The demand and supply play a vital role in the real estate market. As the supply decreases, the demand increases ultimately prices will increases and vice versa.
In the Sydney and Melbourne the capital cities of Australia, the house prices are cooling off cause of supply is greater than demand. “The house prices are falling down in Australia the only reason is the availability of properties are abundant and has hit the previous records of building”, said by property valuer Brisbane.
The building of the new dwellings above the rate of construction is the major reason behind the fall in the house prices. Sydney unit property prices reported the largest annual fall since 2006, whereas the Melbourne house prices had the slowest rate of Annual growth since 2012. Brisbane house prices recorded moderated growth and unit prices declined. Overall the falls is major in the cities of Australia like Sydney and Darwin and slightly weak in the Melbourne, Brisbane, and Perth.
According to the Brisbane property valuers – “Spring is the considered as the property season”.
These conditions could improve slightly with the spring market only. As the condition will likely to be the same in the rest year of 2018.
The negative growth impact on the housing value in Australia can’t be noticed earlier because of the strong population growth, good housing affordability, and availability of good jobs at a high rate makes market strong. But on observing it is found that the trend of house value growth is falling down every year in Australia, since 2015.
Now the rate of building new homes will go slow down. The future estimate is the prices will go up when buildings and supplying new properties will slow down.
The Irony is – the market is falling, house prices are cooling off but still, people aren’t able to afford the houses in Australia’s capital cities like Melbourne and Sydney. As per the expert’s concern, the major steps should be taken to improve the housing affordability of the people. A collective step should be taken by the government on every level to uplift those who aren’t capable enough to buy a home, who are buying a home for the first time and has low income.
The corporation for housing is built by the government who provides loan and mortgage at a low price and low terms to support those who can’t purchase a home and make housing more affordable and easy.
The property valuer suggests – “The Government should come forward in this matter to help people in buying their homes.”
Before making any decision where property prices are falling, the market is stable, supply is high or in any ups and downs contact the Sydney property valuer for the best property valuation services Sydney at an affordable price.