Have you noticed recently that rent prices are steadily increasing and that there are more and more tenants competing for a limited number of properties?
It’s no co-incidence because according to CoreLogic’s latest Rental Review Australia’s dwelling market actually recorded the largest monthly increase in rents for a decade.
In South Australia, the median rent has increased from $329 in 2019 to $340 in 2020.
With many renters reporting that it’s a tough market out there with people really stressed and not able to secure a new place to live.
So despite the reduction in international visitors and job losses resulting from COVID-19 the South Australian property market remains very resilient.
If you are experiencing frustration and uncertainty as a renter, there is still a small window of opportunity for you.
And if you are willing to act fast you can potentially get out of renting with your own mortgage thanks to the First Home Owner Grant of $15,000 and the Federal Government’s Home Builder Grant (now $15,000 too) for those who build a new home.
Here is a real world example:
I have a client paying $356 per week in rent.
That’s $1,543 per month.
The home loan of $380,000 is around $2,200 per month, which is $507 per week.
So, for another $151 per week, home ownership is achievable.
We are achieving great success helping interested buyers find their first house and land or townhouses.