Over the past few months, all the articles and news were about the decline of Chinese bidding for Australian homes, which can be recalled by horrible news for developers but not so much for the economy as a whole. Australia is still an obvious choice, selling properties to foreigners or locals is still a long running business model.
It’s important to remember that true market booms happen only every now and then. The latest market updated from March this year, shows a 2, 4% increase over the past year. The Sydney market is definitely slowing down and property prices are starting to decline to more reasonable levels which isn’t a bad thing, especially for home buyers and first home buyers trying to enter the market.
According to abc.net.au: “Figures from CoreLogic RP Data show home values rose by 1.7 per cent across the combined capitals, taking annual growth to 7.3 per cent. That comes after a 0.2 per cent increase in March, and a 0.5 per cent rise in February. Sydney led the price gains in April, with a 2.4 per cent rise, while home values in Brisbane increased by 2.2 per cent. Prices in Adelaide recorded a 2 per cent lift. Melbourne saw a 1.1 per cent increase during April, but with annual gains of 10.1 per cent, it is the only capital city to record double digit growth over the past 12 months.”
To learn more about the Australian property market and where you should be buying today, why not give one of our Property Consultants at Blissful Properties a call. We will be happy to assist you with your property buying needs and can show you numerous properties to match your requirements.