Although it is dangerous to predict the Market, there are some underlying positive factors to consider in the Aussie property market.

Firstly we know that our population is growing quite steadily, with a population of over 25 Million in 2018.

According to the Australian Bureau of Statistics, predictions are that Melbourne’s population of nearly 5 million will double by 2051.

Sydney’s population of over 5.2 million will double by 2059.

This is huge growth and we will need the appropriate number of dwellings to support this growth.

If the Australian dollar starts to go up against other currency it makes it attractive to invest in and can attract overseas investors from the speculative growth.

If it goes down then it becomes more affordable to people from overseas who may want to settle down in Australia.

Either way, we live in one of the best places in the world and have a lot to offer visitors and migrants with our beautiful weather, stunning beaches and exceptional food.

We’ve had strong population growth over the past 100 years and with this there will always be a demand for housing.

There are many things that can influence housing pricing from government policy to population growth and the ripple down effect from the stock market.

As prices are fairly low already there is an argument to say that prices may start to rise again in the not too distant future.

For example on the Lower North Shore of Sydney buying and renting costs for a unit are nearly the same.

The government has done what they needed to do to address housing affordability, including applying stricter lending criteria to investors and providing new grants for first home buyers.

What about the more pessimistic view that we could suffer a property market crash?

Our market is unique in that Australians have low debt delinquency and we have strong credit controls in place in our banking system, as such it is very unlikely we would suffer a major downturn.

Some buyers are still romancing in the idea that the market will still go down, but we never know for sure. If you have the ability to buy now, don’t wait.

Now could be the best time to find your dream home at the best price.

Above all make sure that when you buy, you are buying a property that is well within your budget.

Look in a market that you can afford and you will not be disappointed.

In the current market, there is time to act as there is less competition and you have a better chance of securing your ideal property.

Alan Yeung

Property Consultant – Location Property Group.

Location Property Group is an independent real estate agency based in St Leonards, Sydney.

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