If you’ve city apartments for sale in Australia, you can expect 2016 to be much the same as 2015. Of course, the political landscape in Australia will have changed as there is a new Australian prime minister, but the good health of the real estate sector is expected to continue.
Sure, the Australian economy has not grown as fast as one would want it to, but it is still one of the fastest growing economies in the developed world. Property investors and particularly ordinary buyers will be helped by the fact that the government has kept the interest rates at their lowest levels for over a decade. Indeed, it is even possible that interest rates may drop further in 2016, which should boost the real estate activity in the country quite considerably.
Among the cities in Australia, Melbourne and Sydney are best placed, having witnessed the highest growth in 2015. But other cities such as Brisbane, Perth and Adelaide are expected to catch up in 2016. If your properties are located in any of these cities, you really can expect to get a great price for them.
So, how will 2016 affect buyers, sellers, renters and investors in Australia? Let’s find out!
2016 Prospects for Sellers
If you’re planning to sell an apartment in Australia in 2016, it really does promise to be a great year for you. The reason for this is that the demand is much greater than the supply – the number of apartments for sale in Australia is a lot lower than the massive demand for them.
But there are a few things you can do to get a great price for them. Sell the apartments at the beginning of the year as that’s when the demand for apartments is at its peak. And don’t wait for the perfect offer – if you get a decent offer that’s a little lower than your expectation, take it – there’s no point waiting for a higher price.
2016 Prospects for Buyers
If you are a buyer, then prepare yourself for the intense competition for apartments and houses in Australia. Better get a pre-approved loan from a bank as this would give you the financial backup you’ll need when searching for the right apartment. Talk to a reputed broker and don’t be shy to ask for help. When you bid for an apartment, ensure that you don’t stretch your finances more than necessary. If you are looking to sell an existing property before buying a new one, sell it first before looking for a new property.
2016 Prospects for Investors
Australia attracts a plenty of foreign investors, especially from China. Foreign investors will be excited by the fact that they can borrow money at ridiculously low interest rates from Australian banks. (Such interest rates are not available in their home countries, where rates are a lot higher.) There is a lot of potential for flipping properties for profit in Australia and investors would no doubt take advantage of this. The trick is to buy when prices are relatively low and sell a few months or a couple of years later at a high.
2016 Prospects for Renters
If you’re looking to rent an apartment in Australia, it is best to avoid the months of January and February, as that’s when the demand for rented properties is at its highest. But it is important to make sure that your application gets noticed by the landlord, this means having all the paperwork in place such as a photo ID, reference and employment details. Vacancy rates are expected to improve in March of 2016, so it makes sense to wait a bit.