Renters have an important decision to make, if they ever plan to own a house. Right now, it is the tightest rental market in about 20 years. The hefty rises in rents over the last 12 months were an adjustment to five years of low rental increases. In real terms (taking into account inflation), rents are only up about 5% to 6% on where they were in 2000. However, rents, particularly in the inner city, will increase for the next three years, until the next wave of new 'tower' apartments are available for occupation. Therefore, hopeful renters who want to purchase a home must not give up, because the situation shall improve.
Real estate agents agree that what is happening in the market at the moment is making up for an incredibly slow five years of rental growth. It wasn't long ago landlords had to offer white goods and even furniture, to entice tenants to lease their properties. Searching online for rental properties and homes to buy, is the most convenient and comfortable way to seek out your new home. If you begin your search through the internet you are bound to find many properties available, however OzFreeOnline.com will assist you to save time and money finding the property you want. Whether you are looking at buying, renting, or selling property, you can do it all on this site, just by registering, logging in and then submitting all your details.
In the meantime, renters wanting to buy should assess what they want to spend. How much they can afford to borrow. And whether they can do so while continuing to rent. A smart saving plan is the solution for renters who want to stay in the market. Prospective buyers should use this time to get into healthier savings habits, which will help them get, and better manage, a mortgage.
Renters, who want to buy, must save any money they can, rather than save nothing. Even if they put away $20 to $30 per week, they develop a savings habit and when the time comes to borrow money, banks look very carefully at banking records. Unlike other places around the world, home ownership in Australia has always been linked to 'compulsory' savings. People know every month they need to find on an average, say $1700, and they find it at the expense of the other treats.
