Leading consumer sentiment surveys show growing confidence that the property market, particularly throughout spring.
Recent cash rate cuts, especially at the beginning of the spring selling season, have provided a boost in opportunity for buyers entering the market.
For those investors eager to make the most of buying conditions, especially with the forecast of growing buyer numbers spurred on by changes to first home buyer schemes, the opportunity to buy now is only becoming more competitive.
The Productivity Commission has this year identified what many already knew, that the growth of new housing has slowed considerably, even with promised figures of new construction and housing to meet expectations of population growth in Australia.
While the construction industry remains as busy as ever, the rising cost of materials and labour to keep in line with inflation has resulted in the industry producing, on average, fewer new homes. According to Productivity Commission reporting, Australia is completing around half as many homes per hour worked in housing construction as we were 30 years ago.
With construction of new homes and apartments delayed, those seeking to buy are finding fewer new properties coming to market for the first time, and existing properties on the market are being met with a larger pool of buyers.
Finding the right property to invest in has never been more valuable. While new houses and apartments aren’t the only option available to buyers, for those seeking these properties, it appears for now, there will be greater competition in the market.
For those interested in new home/apartment investments, it pays to allow time for research into developing suburbs to assess whether suitable stock will be available within your growth timeline.
