With the New Year here many people are looking at making 2009 the year they buy a new home. And with government incentives to help first time home buyers now is a great time to get that home that you have always wanted. Some areas are more desirable than others to buy a home in. Some of the places that are considered to be hot spots for 2009 include Sydney, Melbourne and Brisbane. There are also some regional areas that promise to provide great buyer appeal in the coming year.
Gauging The Temperature Of Real Estate In Australia
The real estate market in Australia proved that it can stand the test of time in 2008 showing resiliency and fortitude. Despite the fact that many share markets fell an average of 40%, house prices held fairly steady showing only an average decline of 1.5%. In 2009 there will be many factors that will drive the market either up or down. These factors include:
Falling interest rates
- The cost to rent houses or apartments
- Investment yield potential
- And an undersupply of available homes
These factors will help to drive the prices of homes up. The areas where the most growth will be seen are in the areas that exhibit many of these factors. Also the government grant opportunity to double the money given out expires at the end of the fiscal year, so home buyers will be looking to take advantage of that while they still can.
While markets that have these driving factors are expected to do well in 2009, some markets are not expected to do well at all. Markets that are already affluent and where the demand has been reduced are not expected to experience good growth in 2009. Another area that is not expected to do well are vacation homes, and areas that are dependent upon holiday travel and tourism. This is due to the fact that in 2008 many people had to unload these extra homes due to financial difficulties.
Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 – 2009
Tags: Australia, Financial, government grants, government incentives, Money, opportunities, Property, Property Options, property options blog, Real Estate, real estate market, real estate news, Sean Rasmussen
{ 2 comments… read them below or add one }
Hello, I found this blog when i was searching for blogs related to surveys. I must tell you, your site is good. I like the theme too, its nice. I don’t have much time now to slowly read your site but I have noted it and I also signed up for your RSS feed. I will return in a night or two. Thanks for an informative web site.
Hi Sean,
2009 was definitely a great year to buy property. There were things like the Global Financial Crisis that caused the economy to slow; interest rates were at some of their lowest levels in decades and the First Home Owners Grant was extended.
There were bargains everywhere. It was a great time to buy investment properties.