Top Reasons to Buy a Home Now
Here are compelling reasons why prospective home buyers should seize the opportunity to purchase now:
Changes to Brightline Rule:
With the 1st of July 1st approaching, significant alterations to the Bright Line Rule are on horizon. Currently, investors, second home buyers, and speculators must hold a property for 10 years to avoid capital gains tax. However, this tenure will reduce to two years starting July the first. Acting swiftly before this date could save buyers considerable financial implications and competition, as more buyers are expected to enter the market during winter 2024
2. Relaxing of CCCFA Rules:
The relaxation of CCCFA rules is facilitating easier access to finance, resulting in a surge of buyers and potentially extending their borrowing capacity.
https://www.rnz.co.nz/news/business/508008/government-unveils-plans-to-simplify-lending-rules
3. Potential Interest Rate Changes:
The Reserve Bank’s exploration of a “neutral interest rate” in their research paper suggests a possible shift in interest rates. According to their findings, the current OCR think it might be more appropriately set at 3.9% instead of 5.5% and could be headed towards 2.5% such changes could spark fluctuations in the housing market. Do we brace ourselves for more changes ahead?