Is the property market changing?
FHBA Weekend Preview: 17 – 18 June 2017
We have been reading the same headlines for so long now in the media:
- ‘investors continue to dominate’;
- ‘auction clearance rates rise again’;
- ‘property prices go up again’;
- ‘first home buyers continue to be priced out of the market’;
- ‘first home buyer activity falls’;
just to name a few. In recent FHBA Market Update’s we have mentioned that ‘change is in the air’, raising points such as more government help for first home buyers coming soon and cooling property prices in some capital cities.
According to Domain & CoreLogic, almost all of our capital cities are currently experiencing an increase in the amount of listings coming onto the market and also the amount of auctions being held (in particular, Sydney which has a record number of auctions scheduled for a June weekend ever, this weekend) as selling activity increases. This is also at a time when there is plenty of newly built properties coming onto the market. On the flip side, real estate experts are tipping more buyers to come onto the market when stamp duty changes kick in for NSW and Victoria. However, some are also stating this may be short lived.
Cameron Kusher, Head of Research at CoreLogic, posted two ‘dovish’ articles this week pointing out that market conditions could be changing:
- Downturn refresher – What happens when prices start falling’ which discussed how property prices don’t always rise and that Australia is currently experience record low wage growth, record high household debt and an increasing unemployment rate.
- ‘Is sentiment, particularly housing sentiment, turning negative?’ which discussed how sentiment around whether now is a good time to buy property is falling .
So what does this all mean?
Well no one has a crystal ball, but it would be wise for first home buyers to:
- be patient in the market;
- not rush to buy something that your uncertain about or is to much of a stretch on your budget;
- seek advice because everyone’s needs are different and the notes above are broad (that is, every property market in Australia is different and unique)
If you’re not sure where to start don’t be shy to ask – at FHBA, we are here to help.
Below is a summary of the massive 2,200 + auctions scheduled for this weekend:
Want to know more about this weekend’s auction activity? Visit the CoreLogic blog.
Good luck to all first home buyers this weekend!
First home buyer homes of the week: edition 58
These are our favourite 5 properties for first home buyers looking for new, FHOG eligible homes, this week:
Open homes and auction weather
See what the weather will be like in your area before you attend open homes and auctions!
House hunt with confidence
Planning on going house hunting soon but don’t know whether a bank will lend you enough funds to buy your first home yet?
You should get a no obligation home loan pre-approval! A loan pre-approval provides you written guidance of how much a particular bank is willing to lend to you. A loan pre-approval comes with no obligations to proceed, leaving you in control and importantly, attending open homes knowing what your borrowing capacity and budget is.
Search FHOG eligible homes from your couch
Are you in the market for a newly built property? This could be a house & land package, a townhouse or a newly constructed apartment. Search our new look ‘new homes’ portal this weekend to see hundreds of Grant eligible properties suitable for first home buyers!
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First Home Buyers Australia
In the market for a brand new home? The newly launched FHBA 50 Rebate could give you a big helping hand – find out more