Traditionally, a lot of people put their property buying aspirations on the back-burner during the winter months and wait for the sun to come out in Spring before spending their weekends shopping around for properties.
But just because some people prefer to defer their property investment plans until the Spring time doesn't mean you have to. There are still plenty of properties listed for sale and now really is as good a time as any to jump into the property market.
Here is a view of how the market looks in major cities across Australia.
Property outlook in major Australian cities
- Melbourne has a balanced market that is allowing buyers to find properties to purchase. New home construction is on the rise, and there has been an increase in new home sales that will continue into the winter.
- Sydney continues to see steady growth in the market that is expected to continue throughout July. Housing shortages are becoming a problem for investors and first home buyers.
- Perth is experiencing an extreme shortage in available housing that has lead to skyrocketing prices. It is common for properties to sell for more than they are worth because of the high level of competition in and around the city. The real estate market continues to grow in the area, so buyers can expect prices to keep climbing.
- Hobart is just starting to recover from the economic downturn. A steadily improving real estate market means that buyers can find more inexpensive options without having to deal with the overwhelming competition that is prevalent in other Australian cities.
- Canberra is just reaching the bottom of the market after the economic downturn, so it is expected that the real estate market will be steadily increasing throughout the remainder of the year.
What the outlook means for buyers
Buying in cities where homes are sold for more than they are worth is not recommended. Buyers who are set on Perth or Sydney are advised to look for properties in suburbs that are less expensive in order to make an investment that will grow in value. Canberra and Hobart are two risky cities going into July 2014, but the fact that the market is just starting to recover in both of these cities means that investors have a lot to gain by purchasing in these areas.
If you're getting ready to make the big jump to home ownership, get in touch with a home loan expert and let them guide you towards the best decision for both your current lifestyle and your future wealth.