Property market set to start with a bang in 2020
What 2019 has seen so far
Rate cuts, a Federal Election, the banking commission – 2019 has been a year of ups and downs in the property sector. But we’re closing it out on a positive note as all the markers point to a strong 2020.
Factors pointing in a positive direction
One of the big indicators of what’s ahead is the fact that the markets have rebounded, with average dwelling prices moving upwards following the Federal Election. The last day of November also saw more than 3000 properties across Australia go up for auction, the highest volume since August March 2018 (CoreLogic). Other factors showing that 2020 will start with a bang is the anticipated slew of first time buyers hitting the market following the First Home Loan Deposit Scheme. While the latest report from CoreLogic finds that the housing affordability gap is at its lowest since 2009 – as indicated through a steady 3.1 per cent wage growth coupled with better mortgage rates.
“With 2019 nearly behind us, a lot of buyers and sellers are looking ahead to 2020. And there is definitely a revived feeling in the market,” shares hockingstuart Director Andrew James. “All signs are pointing towards a positive 2020, making it an opportune time to get into the market.”
If you’ve been considering buying or selling over summer, hockingstuart can help with friendly advice, reach out to an expert today.