Australian property buyers have been reaping the benefits of the two per cent cash rate since early May, but what impact has it had on the market as a whole?
The latest Housing Affordability Report from Adelaide Bank and the Real Estate Institute of Australia (REIA) reveals that it's not only the cost of loans that are falling. Property affordability has also received a boost over recent months, giving people the incentive they need to enlist the services of a real estate agent in Box Hill.
Those getting onto the ladder for the first time are especially benefiting from these conditions. The report highlighted that 29.2 per cent of first home buyers are from Victoria, showing just how popular the state's real estate market really is.
In fact, more people might decide to substitute their rental properties for one of their own, especially as the report pointed to rising rents in many regions.
President of the REIA Neville Sander said: "Despite housing affordability easing, the report shows rental affordability worsened over the quarter with 25.1 per cent of median income now required to pay median rents."
Earlier this month, the Australian Bureau of Statistics revealed that in April this year, there was a slight rise in the number of first-time buyers across the nation. This group accounted for 15.2 per cent of total lending, up slightly from the 15.1 per cent recorded in the previous month.
In trend terms, the overall number of commitments for owner occupied housing finance increased 0.7 per cent month on month.
Mark Edwards is an experienced agent who can help you find your next home in this desirable Melbourne suburb. He and the team at Ray White Box Hill have all the experience and expertise necessary to find a property that fits your criteria.