House prices are at the peak with the highest number of home sales since 2002, keeping demand at the highest level and advertise supply at record low levels.
If we consider the five years average, the active number of listings is still at 34% at the end of July, depicting a severe shortage of supply that is putting pressure on the market by increasing the prices of the property.
The main questions, which has been prevailing in the market.
Is it a good time to purchase property despite the huge price increase?
According to Mr. Edge, “Many people are feeling desperate as property prices continue to soar – but getting into the market is still possible.
it is a seller’s market now, and this made it harder for investors to find the right type of property, while homebuyers were faced with having to pay more. people can still find a property if they know their budget and understand what the market is doing.
But we call it an opportunistic market – as this is the time to align your needs and sit with the professional. People need to capitalize on the market for their benefit. The market is hot and strong, so this is the right time to act.
The boom in the prices might stop, it will not go backward.
“While people often sat on the sidelines in anticipation of a property crash, Mr. Edge said this had not ever happened in Australia’s history and people were not going to find prices 20 percent lower next year”. He added.
The reason why prices are still touching the roof is that people have the holding capacity through their saving which they had for their vacations, as they can’t go now so, real estate is the best option to invest in.
If someone has sorted out their finances, this is the time to take advantage of the tide.
According to APRA, “would intervene and ask banks to cap their lending unless investors made up 30 percent. This is one reason why he believes prices will continue to increase soon”.