Recently, we have often been asked questions such as…
“I want to sell my house, but I am not sure… what is the market doing?”
“I would like to sell my home, but isn’t the market dropping?”
“Yes, I can sell my house, but where could I go?”
To ensure our clients have a good understanding of the market, we suggest that they consider a number of fundamental factors that are determining our housing market trend:
- There is a shortage of good properties for sale and the supply verses demand proportion is not balanced.
- International immigration is picking up again and this will increase our housing demand.
- The increasing construction costs on new homes make existing housing pricing more attractive and affordable.
- The overall economy in our country is still growing strongly and is very resilient.
- Unemployment is at historically low levels at 3.5% meaning people are able to earn and pay the mortgage repayments.
- The rate of annual wage growth was 2.4 per cent which is the highest annual rate recorded since December 2018.
- We have a strong banking system that has been strict in their lending criteria, meaning there are very few non-performing loans.
- There are still Government incentives to encourage first home buyers into the market.
So just because interest rates are increasing doesn’t mean that property prices will fall. If you are having ‘I might sell my house’ thoughts, please call us now to find out how we may help you!