News

What to expect in property in 2019

02 January 2019

As we move into the new year of 2019, homebuyers have the best conditions they’ve had for years.

Auction clearance rates have plummeted and it will mean more homes will be sold this year privately, giving buyers much more leverage to negotiate on price rather than having to compete with fellow buyers.

WBP Group buyer advocate Greville Pabst spoke to News.com about what to expect in 2019.

“There has been no better time in the last 30 years to buy good property,” he said.

“Making good decisions now will set buyers up for the next upswing between 2021 – 2025.”

“Stock shortages will be acute by then if we continue to undersupply the housing market at the current rate of population growth.”

For first-home buyers, Advantage Property Consulting director Frank Valentic said they would be busy and driving sales for cheaper homes.

“Families have to buy and sell for emotional reasons, they are buying because they need to time babies, not the market,” he told News.com

Barry Plant Group CEO Mike McCarthy also gave his thoughts to the coming year to News.com, saying it was the middle and outer rings of Melbourne that still had some price fall pain to come.

“Suburbs that are already back to that 2016 level have seen the bulk of their falls and might be starting to bottom out,” he said.

“The Labor Party’s proposed changes to negative gearing and capital gains tax are going to have an impact.”

“We’re at high risk of having an overcorrection, which would have a broader economic impact.”

“The government will need to make sure we don’t overcorrect.”

 

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