The market for housing in Australia is always an active one. This is never going to change, as people will obviously always need places to live. Prices are always subject to ebbs and flows, however, as levels of supply and demand fluctuate and the market adjusts accordingly.
With this in mind, it’s interesting to think about how the market might look in 2017. What factors will influence the health of the market? What obstacles will you have to overcome? How will the landscape look different now than it did a year ago? You’ve got questions; we’ll try to provide some answers.
A range of housing options will be available
If you’re thinking 2017 will be the year that you get in touch with a mortgage broker and begin to discuss making a deal to purchase real estate, you’re in luck. A glance at the market expectations for this year reveals that plenty of different types of housing will be on the market and affordable.
For example, according to RealEstate.com.au, there’s been a recent trend of overdevelopment in the central business districts of major Australian cities such as Melbourne and Brisbane. Developers are putting up new homes and offices faster than buyers can fill them. This has a way of pushing prices down so that buyers can afford them when they might not otherwise.
Having said that, if you’re not currently looking for an extravagant place in a glamorous market, there will also be a trickle-down effect causing prices to decrease in places that were already more affordable. For example, suburban locales in areas like Tasmania and New South Wales may soon have cheaper real estate options. The bottom line is that no matter your price range, there’s probably something out there for you.
Government regulation may have a major impact
For those looking to secure property investment loans and make a purchase soon, it’s also worthwhile to consider how the government might affect the existing market forces. For instance, Campaign Track noted that interest rates are lower now than they’ve been in 60 years, which should encourage people to make deals now while they can get maximum value. Other regulations, such as the foreign investor surcharge and withholding tax issues, should also have an impact.
In past years, there’s been a bit of a stalemate in Australian real estate, with buyers sitting back and waiting despite the favourable market. This trend might break in 2017, as everyone realises it’s time to make a move. We may see sales start to pick up before you know it.
Loans will be there when you need them
Even in a good market, it’s still daunting to invest in property. Whether you’re going for your first home loan, or you’ve been through it many times before, it’s always a challenge, and some help is definitely nice to have. Luckily, our mortgage brokers at Smartline are in prime position to assist you.
Whether you’re looking for short-term help with structuring one loan, or more of a big-picture view of your lifelong investment strategy, our experts are happy to guide you either way. Everyone has their own unique financial goals in life; we want to help you achieve yours.
You can contact a Smartline Mortgage Adviser on 13 14 97 for mortgage advice. Or complete our call request form and we’ll call you!