Whether you are a buyer or a renter, the overall rise in the cost of living, along with rises in the cost of housing and interest rates, has made the past couple of years quite challenging for many.

So it was interesting to read through the results of the most recent Westpac Housing Pulse, a quarterly report on the Australian housing market. This data, which was published in June, showed that there has been a recent upturn in market sentiment towards the housing market, and it’s not just because interest rates are falling again.

Of particular interest was the confirmation that whilst first home buyers, (the market segment most influenced by movements in official interest rates), are still being cautious, the of current home owners planning on upgrading to their next home was up by close to 30 percent on last year and 30 per cent above the average since before the pandemic.

This change in the market was particularly clear in Victoria and NSW, with a huge increase in positivity being recorded over the past year here in Victoria.

As we have suggested in A NUMBER OF PAST POSTS, there has also been a similar upturn in confidence among property investors. For example, the number of Australians planning to purchase investment properties was up 12.4 percent on the 2019-25 average.

When you add these trends together, there is certainly an increasingly strong argument for taking action sooner rather than later, whether you are looking to get your foot in the door for the first time, or perhaps taking your next step on the property ladder.

Don’t forget, if you’re looking for experienced and objective property advice, you can give the team at Barry Plant Thomastown a call during the week on 9466 3233.

We’d be more than happy to help.

Regards,

Con Constantinou

Barry Plant Thomastown