Market Update Winter 2019
Bringing you the latest news from the property market.
I have definitely noticed a recent improvement in the local market. It might be too soon to say that we’ve reached a turning point for the housing market, but all the indicators are there to suggest that the market is on the way back up.
Buyer engagement, interest and enthusiasm has significantly increased across all of our properties, both from investors and owner-occupiers. Auction clearance rates have also started to rise and we’ve seen a surge in the amount of buyer enquiries, inspections and offers placed; however, we are yet to see this translate to an increase in prices.
With the elections now behind us and the removal of uncertainty around housing related tax policy following the Coalition’s re-election, there is evidence of rising confidence in the both the property market and broader economy. This has been buoyed by the recent interest-rate cut by the RBA – the first since August 2016 – and APRA’s decision to lower the mortgage assessment criteria for new loan serviceability. While the initial response to these events has been positive, it remains to be seen to what extent and how quickly the market will recover. The bottom looks to have been reached, but the return still has a way to go. Experts are predicting a rebound in the housing market over the next two years, with some saying we will start to witness price growth again as soon as 2020.
If you are considering buying or selling, or you would like any help or advice with leasing or renting a property, please get in touch to see how I can help you.