Tips for Real Estate in 2019 in Australia
The world of real estate is in perpetual fluctuation. Factors such as gas prices, the stock market, interest rates as well as supply and demand influence the way the wind blows in 2019. Thankfully, it appears that home prices will fall this year. This may be as good a time as any to purchase a new home if you are an Australian citizen, so if you are eager to get a whiff of the market and dip your toes into the cold stream of home trading, here are tips for real estate in 2019.
The overall outlook
Australia is a big place, so real estate conditions may wary whether you live in Sydney, Darwin or Perth, but the trend is unmistakable – we are in the middle of the housing downturn and only four major cities have been looking at, at least till now, a price increase. These cities are Adelaide, Canberra, Brisbane and Hobart. Hobart, by far, offers the most opportune median price, followed closely by Adelaide and Darwin. Melbourne and Sydney are experiencing a price decline, which signifies an opportune occasion to browse for a new home. Still, it may be prudent to be patient if you are a Sydney citizen since there are no signs that the decline might stop in a foreseeable period.
If you want to sell
On the other hand, this may not be the best time to sell your home due to the price drop forecast, but in case your hand is forced for a specific reason, you can make an effort to do a few cheap face-lifts in order to increase the house’s value. If you repaint the home with a trendy set of colours and combine it with a few noticeable details such as a renovated front door with a decorative knocker, affordable new shutters from Sydney and an improved curb appeal with a few new plants added to the mix, you can make a world of difference.
You will come across many tips to spruce up your home before a big sale, and while most such lists will prioritize kitchen renovation over all other upgrades, it may not be financially prudent to engage with this right now if you are a Sydney citizen. The price range will not only have to include new elements, materials and appliances but also piping and electronics charges, which will leave you with quite a bill on your hands. Instead, it may be smarter to invest the same amount of money into an additional toilet – and many a real estate agent will agree with this. This may be just as costly, but the increase in the value of your home this feature will bring is positively staggering.
The wider context of selling
However, if you plan to put your home on the market, keep in mind that the selling periods have extended quite significantly. Some estimates show that the debt-to-GDP ratio in Australia’s household market has hit 121 percent, which doesn’t bode well for the future of the nation’s economy. However, the prognosis favors 2020 as the year when the market will stabilize. Apart from that, if you look at the bottom line globally, it is unmistakable that the household debt is rising, which is mostly due to a volatile political situation on the world’s stage as well as stretched affordability in what are deemed First World Countries.
Downtown vs suburbs is an important matter to consider whether you plan to sell or purchase a new home. For example, even though Sydney and Melbourne are looking at a downturn, if you isolate the trends for the housing market in the suburbs, the prices have almost doubled in some instances. Demand for quaint and wholesome homes beyond the verve of the city is only increasing and, as it seems, it is spreading even into the hinterland.
Let’s be honest, you can always find a reason to avoid real estate conundrums each year. The market is never in the absolute ideal condition, and you shouldn’t expect it to be. There are too many moving parts and factors influencing the way trends develop. At the end of the day, you can always partner up with a seasoned real estate agent who has been mired in the profession for decades, and this alliance will certainly reap enticing conditions for selling or purchasing a home.