The FOMO-driven property market surge seen over the past few years is behind us, for now at least, with many would-be buyers sitting on the sidelines.
But for those Australians dreaming about getting into their very first home, this could actually be the best time in years to get into the market.
Buyer competition is easing as rising rates and uncertainty keeps many buyers away, while at the same time supply is on the up in certain price brackets and locations, prices are slipping in many areas, and grants are flowing. If I was a first home buyer, now would be the time to buy.
There will be some good opportunities for first-home buyers to get a foothold in the market over the next six to 12 months.
Buyers in the market right now have more choice, less competition, and lower prices. With labour and materials shortages continuing to plague the residential building industry, the established housing market is where those first timers should be looking.
Overall, the property market is more stable now than it has been over the past few years, with prices having moderated and buyers less active. While the first home buyer market is still a competitive one with so many government grants available and driving We are not seeing first-home buyers having to compete with 15 or so other buyers. We still have very low supply levels for housing stock in most areas around Australia, but spring often brings more stock to the market, as it’s typically when most people start to get on the move. Meaning buyers will soon have more choice.
But while there may be a correction in prices, markets aren’t likely to experience the huge falls as predicted by some, so first timers shouldn’t be waiting for a crash.
We are unlikely to see supply outstrip demand, that market isn’t coming anytime soon, particularly when we are going to have more migration coming into Australia. We haven’t been building a lot of houses in recent times. We still have a shortage of supply.
If you are a first home buyer and need some assistance with buying we would love the opportunity to chat with you about how we can assist you in making your home ownership dreams a reality.