Is the so called September fiscal cliff the right time to buy? Im personally waiting for the current FHB activity to run outta steam.
You need to play out your train of thought a bit further... A lot of support may end in September, but this means people start to run out of money in late September and defaults will start to occur in October. The really distressed sales are around November-December. Also if you're looking at FHB price points, I don't think there will be that many bargains. This is the cheaper end of the market, a lot of people can afford it. The first home buyers that are buying now haven't lost their jobs and there may be quite a few people downgrading. I suspect the real bargains might be at price points above the median.
Jobkeeper to be extended but under a lot more scrutiny. Businesses will no longer be able to make a mockery of the system. There will be revenue checks every month, as should have been the case from the very start. Loan deferrals wil be extended by a further 4months so the September cliff will be pushed further along but unless we get a vaccine than it is still inevitable
I can't see the market dropping much. People are being pretty well protected and I imagine that continues until a vaccine arrives. We will be dealing with some depressed markets to make up for this over the next few years. I think this will be a slow burn rather than a sudden change.
In Victoria it's generally properties below $600k. In this price point they don't have to pay any stamp duty. They can also qualify for the FHLDS which means not LMI to 95%. The FHLDS means they can purchase with 5% + $3k. A couple earning $50k each will qualify for this.
I have seen some clients get good deals lately, there's definitely opportunities out there. I don't think there's going to be a major crash, but if you're patient and astute, you can do well.
