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If a multi-million dollar home is out of your budget range, but a price tag of a million dollars is within your reach, you’re in luck. Developers are realising that fewer and fewer people are searching for homes that cost $2 million and above, and they’re accommodating the new breed of home buyers.
One of the options developers are using is to continue their construction of exclusive homes with plenty of amenities, but on a smaller scale. Some developers are changing their plans in mid-project. Penthouses that were designed to cover an entire floor are being downsized to half (or less) of the original space. It’s a win-win situation. The developer is able to sell the houses within a reasonable amount of time, and the buyer gets a well constructed home at a more affordable price.
The worldwide recession has not been kind to the housing market. As recently as 2007, sales of homes with prices of $5 million and above were not surprising. The Real Estate Institute of Victoria reports that the number of multi-million dollar homes sold so far this year is half the number sold in 2007. In Melbourne, the number of $5 million and above homes sold is only twenty-five per cent of the number sold in 2007. Today, many of these homeowners are struggling to keep up with payments or are selling their homes at a loss.
Potential buyers wishing to purchase homes in upscale areas may be in for a treat. Home prices in general are declining, and prices for luxury homes have seen the greatest fall in prices. Consumers are not interested in handing over two million or more dollars for a home, even if they can well afford it. Existing home prices are becoming more reasonable and developers are constructing new homes according to the money-conscious crowd of prospective homeowners.
This may or may not be the time for you to jump into home ownership or upgrade to a more expensive home. It’s definitely a buyer’s market, but this doesn’t mean you need to take advantage of the situation. The Australian economy is far from stable, and your financial circumstances can change in a matter of minutes.
This may be a great time to downsize, though. If you’ve decided that you don’t need all the space of your current home, you might be able to purchase a smaller but more upscale home in an area that you would have considered to be off limits two years ago. You’ll need to keep in mind that it may take awhile to sell your existing home, and you may not be able to sell it for what you think it’s worth.
There are certainly some outstanding housing deals available right now. But as with any purchase today – proceed with caution.
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