Buying a second property has long been for only the richer, upper class. In the past many people have assumed that they will never be able to afford a second home, despite it being a great investment.
This year has seen record numbers of Australians, who already own their own home, buying a second home as an investment. The new trend might be due to the recent market dip in property, which has meant that many people have been able to get a discounted house. These discounts have meant that some property owners have managed to buy a house for half its original value.
With the market set to pick up by this time next year, buyers are taking advantage of the times by buying up early. Many of the houses that buyers are getting this year will make them a huge profit in less than a year’s time. Experts have suggested that many Australians could use this investment as a way to save for their future. Some buyers are planning on renting out their property, whilst others will use it to top up their retirement fund.
Property Is A Good Investment
It is not surprising that so many current homeowners have decided to invest in a second property. Buying a second home is the ideal way to boost incomes. Many buyers will immediately rent their property to holidaymakers or young professionals. Renting out a property is an intelligent way in which to buy a second home, as the rent you receive will help you with the cost of the house.
Retirement and investment schemes are quite risky with many collapsing. When the scheme collapses the investor gets no money, worse still, sometimes they have to shoulder the debt. Property is one of the best ways to ensure that your investment is safe. Unless something awful happens to your property, you will always be able to make money. You can sell your property when the market picks up and rent it in the meantime.
The trend that we are seeing with homeowners buying more property denotes a pick up in the Australian economy. Whilst we have not suffered as much during the crisis as Europe and America, our market did dip a little. With people in the country affording a second home, this can only be positive.
New Development In Australia
The dip in the market correlates with a great deal of new development in Australia. The developments are fantastic news for buyers, who can snap up a brand new home for next to nothing. New developments will only rise in value as they are modern and contemporary.
Within the country there are many new developments, which you might want to look at, such as the islands land development. New buildings of this style will be worth a great deal more in less than a year’s time so buying one now is a good move.
The new development in Australia comes because of the ever-growing population we see here. There are now many more skilled professionals moving to the country than there were ten years ago. This fact is due to the crisis, which has hit the rest of the western world. Many professionals are moving to Australia, where they can still find well-paid jobs.
More people, more jobs and more housing are positive for Australia’s economy. Right now we are enjoying a surge of new infrastructure and developments. The surge means that Australia will be at the forefront of new development in just a few years time. Homeowners are getting their foot in the door now, whilst it is still cheap to do so.