Could be a good spot for first homebuyers!
Reduced borrowing capacity as a result of the RBA’s interest rate hikes also led to a drop in demand.“The Parramatta CBD area and its surrounding suburbs look set to continue a downward value trend in 2023, particularly within the unit market,” Mr Thomas said.
“Further rate rises are predicted and a large percentage of homeowners coming off fixed rates at two per cent will be going into loans with rates in excess of five per cent which may see a number of mortgage stress properties hitting the market.”Parramatta could be a popular choice for first home buyers.
“A possible positive to come out of this decline in the Parramatta CBD is that the decrease in values and the introduction of the first home land tax scheme may trigger an influx of young buyers seeking to enter the property market at an affordable price point without having to outlay the initial stamp duty payment and managing a lower end mortgage,” Mr Thomas said.
In January the NSW Government launched its First Home Buyer Choice scheme whereby eligible first home buyers purchasing a home up to the value of $1.5m can elect to pay an ongoing annual land tax instead of the upfront cost of stamp duty.PropTrack data shows the median unit value in Parramatta as of February was $600,000 and the median house value was $1.39m.MORE:
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