Trends in real estate for 2017
Spot On has been watching the trends in real estate in 2017 with interest, as well as the public discussions they have generated.
The great Australian dream of home ownership is never far out of the news. That’s whether it is the Prime Minister warning borrowers about the likelihood of rates going up, or debate whether home-ownership is now out of reach for Gen Y and Millennials — and who’d be to blame if it is, their Boomer parents, or just themselves for over-spending on smashed avocado breakfasts at over-priced hipster cafes.
Property ownership certainly does have a unique place in the Australian way of life and aspirations. This won’t be going away, never mind any doom-mongering talk otherwise, not with around 500,000 properties changing hands each year, or according to figures published by the Reserve Bank of Australia. That’s around 6% of all housing stock in the country, every year.
Risks for young players: apartment over-supply and off-the-plan buying
While property prices in the capital cities, especially Sydney and Melbourne but also including Brisbane, are going sky-high, still there are vast numbers of first-time buyers as well as investors purchasing property.
We see the oversupply of apartments in inner Brisbane and consequent market imbalance as a risk to their value and ability to provide anticipated rental yields.
Another common pitfall we see is buying off-the-plan, with unwary buyers finding themselves locked into inflexible contracts that can then be very expensive for them to escape from.
How Spot On Conveyancing can help
Both of these kinds of risks can lead to serious financial consequences. Professional, informed and impartial advice such as we can provide at Spot On Conveyancing is essential before you sign any contracts. Your decisions about property ownership are too important and far-reaching not to be well-informed.
Contact Spot On Conveyancing today for friendly, highly trained and authoritative advice about all of your property ownership matters. We will ensure you safely navigate the complex waters of property buying and selling.