31 Jan 2011
We’re now in 2011, which means it’s a new year for the western Sydney property market. But before we take a look ahead it always helps to first take a look at the year that was.
So looking back at 2010, the real estate market saw some ups and downs as it always does. Figures from RP Data showed that there was a peak in housing figures for Australian capital cities in May 2010 and in April 2010 for other state areas.
The property market however saw its worst month in November. Figures from the Housing Industry Association showed a 0.2 percent fall in house sales all around the country at this time.
It’s not particularly surprising that housing figures fell in November though considering that an unexpected interest rate rise from the Reserve Bank occurred on Melbourne Cup Day. Most homeowners and even economic experts were surprised to see interest rates go up in November and homebuyers became especially cautious when the major banks decided to lift their own rates even further.
Novembers interest rate rise didn’t have a lasting effect though and over Christmas and New Year (when the market generally slows down), a lot more buyers were actually getting into the market with housing sales bouncing back.
So where will the real estate market go from here? Is now a go time to buy real estate in Casula, Liverpool or other areas in western Sydney?
Check into my next blog where I’ll give my predictions on the real estate market for 2011.