Happy New Year and welcome to 2012!
I hope everyone had a relaxing and enjoyable Christmas and New Year period. Even for those who didn’t manage to take some extended time off, I hope you were able to celebrate with family and friends.
2012 is now officially underway and I am gearing up for what is sure to be an exciting year for the Australian residential property market. I know that for many people the start of the year sees decisions made about whether to purchase or sell a property; for those with real estate plans for the year - I hope 2012 allows you to achieve your property goals.
So what does 2012 have in store for the property market? Firstly, I think it is fair to say that 2011 concluded with a bang as the Reserve Bank of Australia moved to reduce interest rates in both November and December, giving many buyers a bit more comfort surrounding the prospect of buying a property. Thanks to this we have also seen a great start to 2012 with a number of sales already being achieved and a few more in the making. There also there seems to be more genuine buyers looking to get into the market.
Will rates continue to come down? Many pundits certainly seem to think this will be the case, particularly if the situation in Europe is not resolved definitively. While movement cannot be guaranteed and conditions can change, I would continue to watch this space, particularly as the Reserve Bank meets in February to review the official cash rate.
Even if rates do not come down again, the two consecutive cuts in 2011 seem to have opened the door for many buyers.
I suspect that along with owner occupiers, investors will also be taking advantage of reduced interest rates in at least the first half of 2012, with many engaging in portfolio building property acquisitions. With a tight rental market across the country and rental rates rising, now could be a prime time to purchase your planned investment property.
There has also been some positive press and if the experts’ predictions are correct 2012 will be a much better year than 2011 for residential real estate, particularly in Sydney.
Also for this year I will be posting weekly/fortnightly market update videos. I will try and keep them to around one minute and these to simply keep everyone up to date with the ever changing property market. Subscribe to either my Blog, my Youtube channel, or to Facebook to receive notification of when the updates are available.
Blog: www.joshuawygoda.com
Youtube: www.youtube.com/c21mosman
Facebook: www.facebook.com/joshuawygoda
All in all, 2012 is looking to be quite a busy period for the Australian housing market, and my team at CENTURY 21 and I look forward to assisting you in achieving your property goals.
I know that for plenty of people the beginning of the year sees decisions made about whether to buy or sell a property for those with actual estate designs for the year.
ReplyDeleteProperty Management
Even if prices do not come down again, the two successive reduces this year seem to have started out the entrance for many customers.
ReplyDeleteI suppose that along with owner occupiers.
Mercedes Torres