The average age of Inverell home buyers has lowered and applications are on the increase, according to Regional Australia Bank.
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The bank says this is a good sign for the town, which shows that many younger locals have been knuckling down, saving a deposit and looking to purchase properties like never before.
Inverell branch manager and home lending specialist Alex Ribeiro says he’s noticed this trend and wants to see the momentum continue.
“It’s well known amongst its residents that Inverell is a fantastic place to live and work – especially for young families,” he said.
“Our population growth, and investments such as the major hospital upgrade have provided a sense of commercial confidence in the town. That’s tough to do right now, especially as we’re in the middle of a drought, but the Inverell community are great at rallying together and supporting each other.”
Residential property prices are falling by 0.7 per cent in the June quarter 2018 and the slowing market has piqued the interest of many first home buyers, who may soon have an opportunity to enter the market.
Mr Riberio said that although other banks might be reducing their services in rural towns, they are very keen to stay put.
“I understand the importance of local knowledge complimented by a specialised service in home lending, and this is why I’m proud to be a part of our community. I’m committed to ensuring all of our customers at Regional Australia Bank receive face to face, personalised service and to remaining their relationship manager for the life of their loan,” he said.
The bank was proud to see Inverell in a strong economic position, with its population growing at a rate of 2.5 per cent. As a recipient of investments from Government in areas such as infrastructure, health and tourism, they said it appears Inverell is hitting all the markers of being an ideal regional area to live, work and invest.
Mr Ribiero said we are “seeing a perfect storm of sorts in Inverell,” as shrewd savers are getting ready to jump in “while entry-level property prices are reasonable”.
