THERE is no doubt that some parts of the Australian property market are in trouble, with certain Sydney off-the-plan apartment owners poised to be the biggest losers.
Sydney, Australia (PRWEB) September 03, 2011
The gloomy figures released this week from the Housing Industry Association (HIA) showing New Home sales falling to their lowest level in over a decade hide a large silver lining for potential home buyers and property investors.
Fortunately experts such as Mortgageeproperty.com have launched two websites in Australia and China to help buyers find the best property bargains that are sprouting daily in the Australian home markets in every state.
The HIA reported that only 6,428 newly built homes sold countrywide in July - the lowest figure since January 2000 and 8% down from June, which also declined 8.7% from May. The picture was repeated across Australia with Western Australia having the highest decline with 12.7%, additionally, there were declines of 11.2% in New South Wales; 8.5% in Queensland; 7.8% in Victoria and 1.5% in South Australia.
HIA Chief Economist Dr Harley Dale said: “The July sales results reinforce the marked deterioration in new home building conditions that is so glaring in mid-2011.”
The good news here is that right now is a uniquely good time to invest in property. Experts including Dr Dale concurred: “A competitive building market with less pressure on skilled trades and steady interest rates combine to mean that if you’re in a financially sound position to do so, now is a particularly good time”.
ABC’s Real Estate Analyst Gavin Hegney agreed: “It’s ultimately a positive for the market because this oversupply of properties for sale in the market is being addressed by people buying those rather than building new homes. We’ll come back into balanced supply and demand in the course of time”.
With the sustained fall in the newly built market showing no signs of abating, home buyers and property investors are spoiled for choice in properties and locations. Also, buyers must consider the effect on the market of an increase in interest when sellers realize that there is progress and profit to be made in selling their existing property.