PHOTO: Josh Welsch, 24, and Marie Butera, 22, recently bought their first home in Dee Why. Picture: Flavio Brancaleone Source: News Corp Australia
Due to the COVID-19 pandemic, property prices are coming down and opening up all sorts of desirable suburbs to first-time buyers who thought they’d be locked out the market forever.
Suburbs that were once an impossible dream for first-home buyers are now within reach as the COVID-19 pandemic drives down prices.
Sales data analysis revealed prices in nearly 20 suburbs across Sydney will drop below the magic mark of $650,000 by 2021 if values fall by the 10 per cent predicted by many economists and banks.
A purchase price of less than $650,000 allows first-home buyers to avoid paying stamp duty.
Typical stamp duty charges on a home priced between $600,000 and $650,000 would be more than $20,000.
“There’s plenty of good news for first-home buyers,” My Housing Economist Andrew Wilson said. “Prices look set to come down and, with record low interest rates, it will mean housing becoming much more affordable.”
Mortgage Choice’s James Algar said first homebuyers were also benefiting from a drop in competition for properties.
READ MORE VIA NEWS.COM.AU
