Everley, a new 1,900 lot community, continues to attract buyers looking for their dream home in the heart of historic Sunbury.
Over the past year, Everley has seen an increase in new buyers who were previously renters, a trend reflective of the overall suburb of Sunbury. According to RPM data, in FY19/20, 29% of new buyers in Sunbury were previously renters, increasing to 38% in FY20/21. This is on par with results from Everley that show 37% of new buyers in FY20/21 were previously renting.
So, why are more Victorians choosing to buy over rent? And why is Everley proving to be the perfect choice?
The increase in flexible and remote working
The pandemic saw businesses transition to remote and flexible working models, allowing home buyers greater freedom in where they choose to live. Previously, it may have been too expensive to purchase a new home near their place of employment; however, as working from home has become more prevalent, buyers have been able to take advantage of the relative affordability of metropolitan outskirts and the regions. Workers are now willing to make a longer commute for the few days of the week they are required in the office in order to reap the affordability and lifestyle benefits of living further from the city.
Everley residents also seem to have embraced this trend, with 47% of Everley buyers living 20km or more from their place of employment.
Australian Bureau of Statistics’ data revealed the nation’s capital cities had a net loss of 11,200 people during July, August and September of 2020. Melbourne’s exodus was particularly significant, increasing by a factor of 8 compared to the pre-lockdown period.
The opportunity to build wealth over time
While buying a home is a large expense, there are multiple financial benefits. Increasing house prices offers homeowners the chance to build wealth to purchase future homes which they might never have been able to afford, and to also build their net worth and equity. Buying rather than renting allows residents to build their own wealth base rather than a landlord’s.
The property market has seen incredible growth in the last year, despite the pandemic. According to the Domain House Price Report for the June 2021 quarter, Melbourne’s median house price has jumped a staggering 16.2% over the past year, reaching a median of $1,022,927.
Homeowners are also attracted to the prospect of living mortgage free later in life, once they have paid off their home loan.
Access to the First Home Owner Grant
The Victorian Government is offering a $10,000 First Home Owner Grant for first time homeowners purchasing or building a new home valued up to $750,000, along with stamp duty concessions or exemptions.
Statistics from RPM show that 47% of new buyers at Everley in FY2021 were first home buyers, and approximately 91% of all Everley buyers have a house and land budget within the eligible price range for the grant.
The promise of stability
Families and couples looking to have children are attracted to the stability that home ownership brings, particularly the knowledge that you will be part of a community long term, without the risk of your landlord forcing you to move.
According to RPM’s statistics, 37% of households purchasing at Everley are families with kids and 30% are couples. An impressive 95% of all Everley buyers would recommend the estate to family or friends, rating the location, position and area as the estate’s best features.
Everley includes a future primary school, childcare centre and community centre, along with retail and commercial facilities, plus food, beverage and entertainment options. And don’t forget, all the existing amenity of historic Sunbury is right on your doorstep.
Furthermore, Everley gives residents the opportunity to raise their families in the heart of a growing community, with 88 hectares (217 acres) of open green spaces including bike baths, playgrounds, tennis courts, sporting ovals and 4.5km of frontage to Jacksons Creek.
Everley is your chance to buy a home in a community where your family will thrive for generations to come. Register your interest in Everley now, or book a phone or video appointment to speak to a member of the team.