How Much Will It Cost to Buy a House in 2020
Average home prices are predicted to rise by $9,000 next year. Read on to learn how much does it cost to buy a house in 2020 here.
First-time Australian home buyers have accounted for 25% to 30% of all home sales over the past decade. 90% of first-time buyers obtain a mortgage to buy their home.
Buying your first home is stressful. There's a lot to learn so that you end up with a home you both love and can afford.
One of the first things you need to find out before you go house hunting is how much does it cost to buy the type of home you want. And you also have to be aware of the many costs associated with buying a home.
We want to help you make a smart investment. Keep reading to learn the costs of buying a home in 2020.
How Much Does it Cost to Buy a Home?
When you're in the market to buy a house, how much it costs depends on several factors including:
- Geographical location
- Condition of the home
- Type of home
Most homes are detached with gardens. If you choose to live in the country, the price will be lower.
Average Price of Homes in Major Australian Cities
In the major cities, prices for homes are more expensive. The least expensive city to buy a home in is Hobard, Tasmania where the average price is $450,000.
The most expensive city to buy a home in is Sydney where the average price of homes cost $955,000.
Thanks to interest rate cuts from the Federal Reserve in 2019 and more cuts expected in 2020, the home buying market is expecting a revival. Analysts are expecting the average price of a home to rise by 5.0% nationally in 2020.
Other Home-Buying Costs to Consider
But there are other costs associated with buying a home that every home buyer must consider such as:
- Conveyancing and legal fees
- Building and pest inspection
- Mortgage registration fee
- Transfer fee ($35 for every $10,000 over $180,000)
