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Home prices are on the decline – is now the time to pounce?

By Andrew Bell

For many Australian families, the prospect of owning a house is the ultimate dream. People spend years and years building up to it – working hard, saving their income and hoping they’ll eventually have enough to make a deposit.

Getting the timing right is crucial with such a decision, though. The housing market is volatile, with prices wildly fluctuating from month to month. If you strike when the iron’s hot, you can get a good deal; however, buying a house in a seller’s market is an easy way to lose tens of thousands you could have saved otherwise.

Fortunately, there’s reason to believe that now’s a good time to buy in Australia’s fiscal climate. Let’s explore why that is, and what you can do to find the best deal possible.

New federal budget may reshape the market

When it comes to purchasing Gold Coast property, there are two different factions that have always been in competition – there are homeowners, who are simply looking for a place their family can live, and investors, who are snatching up property because there might be a dollar in it. These two groups have long been at odds to find the best deals on real estate, but according to The Australian, investors might be taking a blow in the 2017 federal budget.

The problem is the impending closing of a longtime loophole – the scrapping of negative gearing deductions for travel expenses. Because investors can no longer write off property-visiting trips on their taxes, it’s now less advantageous for them to prospect the Gold Coast for potential real estate buys.

“If they’re unable to reduce their expenses, there’ll be less demand for investment properties on the Gold Coast,” real estate expert Brad Scott told the newspaper. “Therefore, you may see a decline in investment properties across the board, and for investment properties on the Gold Coast in particular.”

The end of this tax loophole is bad news for investors, as it’s now tougher to invest affordably. For homeowners, though, it’s great – it represents an opportunity to buy in a less competitive marketplace.

How can you find a deal on real estate?

If you’ve decided that now’s the time to buy a house on the Gold Coast, you may well be right – but that doesn’t necessarily mean finding the best deal will be easy. The Australian Securities and Investments Commission recommends beginning the process by shopping around and finding the best possible broker. This way, you’ll have a real estate expert who’s willing to fight for you and find favorable deals.

There are a lot of varying ways to afford a house in Australia nowadays, including taking out loans from banks, credit unions and other finance providers. How will you choose the best option and make a investment that will benefit you financially over the long haul? It’s difficult, but finding a licenced professional to help you will most definitely pay off.

Connect with our team at Ray White

When shopping for real estate in Surfers Paradise, you’ll quickly find there’s a lot to choose from. To sift through all the options and find the one that’s best for you, you’ll want to get in touch with us at the Ray White Surfers Paradise Group.

We have 22 office locations in the Gold Coast region alone, and we’re located conveniently in areas where traffic is high. No matter where you’re looking to buy, we’ve got real estate experts nearby who are ready and willing to help you.

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