The real estate market in Australia as elsewhere is influenced by a range of factors some economic and some societal. Prospective homebuyers can certainly benefit from developing some understanding of these factors and this will lead them to make more well-informed decisions in the real estate market.
Traditionally in Australia, major cities such as Sydney and Melbourne have dominated the market and consistently attracted buyers as a result of the lifestyles they can offer. However high and rising property prices in the metropolitan areas are driving buyers to consider purchasing real estate in other areas. Regions such as the Hunter Valley in New South Wales and the Yarra Valley in Victoria offer buyers more affordable housing beautiful landscapes are more relaxed pace of life and an escape from the stress of inner-city living. Upstate Real Estate in Sydney can support your search for, and purchase of real estate in either urban or rural areas.
Fluctuations in economic conditions have significant effects on developments in the real estate market all around the world. The Australian economy has remained strong during recent global uncertainty offering stable employment conditions and low interest rates which encourage home ownership. Specific government policies such as the first home owner grant and concessions on stamp duty are also supporting first-time buyers. Such policies make it easier to enter the property market, especially in rural areas where prices tend to be lower. On top of this, the Reserve Bank of Australia has done its best to keep interest rates low in an attempt to further stimulate housing demand.
However real estate markets generally operate in a boom and bust cycle. These markets are influenced by a range of economic factors and also by purchaser sentiment. Currently, property values in many regions of Australia are slowly rising so it is quite a good time to invest. Nevertheless, due diligence is always required before a property purchase and seeking professional advice from a company such as Upstate will always help you to maximise your investment possibilities.
Demographic shifts also influence supply and demand in the real estate market. In Australia the population overall is ageing with the result that many retirees are looking to downsize or relocate to areas which are more peaceful and affordable. Though there is a growing demand for smaller homes and properties within retirement communities. What’s more younger generations are starting to prioritise lifestyle and healthy work-life balance which is resulting in a growth in demand for out-of-town properties which can offer a high quality of life and still support remote working possibilities.
Technology has become important in real estate as in other areas of the economy offering new resources for potential home buyers. Now it is not always essential to visit a property to gain an understanding of what that property offers. Virtual tours, online listings and a range of digital platforms allow purchasers to research and compare properties from the comfort of their own homes. This is of course particularly useful if you are considering relocating to a property far away from where you live. Furthermore, data and analytics are now offering insights into market trends and property values which allow the purchaser to make much better informed decisions than ever before.
