Safest suburbs to buy a home right now revealed: realestate_au
It comes as the Reserve Bank made a landmark decision earlier this month to raise the cash rate by a whopping 0.5 per cent, an increase most lenders have already passed on to mortgage holders.Both economists and banks warned more rate rises were expected throughout the rest of the year, which would push down homebuyer demand at a time when prices were already falling. CBA on Friday predicted Sydney prices will drop an average of 18 per cent in the next two years.
These suburbs tended to have universal appeal among buyers because of their proximity to the CBD and transport links, good schools and shortage of available housing. The suburbs where there was a higher risk of prices falling tended to be high-rise construction hubs where there was an oversupply of apartments.
Instead, top performers were the suburbs where prices were more likely to hold their value rather than increase, he said. Buyer’s agent Michelle May said a key determinant in which property markets were continuing to attract strong spending from buyers was the balance of supply and demand.
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