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Blog articles - Buying a home

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Is the housing market finally about to reach rock bottom

Is the housing market finally about to reach rock bottom?

Posted 16 June 2019

'Are we there yet?'

This is the million dollar question on everyone's lips. Today we'll take a look at whether or not the property market is finally starting to stabilise, as well as when we might start seeing some positive changes in the market.


It's the sound of optimism breathing its way through the Australian property landscape once more. Let's run through what some of the property market's leading experts and reports have said recently.

Pace of declining in property values has slowed, Yes or No?

CoreLogic

CoreLogic says the housing downturn is losing steam as the pace of declining values continued to reduce in May.

With Australia's average housing affordability the best it has been since 2016, CoreLogic's Head of Research for Australia, Cameron Kusher predicts "that price falls will settle later this year, followed by modest price growth starting from 2020".

Westpac

Consumers think now's a pretty good time to buy a house, according to the Westpac sentiment survey's 'time to buy a dwelling' index.

"Housing-related sentiment showed a clear response to the lowering in interest rates, although again some of the gains were more muted than seen in past rate cuts," Westpac senior economist Matthew Hassan said.

AMP Capital

Since peaking in October 2017, house prices in capital cities have fallen about 10%. Forecasts had suggested they'd fall as far as 15%, but AMP Capital believes they'll now only bottom out at 12% later this year.

"The combination of the removal of the threat to property tax concessions, earlier interest rate cuts, financial help for first home buyers and APRA relaxing its 7% interest rate test points to house prices bottoming earlier and higher than we have been expecting," said Dr Shane Oliver, Head of Investment Strategy and Economics and Chief Economist, AMP Capital.

ANZ

ANZ's Home Owners Lead, Kate Gibson, says they're seeing suburbs and towns in every state where it is more affordable to buy than rent. Here's the list if you're interested.

"This shift, combined with record low-interest rates, is driving more first home buyers to look at entering the market," Ms Gibson said.

The Australian Bureau of Statistics (ABS)

According to the latest ABS data, the value of lending commitments to households rose 0.6% in April 2019.

"The steep decline in owner-occupier lending commitments seen since late 2017 appears to be slowing," said ABS Chief Economist, Bruce Hockman.

Greville Pabst WBP Property Group
Property commentator and advocate, Greville Pabst, Executive Chairman of WBP Property Group believes the inner-east and south areas of Melbourne had been the hardest hit over the past 18 months. Valuers reported price weakening in the range of 15-20 per cent, particularly for properties in the $2 million-plus price range, with off-the-plan also hit.

Whilst the greatest falls have been experienced in inner-Melbourne, this is where the recovery has begun and prices within this inner circle are expected to outperform the general market over the next three to five years.


"There are also opportunities in the western suburbs benefiting from better infrastructure and regional areas such as Geelong, Ballarat and Bendigo. These are expected to outperform many Melbourne suburbs during the same period"

Next Address

CEO of Next Address Julie O'Donohue commented today that vendors now have the opportunity to look towards new marketing methods and selling systems to maximise their returns. Platforms such as hers which utilise really smart match and search functionality and virtual tours to market homes are reducing transactional costs. This all helps the vendors bottom line.


Want to know more?

Sure, the nationwide property market might still be trending down. But optimism seems to be well on the way up.

If you'd like to know how this shifting landscape might affect your selling situation, then please get in touch - we'd love to run through it with you. Click here to discuss your property needs



General | Buying Tips | Selling Tips
Furphies and Property Pork Pies

Furphies and Property Pork Pies

Posted 27 May 2019
Furphies and Property Pork Pies By Kirsten Macdonald Fixed fee real estate is in the news at the moment, causing quite a stir amongst conservative naysayers. There's a floatin...
General | Selling Tips
Real Real Estate Disruption    Matching Self Qualifying Buyers with Motivated Sellers

"Real" Real Estate Disruption - Matching Self Qualifying Buyers with Motivated Sellers

Posted 20 May 2019
Finding Value  With a conga-line of so-called industry commentators, analysts, and experts lining up to dance on the grave of Purple Bricks Australia and its pending exit from Australia,...
General | Buying Tips | Selling Tips | FAQ's, Links and Resources
New Real Estate Laws to better protect us arrive May 1

New Real Estate Laws to better protect us arrive May 1.

Posted 27 April 2017
Thanks to Consumer Affairs Victoria for this great explainer video on the new laws to protect all buyers and sellers.  And remember, selling your home yourself is ...
General | Buying Tips | Selling Tips | FAQ's, Links and Resources
First Home Inspection Checklist

First Home Inspection Checklist

Posted 17 December 2016
Next Address Home Inspection Checklist As you inspect the home, score each of the below categories out of ten. This will give you the chance ...
General | Buying Tips
How to successfully negotiate when buying or selling a house

How to successfully negotiate when buying or selling a house.

Posted 10 October 2016
"Vendors do not need agents to sell their houses, the houses sell themselves." In a recent online real estate article, an agent proudly boasted "vendors do not need agents to sell their house...
Selling Tips | FAQ's, Links and Resources
How to avoid costly maintenance issues  in your new house

How to avoid costly maintenance issues in your new house

Posted 19 September 2016
So you are buying a house. Do yourself a big  favour, some building and maintenance issues are hard to see, so get a professional building inspection.  It is a huge decisio...
General | Buying Tips | FAQ's, Links and Resources
VIDEO How to avoid costly maintenance issues in your new house just by looking up

VIDEO: How to avoid costly maintenance issues in your new house just by looking up!

Posted 19 September 2016
So you are buying a house. Do yourself a  favour, some maintenance issues are hard to see, so get a professional building inspection.  It is a huge decision:...
General | Buying Tips | FAQ's, Links and Resources
VIDEO How to discover any problems or issues in a house you want to buy

VIDEO: How to discover any problems or issues in a house you want to buy

Posted 19 September 2016
DIY is all the go but has the work been completed properly. Suss this out with a building inspection: it may save you $1000's in the long run.
General | Buying Tips | FAQ's, Links and Resources
VIDEO How to avoid costly problems in your new home that you cant see

VIDEO: How to avoid costly problems in your new home that you can't see

Posted 19 September 2016
So you are buying a house. Do yourself a favour, some maintenance issues are hard to see, so get a professional building inspection.  It is a huge decision: this one expense...
General | Buying Tips
VIDEO How to avoid costly plumbing and electrical problems in your new home

VIDEO: How to avoid costly plumbing and electrical problems in your new home.

Posted 19 September 2016
Do yourself a favour; electrical and plumbing problems are hard to see, so get a professional building inspection.  Buying a house is a huge decision: this one expense is truly worth it. ...
General | Buying Tips | FAQ's, Links and Resources
5 Red Flags You Cant Ignore When Buying a House

5 Red Flags You Can't Ignore When Buying a House

Posted 22 August 2016
5 red flags to look for when buying a house. No matter how big of a budget you have, buying a home is a huge financial commitment, and you do not need any additional unforeseen expe...
General | Buying Tips
Are there hidden costs when buying a house

Are there hidden costs when buying a house?

Posted 09 August 2016
There sure are! Let's have a good look and then you will be prepared. In a brilliant blog last year, RealAs outlined an extensive list of hidden costs incurred when buying a ...
General | Buying Tips | FAQ's, Links and Resources
8 shrewd and proven choices to help save your house deposit

8 shrewd and proven choices to help save your house deposit

Posted 13 June 2016
It's winter and a brilliant time to ramp up the deposit saving regime. So how do we suggest you do this and still enjoy your life? Let's explore your choices.  There are a few oldi...
General | Buying Tips
3 powerful questions to ask before jumping into home ownership

3 powerful questions to ask before jumping into home ownership

Posted 09 June 2016
The Great Australian Dream: buying your first home. Buying your first home - the great Australian dream - can be an excellent investment, but think carefully and make sure that home...
General | Buying Tips
Be part of the real estate revolution

Be part of the real estate revolution

Posted 15 April 2016
To us it is creating a service ? So you are thinking about moving house. Do you find the idea of buying and selling daunting, with all the inspections, lost Saturdays, open houses, deal...
General | Buying Tips | Selling Tips
Why Australian methods for selling homes are like old cars

Why Australian methods for selling homes are like old cars

Posted 01 February 2016
The current methods for buying and selling homes in Australia are a bit like old cars. They've been used for donkeys' years and, eventually, it's time to trade them in for faster, more economic and ef...
General | Buying Tips | Selling Tips
7 Tips For Buying A House That Needs Work

7 Tips For Buying A House That Needs Work

Posted 06 March 2017
Are you considering buying a house to renovate, but not sure where to start? It's easy to feel overwhelmed - after all, the difference between a home that's ripe for renovation and a de...
General | Buying Tips | FAQ's, Links and Resources
Look carefully when buying a home

Look carefully when buying a home

Posted 22 March 2019
What a boring topic- building inspections: but this action could really save you $$$$. There are many things you need to do before ...
General | Buying Tips | FAQ's, Links and Resources
8 Exciting Steps to Moving House Successfully

8 Exciting Steps to Moving House Successfully.

Posted 22 May 2020
Let's make the move as simple as possible. Hey! so you have finally found a house to buy through Next Address, your offer is accepted, and you are pretty excited. The next part is pret...
General | Buying Tips
How do I make an offer to buy a house

How do I make an offer to buy a house?

Posted 13 July 2020
You have fallen in love with a home and so has the new puppy.  You want to make an offer.      ...
Buying Tips