What’s up with the Housing Market?

What’s up with the Housing Market?Welcome to the Australian Heritage Homes blog! We’re thrilled to have you here and impart upon you the wisdom and passion that we’ve gained over the decades that we’ve been in the business. We created this blog as an extension of our Website to explore and showcase, not just what goes on in the process of building your next dream home, but the broader industry and how it both effects our work and can impact

Don’t fret, the title of this post is an objective question. Today on the Australian Heritage Homes blog, we’re discussing what’s going on with the market that dictates where we live and how we live. It has a surprising impact on the place you call home, with variables ranging the day and time that you sign on the dotted line, to catalysts like weather and environment that you have no control over. It depends what the general economy looks like and what the state of affairs are with local, national and global government leaders. All of these pieces of the puzzle come together to form the almighty housing market.

There are years when it’s great, and years when it’s not so great. Currently, it’s latter. Let’s look at some facts, thanks to Business Insider Australia:

  • Home prices in Australia have fallen 2.7% just over the past year. They know this thanks to data from CoreLogic.
  • The most expensive homes have seen the steepest falls.
  • According to Morgan Stanley, this won’t be the case for long as values are dropping on more affordable homes.

This marks a full year where prices have fallen twelve months in a row. The cities that are seeing the greatest impacts of this are Sydney (down 6.1%) and Melbourne (down 3.4%). Melbourne is a newer addition to the list but has been hit hard over the last few months.

As noted above, this was limited to higher priced homes, but recently more affordable homes are seeing it as well. What was a weakness at the very top of the housing market is trickling down to lower valuations (the way that homes are valued, based on their price and on the state of the market.

Tracking the housing market can be stressful, but it’s vital and can prove valuable to you as you make one of the biggest decisions of your life. You can take advantage of many online tools, just make sure that you do your homework. There are many independent analysis companies that may not share consistent information. That’s why it’s always best to look at what has been accredited by the government, so that you know that you’re getting the right numbers and tools.

As always, reaching out to the Australian Heritage Homes team with any questions, comments, or just the desire to discuss anything that we share on the site. Again, we’re passionate about what we do and committed to ensuring that our customers are set up for success, navigating their next dream home.