There Is No Better Time To Buy Rather Than Rent In Keysborough
Keysborough has represented a fantastic investment for first home buyers and downsizers for some years now, particularly for those who are renting in the area. If you are ready to start the next chapter of life as a homeowner, there is no better time to do so. Rather than wondering how renting compares to owning and what those considerations are, we have consulted with our experienced red23 agents to assess the Keysborough market as it stands and why it is a good time to make the call.
The market growth of Keysborough
Everlea has received the interest it has due to the strong growth of the Keysborough area, and more specifically the 68.2% price growth over the last 4 years. This is a compelling figure when compared to the average Melbourne growth rate of 7.9%. There are a number of factors that have contributed to this significant growth, with population growth up 112% from 2012 to 2019. The government has responded to the demand by investing in worthy recreation centres, and developers have also been encouraged by this growth and brought retail outlets, dining and leisure opportunities to the area. Those owning in the Keysborough market have seen a number of benefits and opportunities roll out in the community.
A limited supply of new homes
While the area has seen strong growth, there is limited opportunity to secure a new home that satisfies the size, lifestyle and price parameters many homebuyers have. Everlea is the last development of its kind, offering its residents an entirely unique offering. With 3 bedroom townhouses starting from $685,000 and selling strong, those looking to leverage the growth of such a promising area in a home don’t need to compromise on any creature comfort. There are still a number of Everlea townhouses under $750,000 that are available under the First Home Owners Grant, although the benefit is only extended until June 30, so get in touch to find out more about these remaining bespoke townhouses and the next steps in securing this limited time grant.
Renting vs owning
Let’s take a look at how renting compares for a 3 Bedroom size home (at approximately $770,000) from the below data*
|MONTHLY RENT||MONTHLY MORTGAGE|
|2018 (interest rate 5.23%)||$1,720||$3,684|
|2020 (interest rate 3.73%)||$2,383||$3,160|
As we can see here, rent is growing at 38.5%, whereas mortgage prices have reduced by 14.2%. For only an additional $180/week, Keysborough residents can instead be paying off their home instead of renting.
With interest rates dropping despite the demand of the market, homeowners can take advantage of this opportunity and secure a property and rate that will place them ahead. Depending on the home loan, a low interest rate can be locked in and are expected to hold for some time yet, but with a limited supply of homes remaining and the continued growth of the area – there has never been a better time to buy in Keysborough at a record low interest rate.
*Calculations are based on 80% bank loan.
3 Bedroom Everlea townhouses
Beyond the fantastic growth of this area and the market that is providing the perfect time to buy, the Everlea townhouses offer the perfect place to raise a family, downsize and take advantage of all that comes with a new build home. The Keysborough location is connected to beaches, golf courses and a plethora of leisure and recreation spaces, as well as those conveniences like close shopping precincts and services (doctor, pharmacy, etc). The homes itself are designed for comfort, with each 3 Bedroom home featuring a generous land size, backyard and communal spaces outside your doors.
If you would like to learn more about the buying process of an Everlea townhouse, contact our friendly sales agents today. We would love to hear from you and can be contacted on 1300 031 918 or email@example.com.
Alternatively, our Everlea Display Suite is open every day between 11am and 5pm, so you and your family can come and explore for yourself.