The housing market has always been one of the most talked-about areas of economics and finance, with many Australians keeping a close eye for any market shifts that might affect buyers and sellers. Over the past decade, there have been several trends emerging in the housing market, ranging from the increasing demand to rising prices. In this article, we’ll take a look at some of the major changes happening in the housing market and what they mean for both buyers and sellers.
One of the most significant trends in the housing market is the steady increase in demand over recent years. With low-interest rates driving home purchases, more people are deciding that now is a great time to buy. This is especially true for young families and working professionals looking to get into their first homes.
Similarly, there has been a rise in mortgage applications as well. Following this overall trend of increased demand comes foreseeable pressure on home prices, adding to existing affordability issues for many potential buyers wanting to enter into the property market. While not everyone will be able to purchase their dream home due to these rising prices, real estate remains a very profitable investment opportunity for those willing and able to enter into it.
In addition to increased demand and higher prices, there are also trends related to lifestyle preferences coming into play when it comes to selecting a home or neighbourhood. Many property investors are now opting for larger homes outside of urbanized, densely populated areas with access to amenities like shopping centres or golf courses—potential indications of long-term investments rather than short-term stops between jobs or schools.
There are also interesting trends related to rental properties as well; more people than ever before are choosing rental housing, or ‘rentvesting’, rather than buying outright because it offers more flexibility and freedom from long-term commitments. Furthermore, industry property experts are predicting that vacation rentals will continue seeing an increase in popularity among travellers and holidaymakers alike, who are seeking shorter-term accommodations while exploring new cities and regions around the world.
Finally, energy efficiency has never been more important when purchasing property—both homeowners and renters alike want ways to bring down their energy bills without compromising on comfort or convenience. Eco-friendly features such as solar panels and having a high green star rating, make homes much more attractive since they can help reduce monthly expenses without sacrificing other amenities enjoyed by prospective tenants or owners.
Given all these various changes that have impacted the housing market over recent years, it’s no wonder why so many people remain intrigued by it despite its complexity—trends like these will continue influencing how that property investor approaches one of life’s biggest financial decisions going forward as well!
Whether you’re thinking about buying a new home or investment property, call us on 02 9635 1991 or send us a message at team@jrprosperity.com.au, and we will help you make informed decisions.
