Will 2023 be a brighter year for those in the market for a home? At Home Loan Experts, we’ve delved into market trends and gathered expert insights to provide you with a clear understanding of what’s to come. Whether you’re a first-home buyer or a seasoned investor, our blog offers valuable information to help you make informed decisions. Read on to find out the outlook for homebuyers in Australia.
Positive Indicators For The Australian Property Market In 2023
As we look to the year ahead, there are several positive indicators for the Australian property market that are worth noting.
The Australian Government has taken numerous initiatives to improve access to homeownership and stabilise the housing market. Various schemes provide grants to eligible first-home buyers and owner-occupiers for building or renovating their property or making it easier to purchase a home with a smaller deposit. Additionally, shared-equity schemes reduce the financial obstacles associated with purchasing a property for eligible applicants. These programs will allow more people to become homeowners in 2023.
Global Economic Recovery
Consumer confidence is growing, leading to heightened demand for home purchases and creating new opportunities for investors. The return on consumers’ spending will bring additional disposable income, which could be used to invest in the property market, reinforcing demand. It is believed that the country’s strong economic foundation, combined with its robust real-estate sector, has created an outlook for growth and stability in Australia’s property market over the long term.
Stable Employment Market
The strong correlation between job security and real-estate investments makes a stable employment market an essential factor for the long-term health of property markets. Current projections for 2023 are encouraging, with unemployment rates expected to continue downward. This positive outlook strongly suggests that more people will feel secure financially and be able to invest in a home. Alongside this, the economic recovery should help stabilise the employment market further, creating an ideal environment where prices can rise with access to ample finance and real estate opportunities. With the right conditions and support in place, this stability in the employment market can propel the real-estate sector forward, providing fresh options to potential buyers.
With the return to normalcy after Covid-19 restrictions, more prospective buyers will be encouraged to look at properties in person. This is especially true for first-time homebuyers who may have been waiting for the right time to invest in a property. The return of in-person viewings is expected to revive sales activity, leading to an increase in demand for homes and more opportunities for both buyers and sellers. Since the impact of restrictions has caused disruption in the market for some time, this new level of mobility should be seen as a much-needed breath of fresh air for the industry.
Get Help From Our Experts
Buying a property can be a complex process, but it doesn’t have to be. Home Loan Experts can help you navigate the market and get your home loan approved. Trust us to help you reach your property dreams. Call us on 1300 889 743 or complete our free online assessment form today.