Where the housing market is predicted to head in 2020 (and what this means for homebuyers)
Did you know that Australia’s capital cities are expected to experience an increase in housing prices in 2020?
According to the latest Housing Boom and Bust Report, this could be as a result of the recent RBA rate cuts, decreased cost of lending and loosening of credit restrictions plus our nation’s consistently strong population growth rate.
In fact, housing prices are set to raise between 7 and 11 percent in the coming year, says SQM.
The increase in the value of our homes coupled with rising pressures on the rental market due to increasing demand alongside a shortage in rental supply is believed to be the catalyst we have been waiting for to launch the Perth property market back to pre 2017 levels.
Many of us would have been holding out to purchase, build or invest in property due to the recent falls in the market. However, now could be a great time to take the first step if you are hopeful of reaping the benefits of an increase in the value of your home, or investment, over time.
In fact, we have already started to see signs of recovery in Sydney and Melbourne, with the respective markets having grown consistently in value over the last four months.
Employment growth is also expected to be a factor in the rise of the nation’s property market over 2020/21.
The annual capital city property value is projected to increase between 5 and 10 percent in 2020.
So what does this mean for you?
2020 would be a great time to start thinking about what it is that you are looking for in your dream property – whether it be your very first home, an upgrade to suit a growing family or an investment to diversify your portfolio.
Ross North Homes is proud to offer a wide range of homes and services including house and land packages, demolish and build options plus the opportunity for investment in a Display Home for sale and lease back.
Demolish and Build is the ideal option for the discerning individual who is more than happy with their surroundings and suburb, but is looking to upgrade their home and establish more of a street presence.
For those who already have a block of land in mind, we offer a broad selection of stunning, family-sized home designs to suit a variety of block sizes and your own needs. We offer single storey, two-storey, farmhouse series and narrow lot designs – so there is plenty to choose from, truly something for everyone.
Finally, our Display Homes for Sale – The Paramount and The Sentosa – offer an excellent investment opportunity. Competitively priced and available for purchase and lease back, the homes offer a 6 per cent return on purchase price. More information on this can be found under the ‘Display Homes For Sale’ tab.
If you’ve been thinking about your plans for the new year and feel that you are ready to take the next step toward your dream family home in 2020, contact us today to learn about the ideal home design for you.