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Australia’s housing market has seen so many ups and downs in the past few years that it’s becoming increasingly harder to keep track. My Money House can help with making financial decisions as well as keeping buyers and sellers up to date and well informed when making important buying or selling moves. The market can be crazy, but there are many ways to remain confident and successful with some simple financial advising.
The housing market recently plummeted – facing a two-year slump where prices were at an all-time low for the market. Sydney, usually home to the most expensive house and property sales in the world, lost many prospective sellers in 2015. My Money House aims to help people make decisions in this time with helpful articles for first home buyers, investment property, and many other helpful topics.
The two year slump didn’t last long however, the Australian market has seen recent surges in selling rates. With price rates rising as high as 17% in Melbourne, the market could be coming back with a bang.
Many contribute the reversal of the market to the election of Scott Morrison and the leniency with credit he brought along. The lending restrictions were lowered and thus many people could begin purchasing their dream homes once again. This also made it easier in turn for sellers to continue selling their property. Many sellers had withdrawn from the market before this change and are back now, hoping to make a profit from their homes or former homes.
However, the election of Morrison is not the only theory as to why growth and healing has returned to the Australian housing market. The population in Melbourne has grown by one million people in close to ten years. A surge in population in any city is always likely to contribute to a housing market “boom” as many experts call it. This is where My Money House can step in and really help make a great decision on buying or selling a house in a time like this as many people are concerned that this boom may not last. This makes timing crucial.
Although Australia is generally one of the most successful locations for real estate sales and auctions, the past few years haven’t been good to it. With the recent surge in sales, listings, and population, it should be interesting to see where the house market travels and we can remain hopeful that this boom will last!