ROCKINGHAM PROPERTY EXPERTS TIP MARKET GROWTH

Justin Smith, Principal of Smartline Rockingham Mortgage Brokers, can foresee a bounce off that $400,000 median price over the coming quarter:

“We are seeing an increase in the number of mortgage applications and people moving into the Rockingham area prepared to put down roots and make a significant purchase. The local real estate community are of similar views when it comes to the end of the market decline,” Smith said.

With a large variety of properties on the market to suit all types of buyers, Smith said that now is the right time to be considering a move or purchasing an investment property in the area.

“With local property market identities highlighting the plateau in the median house price, we think the market is showing signs of recovery. What we’ve seen historically is that buying an investment property at the beginning of an upwards price growth cycle is ideal for capital growth,” Smith said.

As major banks like NAB and Westpac announced interest rate rises this week, Smith also noted the increased demand for refinancing.

“With people reconsidering their financial position within the Rockingham property market, we’ve seen a lot of customers call up to ask about interest rate movements and the outlook for the year ahead. With the positive outlook of the Rockingham property market, it’s a sensible time to re-assess what equity could be unlocked for a renovation or investment or to simply take advantage of the best refinance offers.”