2020 Market Trends and Predictions
The start of a new year and a new decade! The state of the property market and predicted changes has been the topic of many news articles recently. Domain, CoreLogic, the big banks, Realestate.com, Developer forums and Real Estate Agencies - like ourselves - are keenly watching the research results and the local market to see what may happen.
Some of the underlying similarities in the research and commentary out there at the moment:
- 2020 will see an increase in unit sales (although equally so apparently houses will have higher growth!)
- The market bottomed out in June 2019 we are now on the increase
- Queensland will see an increase in interstate migration again
- Slow and steady growth - mainly because interest rates are so low already
- More family-friendly apartments to come on to the market
- More congestion on roads means relying on public transport more heavily - particularly trains and ferries
- Sustainability will continue to play a big part in construction and new developments
- Baby Boomers are going to start having to look at retirement options
The change to the first home buyers scheme, the Reserve Bank leaving interest rates on hold for another quarter and outside influences such as unemployment, natural disasters and even the long term impact of the coronavirus and trade with China, will all heavily impact decision making, not only from the general public but from our Lenders as well.
As always, we wish we had a crystal ball and could predict ‘a good year’ from the next. However, the best advice we can give is to do your homework, understand what it is that you need, talk to experts - financial planners, accountants, local real estate agents and even look to sources such as social media for insider knowledge on what it is like to actually live in the area you are thinking of selling / buying, / renting in, what are schools like, traffic, how easy is it to get around.
Traditionally, the property market has been seen as a safe and stable option - it is only that if you have put the time and effort into understanding the market. So, continue to read the reports and the news articles but know that tomorrow's news may just as quickly become doom and gloom, your best option is to call someone on the ground, who has the local insight and years of experience in their area! Nobel Realtors is the perfect place to start - for Property Sales AND Property Management!
Here’s to an amazing 2020.
Some interesting articles: