07-02-20

MARKET UPDATE FEBRUARY 2020

Welcome to our first report of the new decade!

What will the 20s be like for property markets in Australia? Unfortunately, no one has a crystal ball to be able to accurately predict the future, but when it comes to property, it’s crucial to be aware of current trends to help you make the best possible buying or selling decisions.

There are clear signs that major Australian property markets like Sydney and Melbourne are recovering after a couple of tough years, while other markets like Perth and Darwin are still struggling.

The start of 2020 sees the introduction of the federal government’s First Home Loan Deposit Scheme to help first home buyers to enter the property market sooner.

The Scheme will enable up to 10,000 eligible first home buyers per year who have a deposit of as low as 5% to obtain additional government-guaranteed finance to avoid the cost of lenders’ mortgage insurance.

According to the latest CoreLogic figures, the average Australian homeowner currently keeps a house for 9.8 years before selling, and a unit for 8.4 years.

 

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