House prices have become so unaffordable that more and more first home buyers
are being locked out of the market.
The dream of many Aussies is gradually going out of reach because of sky-high property prices.
Huge thanks to Daniel for shedding some of his expertise and knowledge and providing us an outlook in our last episode of What expert thinks- if you missed out check the link : https://fb.watch/9iJS-1nKJX/
Earlier this year, low-interest rates, the fear of missing out (FOMO) accompanied by low supply drove prices in every Australian capital city to an extent which we haven’t seen in the past 8 years.
According to Reserve Bank of Australia Governor, “Philip Lowe on Tuesday ruled out an increase in mortgage interest rates in 2021 but opened the door for a hike sooner than the timeline it had set of not before 2024”.
I would say a few things will change the outlook of the real estate market in Adelaide and will bring the positive aspect toward the property sales in Adelaide.
1) Opening of the borders.
2) Return of immigrants may provide a source of support at some point,
Combining these factors with the subtle tightening of credit assessments set for
November 1, we can see that the prices will get stabilise as the market moves forward and getting the ‘dream’ property for First Home Buyers will be achievable.
Now, few sellers are holding off on listing their property for sale as they are scared that it would be difficult for them to move to the next one as the supply in the current real estate market is very low.
As the market gets balanced out in the coming months, we could expect more sellers will feel confident in listing their homes for sale.
It’s very simple – More listings mean more choices for buyers and less stress on their purchasing decisions.