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NEWSLETTER
As we experience one of the fastest and largest global economic contractions in living memory, the response has meant that financial markets have rapidly re-priced securities like stocks and bonds.
House prices usually take longer to reflect what is happening elsewhere in the economy for a number of reasons. This is because houses are both harder to buy and sell, they differ greatly from one to the next and people value houses as more than just investments.
The real estate industry saw numerous impactful changes as a result of the pandemic; many of these changes not only paved the way for growth of real estate businesses but also made buying and selling processes more streamlined. Changes such as actuated 3D tours, virtual showings, electronically signed contracts, zoom meeting closures, mobile and remote notaries and much more have now become a permanent part of the industry and inspired continued technological growth.
Currently, house prices are surging around Australia, auction clearance rates remain high and the media keeps reminding us we’re in a property boom.
One of the leading indicators of this property boom is finance housing approvals. Approvals currently suggest that more Aussies are looking at getting into property and there will be a strong ongoing demand from owner-occupiers and investors over the next 6 months.
But for those first home buyers wanting to get a foot on the property ladder, or established home buyers wanting to upgrade, or investors looking to hold onto a property, the holding costs are less than they ever have been. In other words, we are in unprecedented times where we don’t have to worry about rising interest rates in the foreseeable future.
The result is that emotions are running high at the moment, with FOMO (fear of missing out) being a common theme around Australia’s property markets.
While we cannot predict the future, the property market is showing very strong signs of rising throughout Australia.
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