If you’re thinking about purchasing a home in 2015, or even if you already own one, it’s important to stay informed of any forecasts or outlooks that may affect the industry as a whole. And to do this, you have to do your research. This includes listening to the news, speaking to your real estate agent, or jumping online and doing your own industry searches in regards to published papers and articles. To give you a head start though, below are some anticipated forecasts for the home buyer’s market in mid-2015.
Continued Low Interest Rates
A positive outlook for the home buyer’s market coming into mid-2015 is that the interest rates are likely to continue to sit at historic lows. This forecast even extends to possibly another fall or two in official interest rates before the year’s end. To make the most of this forecast it’s worth doing some research into the information provided on financial websites such as heritage.com.au to see what home loan and interest rates could work for you.
Flat Price Growth
The forecast for most of Australia’s capital cities in regards to price growth is that it will remain relatively flat for most of 2015. This is believed to be due to a weakening economic outlook because of the jobs market. After strong growth in 2013, home buyers can expect the market to stay fairly modest this year with prices sitting somewhere around the inflation rate.
Population Growth
Another outlook for the home buyer’s market is the expected population growth that is predicted to continue in Australia’s capital cities. However, as a result, this could also have a negative effect on the forecast of rising unemployment which will hinder spending, particularly on large investments such as property. However, the forecast is for an improved local economy from the second half of 2015.
Increased Confidence
A positive outlook for home buyers during mid-2015 is the increased confidence from both buyers and banks. Due to low interest rates and flat price growth, banks are actively seeking out new business as more people are able to afford to buy. In the same respect, confidence has also been increased for home buyers, with more people now able to enter to property market and get a foothold in the industry.
As you can see, the forecasts are a bit of a mixed bag. And although these are discussed in a number of places, it’s important to remember they are a general outlook for the industry – not anything that is set in stone. Of course, there are many other outlooks to focus your research on, depending on the location of where you’re buying, but the above information should serve as a beginner’s overview.
What are some other outlooks for the industry you have been investigating?
