It’s no secret that prices today are on a constant hike. From our daily transportation to the things we eat – it really is quite a challenge to find something that hasn’t become significantly more expensive than they were a few years back. But with prices constantly on the rise, it’s become reasonable to ask – what’s rising the fastest? Property prices have definitely seen a steady climb in recent years, particularly starting in 2013, but are these the only costs we have to worry about? Perhaps it hasn’t gone noticed, but the prices for many of the stuff we buy on a daily basis have actually seen much faster hikes than properties.
What’s Getting Expensive Faster
Get this – according to recent studies, cigarettes have actually seen the biggest price increase of any common daily item we purchase. Property has also seen an increase, but there were some low points for real estate throughout the years. What’s surprising is how coffee has seemed to sustain its climb since 2005. Yes, property is more expensive now than it was 2 years ago, but trends are showing signs that it might just go down in a few more years. Coffee however seems to be quite the fighter and doesn’t seem to show any chances of lowering any time soon.
Another thing property hunters should consider is that interest rates have gone down. Yes, costs for real estate have become a bit higher than they were in the past years, but that’s not the only thing to consider if you’re looking to secure a new space. Because interest rates are so low, it has become much easier for individuals to pay off loans and borrow money. Why wait for those costs to come down before you take on a mortgage? With the unbelievably low fees for borrowing, it has become the ideal time for property hunters to head out into the world and look for their dream home.
When to Invest
The time to invest in a new property is now. It would be much smarter to take advantage of the low interest rates instead of waiting for the market to cool down. If you’re still wondering how you can save extra funds for your property purchase, maybe you should give up your smoking habits and coffee drinking to keep you from spending too much on unnecessarily steep costs.
YNM Real Estate
1300 588 855