates and high prices? Well, like so many other factors in life, it all comes down to supply and demand. A lack homes pushes up the price of those that are available. And nowhere has this effect taken more of a hold than in South Australia. We simply don’t have enough homes to meet demand.
For those of you that are into facts and figures, the latest Home Price Index shows Adelaide remained one of the country’s top performing markets in November, with the average property now selling for a record $792,000 – 0.44 per cent more than a month ago.
The increase was second only to Melbourne’s monthly growth, while regional South Australia led all markets with a 0.57 per cent increase. According to the index, Adelaide’s median house value is now less than $10,000 behind Melbourne, and expected to surpass in the new year.
As the housing market continues to heat up and higher interest rates continue to make homeowners and potential buyers sweat, many people are asking the big question:
Is now the time to buy? This requires an understanding of two scenarios:
BUYING OFF THE MARKET NOW
There is every chance that the Federal Reserve Bank of Australia will lower interest rates at some point in the first half of 2025. As mentioned above, this would normally see house prices rise even further, as more people would be incentivised to buy.
So it makes sense to perhaps get in before the rush. And what you save in buying before before prices rise even further may offset the slightly higher current interest rate. Perhaps endure today’s rate for a year or two, then re-mortgage (ensuring that are able to) if and when the interest rate takes a significant drop.
BUYING OFF THE PLAN NOW
Of course, the advantages of Buying Off The Plan still apply. You lock-in a price today, which may see your property gain equity by the time you move in, potentially with a lower interest rate for your loan than you are seeing today.
As an option on the table, Oaklands Green makes a great deal of sense. You have the chance to Buy Off The Plan in a part of Adelaide that’s recognised has having amazing potential, for live-in owners and investors alike.
Furthermore, you are in the market to buy, you will no doubt be looking at numerous options – and have almost certianly realised the exceptional value for money that Oaklands Green represents.
And let’s not forget the point raised earlier, that Adelaide has a shortage of housing supply for the current demand. Little surprise then, that each stage of the Oaklands Green development is snapped up within hours of the release, not days. So when we say, get in quick, we mean it.
We fully understand if the inflated market prices and high interest rates are still making you question whether to buy. But perhaps it’s worth taking on board these words from the celebrated mid-century property mogul, William Rogers:
“Don’t wait to buy real estate. Buy real estate and wait.”
If you would like to know more about Oaklands Green, please contact our Sales Director, Richard Joy – richard@oaklandsgreen.com.au.
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