Property Predictions for 2017
Thinking of purchasing a home in 2017? Get informed with these property predictions by our friends at Resolve Finance!
As we begin a new year, it is a great time to reflect upon 2016 to assess what may play out in the property market for the year to come. Whether you are a home buyer, home owner or investor, keeping up to date with the latest news is important to help make your next property decision. Don Crellin, Managing Director of Resolve Finance, has shared his insights to help you make the most of the new opportunities 2017 brings.
“As we exit 2016 the WA housing marketing is either at, or very near to, the bottom of the current cycle. The fact that people are attending more display homes and home opens supports the view that more than ever, people are recognising the value in the market and are evaluating their purchase options. In addition, an increase in the amount of sold signs across a number of the higher median priced suburbs indicates trade up buyers are taking the opportunity to enter suburbs that they may not have been able to consider in the past.
Another interesting observation that may influence the WA property market is the growing disparity in the median house prices across states. Perth’s median house price currently sits at roughly half of Sydney’s. Whilst there are a number of other factors involved, this disparity has the potential to increase the activity in the market.”
There have been predictions made by numerous industry commentators over the prior year. They can vary quite considerably depending on the assumptions they make. It is important to remember though that market cycles are just that, a cycle. The only unknown piece of the puzzle is predicting the length of time at the top and at the bottom.
“I expect 2017 to be a year of consolidation in Western Australia and expect that we will continue to see green shots in the market, which will translate into growth towards the later part of the year after the current stock levels decrease.”
This is great news for future WA home buyers, as it means 2017 will be a great time to buy. There’s plenty of choice in the market, home builders are offering some great deals and interest rates remain at very low levels, which means affordability is the best it has been in quite some time.
So what are you waiting for? There has never been a better time to get into your own home. Homebuyers Centre would love to make it happen for you in 2017 - contact us today!
*This article first appeared in full on www.resolvefinance.com.au