Despite the soaring cost of living and successive interest rate hikes, homebuying intentions have climbed, latest data shows. So why are so many people still chasing the great Australian dream? And what can you do to make your own dream a reality?

Despite a flurry of rate rises, new data this month shows homeownership is once again a top priority for many Australians, with the number of house hunters increasing. May also saw new home sales increase across Australia for the second month in a row.

So what’s driving this appetite for property when finances are increasingly tight for many? And how can you boost your own chances of cracking the market sooner?

Rental squeeze

Across capital cities and major regional areas, there have been historic rental price increases and low vacancies.

Rental vacancies reached an all-time low of 1.1% in April, with the median price for renting a unit only $39 a week cheaper than renting a house.

Rising overseas migration has contributed to stiff competition in the rental space too – in the March quarter there was a 124% jump in rental enquiries year-on-year from one overseas country alone. Understandably, many are looking to escape renting and grab their spot on the property market. But with rate hikes and inflation, saving a deposit is no easy feat for many Australians.

Stamp Duty concessions could save you money

One home-buying cost that can have a real sting in its tail is stamp duty.

Fortunately for first-home buyers though, state governments have stamp duty concessions available – including South Australia, which announced last week that it was scrapping the tax for first-home buyers on new homes valued up to $650,000.

Meanwhile, Victoria, New South Wales, Queensland, Western Australia, Tasmania, the ACT, and the Northern Territory also offer stamp duty concessions. This can either eliminate or reduce the cost of stamp duty, if eligible.

Dnister’s Lending and Members Services Executive, Ivanka Bernyk reminds potential homeowners that some state governments are trying to lend a hand.  “Most state governments offer stamp duty concessions to help you get the keys to your own home sooner. These stamp duty concessions could go a long way to saving on purchase costs depending on your state and other eligibility criteria.”

If you’d like to find out your borrowing power and what loan options are available, give us a call today.

Get in touch

Call Dnister today on 1800 353 041 and arrange to speak with a Lending Specialist or book an appointment online.

 

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