This week I wanted to give my thoughts and feedback on the recent Channel 7 article that was on the Sydney news last week where a PRD property expert was discussing their thoughts on the projected Australian property market.
They were forecasting by 2030 for Sydney property prices to double, and the Gold Coast to have the most expensive real estate in Australia.
Now, who knows? My personal thoughts are we won’t see that stronger growth. But irrespective of that, there is definitely going to be a market rebound. And those that have owned or are getting into property will get very good results in the next few years.
The supply and demand issue is really a challenge. I am in South East Queensland, and we don’t have enough properties available for sale or for rent.
We are seeing good quality properties that are fully renovated selling, attracting premium prices, and selling very quickly.
And if you’re trying to rent a property at the moment in the South East Queensland corridor, it’s a very dire situation.
There are simply not enough rentals and rents are starting to increase.
You need to look at the long term picture and don’t just don’t read one article or take one point of view.
Look at all the information available from those seasoned investors or property owners and the experts that have been in the industry a long time, and base your decisions on that.
Migration will Affect the Australian Property Market
One of the other things that is going to have an effect on the Australian property market over the next few years is strong immigration.
The government recently announced the permanent migration visa allocation has been increased to 190,000 applications between 2022 and 2023. So that’s a massive number, 195,000 over the next 12 months.
They are going to be importing very skilled, educated, and financially secure immigrants into Australia.
These people are obviously going to have more finances and will obviously be looking at real estate as an investment opportunity.
On top of that our interstate migration is at an all time high.
With all of this combined, it is going to really put pressure on property prices and also rental income.
If you are sitting on the fence and not sure what to do just go back to the fundamentals, and look at the supply and demand. Look at the industry experts and base your decision on that.
You’d hate to look back in 10 years time and say ‘I wish we’d bought in 2022.’
I hope that had helped and given a bit of a reality check on what’s really happening in the market in South East Queensland.
If you would like to discuss your property needs, click here to book a time in my calendar.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
