The property market has rebounded significantly in the past few months, particularly in the Sydney and Melbourne markets. The strength of the recovery has caught everyone a little by surprise and may reflect some pent up demand in the market as well as comparatively few properties being available for sale.
We are now entering the holiday season, which traditionally sees a quieter time in the property market, as many prospective buyers put their house hunting activities on hold while they attend to family and holidays. This “lull” may present an opportunity for eager home buyers to find some bargains in a slightly softer market.
There is no sure predictor of where the property market is likely to go in 2020, as the underlying problems that beset the market for much of 2019 will still be in play, but the initiatives from the Federal government combined with the historically low interest rate environment have given the market some impetus. This impetus could fuel rises in house prices for some months.
The tricky thing for the home buyer in January’s market is will it present the best opportunity to buy in the foreseeable future, as it is an expectation that the market will be a seller’s market between the months of February and June.
If you are considering entering the property market soon, now is the time to do your research and commit to some serious property inspections in the month of January – as it may be the best possible time to enter the market in the early part of the new year. If you need assistance with financing your purchase now is the time to contact Australian Finance Hub to get a clear view of what your purchasing potential is.