2019 was a wild year for the Australian property market. After experiencing two years of house price declines, the market finally found its floor in June (according to CoreLogic data) and has been seeing a steady lift in house prices since.
But will the market continue to sizzle its way through the rest of this year, and should we prepare for more boom times?
Prices to continue to bounce back
have a look at corelogics market update video as to how the market is moving in Perth.
There’s a chance that house prices could rise higher still if interest rates continue to fall, however less significant increases are also a possibility, particularly if the APRA decides to intervene or if there are unfavourable economic conditions such as international trade tensions.
Affordability may become an issue again
With property prices looking set to make a full recovery in 2020, affordability is going to be a concern.
For those in a position to buy a property it may be best to get into the property market sooner rather than later.
Property prices are currently as affordable as they are likely to be for a while, so it’s a good opportunity to get into the market, particularly while interest rates are low too.
For first homebuyers concerned about price increases it may be worth checking to see if you’re eligible for the federal government’s First Home Owners Grant Scheme or for state government grants or concessions that can help you get your foot on the property ladder sooner.
