The Australian property market has seen massive changes over the past two years. The greatest of which was the record rise in housing values.
According to Australia’s leading property researcher, CoreLogic, housing values rose 24.6% between the end of March 2020 and February 2022.
This is great news for those who already own property, but not so great for first home buyers or those who were waiting to see what happened to the market post Covid.
However, it’s all well and good to look at the national rise in the values of property, but what’s really important if you want to buy or sell a property is to look locally. Look at what’s going on in your neighbourhood. The rise might not be so high. There might be pockets that are still affordable. And it’s important that you not price the property you’re selling out of the market by looking at the national values.
Places like Byron Bay have really skewed this average with their unprecedented value rise of 44.7% and the Sunshine Coast of 32.3%.
If you’re just looking to get into the market, it’s time to become a detective and really scope out your market. Look at your options and alternatives. Could you buy a small investment property rather than your dream first home? Could you buy a couple of suburbs further out from your target location or something smaller? Don’t let this speed bump stop you!
If you’re an investor, demand for new property is high and it’s likely that your best option might be to buy off the plan. Again, become a detective. Seek professional advice and find a property that is in a location with high rental demand, high yield and strong forecast of capital growth.
We’re here to help if you need recommendations to other property professionals or to arrange your finance – or even for a pep talk!
Good luck and don’t be deterred!
