While there may have been a marginal softening of the market last year, the activity around Sydney remains strong.
Our top 6 predictions for the property market in 2018:
1.The Reserve Bank of Australia (RBA) historically left the cash rate on a low setting of 1.5% at the end of 2017. This was the 16th consecutive month the rates had been left on hold meaning there were no changes to the cash rate throughout 2017. With the RBA leaving it so low is a good sign of showing support of the growth within the economy. Creating 2018 as the year of the buyer.
2. Off-Market Sales are increasing and are expected to rise as it becomes more popular and effective within some areas.
3. With banks making it harder for investors to receive loans it is expected that first homebuyers will make a come back into the market, taking advantage of government concessions.
4. Those who were thinking of selling and upgrading their homes are now opting to renovate instead. To avoid costly moving expenses such as stamp duty, homeowners are taking advantage of lower interest rates to get extra finance and renovate their homes.
5. The amount of homes for sale is expected to rise; in the past few years there has been a shortage of homes on the market however, this New Year is expected to bring more homes and relief to buyers.
6. Long term rentals will surge, as those who cannot afford the growing prices will be looking for long-term homes. This will see an increase in renter’s rights, seeing both state and federal governments to make it easier and fairer for renters in 2018.