Why You Should Make the Most of the Current Housing Prices?

Why You Should Make the Most of the Current Housing Prices? image

Foreign buying in Australia is going back to its 2010 levels!

Demand from foreign buyers has proven to greatly affect Australia’s construction development and its overall housing real estate market. In fact, according to ANZ senior economist Daniel Gradwell, this foreign demand has actually been one of the drivers of the robust housing investment profile of the country during the past few years.

However, circumstances change constantly, and so does the economy. In the last couple of months, the share of foreign buying has seen to drop significantly when both Australian and Chinese policymakers bear down on investor appetite.

“The share of property being sold to foreign buyers does look like it has dropped off, especially in the last couple of months.”

Not only did the share of foreign buyers drop off [to a six-year low of 8.4 per cent for new properties and to a five-year low of 5.5 percent for established properties], but it also continues to fall and is likely going back to its 2010 levels.

“Foreign buyers will account for 18.1 percent of residential sales in NSW in the three months to March 2018, down from 23.6 percent in the same period a year ago, the latest ANZ and Property Council quarterly research found.”

“In Melbourne, foreign buyers are expected to cover 21 percent of residential property purchases in the first quarter of 2018, compared with 25.2 percent a year ago, according to the report. Queensland, meanwhile, saw a sharp fall to 13.8 percent from 20.4 percent in the same period last year.”

 

And this should be worrisome…

A lot of  properties are still being developed for the foreign investor market, particularly in CBDs and inner-city areas. Now, if fewer people are going to buy properties, then it is really highly probable that there will be a marginal decline in apartment and housing prices this year and in 2019.

So, do you still have to wait for these prices to reach a point where people won’t buy at all?

What do you need to do?

If you are waiting for and seeking the perfect solution, then you are likely making no decisions and letting opportunities pass you by.

You need to understand that there are regular changes in demand, and the housing market, along with the financial system, can crash in value suddenly.

What you should do is to sell NOW before housing prices drop. Selling now, rather than later, means you are being a lot savvier in the way you sell by taking the chance to make the most of the current housing prices!

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