If you’re considering selling your North Brisbane home, here’s our exclusive North Brisbane Property Market Forecast 2019.
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North Brisbane Property Market
At start of each new year we like to take stock and review how the year ahead in real estate is shaping up.
Already, there are several factors that could come into play in 2019 that could affect house prices including:
- the royal commission into banks is already having an effect;
- this year’s Federal election;
- and also interest rates.
Why is the royal commission already causing angst in the housing market? The banks have already tightened up lending practices. They are requiring more and more information from borrowers checking incomes and the like. This is slowing down the sale process and knocking out potential buyers from the market place.
The Federal Election
If the coalition win the election, not much will change. If Labor win, there is a lot that could affect the proposed changes to negative gearing rules which is likely to have some impact on all real estate. While the complexities of the proposed changes and impact are unknown, restricting negative gearing to new properties will send investors either to distant outer suburbs where rents will be lower and a less attractive option for investors, or to new units in the inner-city centres where there is an abundance of dwellings and low rents as well. Many observers question the practicality of this policy.
Changes to the superannuation for tax rebate to shareholders in super funds is expected to impact retirees and their income. Again, this change could impact on real estate sale. Some retirees might decide to downsize, others may choose other investment forms.
There is a lot of talk about interest rates going up. If interest rates do rise this will certainly impact the real estate market. More properties will become available to sell with less buyers in the market place to buy these properties. This will cause seller stress and more than likely result in lower sale prices.
The Royal Commission, now concluding with the final report due in the early part of this year, has already influenced the property market with finance availability becoming harder to obtain – particularly for those wanting to purchase property in SMSF’s and investment properties. Owner occupiers are undergoing more scrutiny to obtain finance with loan applications taking longer to process.
So, what will 2019 bring to the market?
My personal opinion of the market in 2019 is that there will be a slowing in the volume of sales.
- Current sale prices should hold steady throughout the year.
- If interest rates do go up, 2020 could be a very interesting year.
- I’m expecting the banks will ease their lending criteria, after all, they are market driven and the need to lend money out to be profitable.
- A government change will be more inconvenience then disruption. They will soon realise that changing negative gearing will see less investors and increase in rents as did happen in the early 1990s under the Keating government. But only time will tell.
North Brisbane Property Market Forecast 2019
To speak to our experienced real estate agent and find out how the broader property market changes may influence the sale price of your home, speak to Gott Realty for a no-obligation free property appraisal.
You can also enquire online or call us 07 3264 2440.
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Gott Realty service Albany Creek, Eatons Hill, Cashmere, Warner, Lawnton and Bray Park and many more areas across North Brisbane. Learn more here on our blog.