I wanted to share my thoughts on a recent article written by Tom Panos in regards to a segment on Channel Seven News on Sunrise last Friday about the current state of the property market.
Panos’s article discusses the positive news that the Australian property market is showing signs of recovery.
The lack of new construction of properties combined with buyers previously sitting on the fence, has led to a reduction in available properties, thus creating an increase in demand. The result of this is seen through the increase in auction clearance rates and stabilizing interest rates, ultimately leading to a lot more confidence in the market.
The article mentions that Sydney and Melbourne are experiencing strong capital growth, with some suburbs increasing by over a hundred thousand dollars in value. Brisbane is also showing promise, with a lot of suburbs experiencing a massive 27% increase in value over the last quarter.
It is important to note that not every part of Australia is experiencing this growth in value. It is crucial to be aware of the markets to invest in or buy to make the most of these opportunities.
The lack of rental properties is also becoming a concern in the market, which is good news for investors but potentially harmful to tenants. Many rental properties are being sold to home buyers, and this is restricting the rental market. As a result, tenants are paying much more in rent than previously.
However, for investors, this helps to overcome higher interest rates and is a sign of confidence returning to the market.
Overall, it is essential to keep up-to-date with what’s happening in the market and to be able to take advantage of the current buying position.
If you’re considering getting into the property market, it’s important to understand how this data will affect property prices going forward over the next several months.
Would you like to know what is currently happening in the Queensland property market? Book a time to discuss further by clicking here.
If you would like to see the full Channel Seven news article video click here.
Regards,
Geoff Tomkins
GCT Property
Buyers Advocate
PH 0404 852 781
