12 Mar 2010
It is an interesting time in the property market at the moment. On the one hand we have a strong market that can not keep up with demand and on the other hand we have fears that the housing market is getting too expensive and people are worried that it’s about to pop!
While it is great that Australian property is performing so well and it is in fact one of the best property markets in the world at present, we do have an issue where we are just running out of homes for people to buy.
Australia’s population keeps increasing and we just aren’t building enough new homes to keep up and so prices are just getting higher and higher.
This is somewhat worrying because economists believe that house prices can only continue to grow at this rate for so long otherwise if they keep getting higher there will be a whole heap of people who simply won’t get the chance to ever buy property.
But there is no need to stress yet because hopefully as construction and development start to catch up with the housing demand, the prices for homes will steady. We also have the Reserve Bank of Australia keeping an eye on things and trying to manipulate the economy by setting interest rates at an appropriate amount for the country.
Whilst many are never pleased when interest rates go up it can actually be good news for some as it usually leads to the market cooling down somewhat and it will prevent house prices from reaching astronomical amounts (which means more people can enter the property market).
We have to remember though that the market is always going up and down and it rarely stays in the same spot for too long so rather than worrying about what the rest of the property market when you are looking at buying a property its better to think about whether it’s the right time for you!
If you would like any information about the state of the Casula, Lurnea, Prestons and Liverpool real estate market then feel free to get in touch with me at email@example.com
and I would be more than happy to help you out and give you some personal advice.