The property market is dynamic, with trends changing from week to week. Here’s what people are talking about right now.
This may lead to a shift in the way the government addresses economic issues, with the Turnbull government set to be “a thoroughly Liberal government committed to freedom, the individual and the market.” At the heart of Turnbull’ economic ethos is the concept of a ‘free market’, encouraging competition wherever possible.
Despite low interest rates, the rate of home ownership for those under 65 is declining, along with wages growth.
International property investment hits dizzy heights
International buyers continue to have strong interest in local markets, with many real estate agents actively courting overseas buyers to purchase high-end properties. According to the Foreign Investment Review Board, approvals for foreign investment in real estate increased by 57% in 2014-15. There were more than triple the number of approvals than in 2013-14, driven primarily by Chinese investors. Despite government crackdowns and increased taxes in Victoria, investor appetite shows no signs of waning.
The next pitfall: Over-valuing
The dust has just settled on under-quoting regulations and a new problem has already appeared. Agents have started to promise inflated house sale prices in order to sign up scarce vendors. Raised expectations are leaving many sellers holding onto overpriced property, with auction clearance rates reaching a three-year low of 62.1% in the final quarter of 2015.
The term “environmentally friendly” can mean many things. When buying your next property, look out for features that will give it a five-star eco-friendly rating:
• Solar and wind power: Look for homes using these energy-efficient ways to power your home – they can also reduce your carbon footprint.
• Insulation and glazing: Good insulation and double-glazed windows regulate the inside temperature and may save you a small fortune in heating and cooling.
• Building orientation: North-facing properties benefit from sun during the day, which naturally lights and heats the home.
• Building materials: Construction materials can directly impact a property’s environmental footprint. Look for reclaimed wood, recycled and sustainable materials.
• Water-saving appliances: From dual-flush toilets to rainwater tanks, these appliances all contribute to saving water.
• Natural lighting: Skylights and well-positioned windows bring natural light into your home, reducing your reliance on electricity.