What does this mean for you?
According to Hotspotting, the Perth market is the strongest it’s been since it lapsed into downturn five years ago. Vacancies are down, rents are rising again, sales activity is up and 40% of suburbs have median prices higher than a year ago. Hotspotting notes that recovery is under way, and with the RBA taking the remarkable step of slicing 0.25% off the official cash rate, driving it down to a new record low of 1.25%, this could mean now is the time to look for value in suburbs where prices are rising, such as Crawley.
If you are thinking of buying or investing in a new property like Aviva on Broadway located in one of Perth’s most premium suburbs, then it’s likely you’ll expect lower home loan repayments and handy spare cash to manage your household budgets.
But what impact does the 0.25% rate cut have on average home loan rates?
As an example, here’s how much you may save on your home loan repayments, based on the average owner occupier home loan interest rate, if you were to purchase one a 1 or 2 bed apartment at Aviva on Broadway;
*assumes P&I repayments, 30 year loan term
Commonwealth bank, Macquarie Bank, NAB, Bankwest are among the many banks which have cut interest rates by the full 0.25% – with possible many more to come!
Plus, the Australian banking regulator - Australian Prudential Regulation Authority (APRA) – is moving to ease lending restrictions, which will potentially make access to finance easier in the very near future.
Additionally, Western Australia’s annual population growth of 0.88% is the fastest rate for over three years. This should support the WA property market as we head into the future.
Ready to discover your next property investment?
Don’t delay – with 45% of the apartments at Aviva on Broadway already sold, the remaining apartments won’t last long!
Rarely do you see an opportunity for brand new apartments for sale in Crawley, Perth. Register your interest now.
Visit our on-site sales office at 150 Broadway, Crawley for more information & enjoy a coffee at Little Way on us!*