If you’re a regular reader of these posts, you’ll know that we have been reporting on an increase in overall confidence among buyers for some time. So it was interesting to read the latest report on the property market from realestate.com.au, entitled “Market uncertainty starting to clear”, which clearly indicates that an increasing number of observers are noticing improved levels of market certainty.
The April 2019 Property Outlook Report from Australia’s largest real estate portal provided a picture of moderating change in the median dwelling price across most capital cities. Whilst Sydney recorded the sharpest year-on-year drop at 8%, the figures for the Melbourne market looked much healthier, with a decrease of just over 4% in the previous year.
Nerida Conisbee, the Chief Economist at realestate.com.au, was quoted as saying that “this property downturn is far from the worst the Australian market has seen, although home owners in Sydney, Perth and Darwin may feel otherwise.
These cities are the most challenged in the country right now – Perth and Darwin are five years into a downturn, while in Sydney it has been shorter and faster, with prices down almost 10% in only 18 months.
In other cities, the results are far more mixed. Melbourne frequently gets lumped in with Sydney when discussing the falling market, but the reality is Melbourne is holding up a lot better. Elsewhere, conditions are relatively flat.”
Moving forward, Conisbee indicated that the outlook for the market is “getting clearer” now that the Financial Services Royal Commission has completed its work. She said, “Finance is set to continue to ease this year… this won’t bring back investors to the same point as during the boom, but it will make it easier for them. Ideally it will put first home buyers and upgraders in a better position, particularly because, for this group, buying conditions are far better than two years ago.”
Helping you to make the most of your property sale, no matter what the level of market certainty is at the time, is just one of the ways that Ian Reid Vendor Advocates can assist you. You’ll find lots more helpful advice in our free booklet, Fatal Real Estate Traps Exposed. Why not download a copy while you’re here, or if you’d prefer you can give our helpful Customer Service team a call on 9430 0000.