All the news points to a slowing, a cooling of the real estate property market in Australia’s cities.
News on Victoria is that Melbourne is the strongest of the cities, even as soothsayers say that the boom is over, that the upwards trend is halting.
Trends of 2018
As far as general trends go, research suggests that:
- First-time homebuyers will find their way back into the market
- People will renovate rather than buy upwards
- Lending will favour owner-occupiers.
- Mortgage rates will rise
- Housing prices will cool. Slowly.
But averages never tell the full story
Some areas are cooling, sure, but other areas are rising. The trend is not universal.
This means that a real estate advisor needs good local knowledge to find out where the trends are moving – towards the affluent areas, away from them, commercial properties in different industries rising or falling…
And different areas could come to life at different times of the year, particularly as migration and job shifts take effect.
A savvy real estate advisor will know their own area and be able to advise locally.
So know what your area is comprised of, and watch the trends in other areas to stay ahead in the information game.