As the market begins to pick itself back up and dust itself off, looking back over the last year makes you realise what a difference 12 months can make. It wasn't all that long ago that everybody was speculating that interest rates would hit double-digit levels by 2010, and now we're wondering when they'll stop being cut!
We're at a point where not only have we witnessed interest rates drop to their lowest point in years, but average property prices have also come down to what many consider to be more reasonable levels. Whilst until recently many found the cost of housing prohibitive to buying, currently many are taking steps back into the property market, in particular the first home buyers and investors, and that's because when you combine the reduced price, plus the interest rate cuts with ongoing high rental yields, you have a pretty good recipe for a lucrative investment.
In some areas, there are investment opportunities that are difficult to overlook – I have said many times before that now is a great time to be buying should you be in the position to do so. Many investment properties with low rates and high rental returns make it possible to own a property that actually pays for itself in the current market. Speak to your local Century 21 real estate agent to discuss possibilities in your area. Featured recently in the publication Your Investment Property was one man's story of turning $22,000 into a $13.5m property portfolio in just 10 years! It is possible with wise investment.
Don't get me wrong, this market isn't ideal for everyone and by no means should anyone who is considering buying or selling throw caution to the wind and rush in without the usual attention research and due diligence! But it is still a buyer's market at the moment, and although things are looking up, there is a lot to be said for striking while the iron is hot!