Where is the Property Market now at?
There is some evidence to show we may have reached the bottom phase of the market over the last month. The cash rate remaining unchanged this month is also positive news. It’s important to note that our region in Shellharbour and surrounds sometimes takes a few months to show the emerging pattern of the Sydney market, so at this stage it is still a wait and see approach, but there is some optimism in the air. Below is a statement taken from the Financial Review this week.
“Under more normal circumstances, a period of moderating declines followed by two months of positive movements would probably be enough evidence to call a turn in the market. However, the current environment was far from normal. We know a great deal of uncertainty remains ahead, [so] we remain cautious in calling a trough in the housing market just yet. I wouldn’t be surprised if there is some renewed confidence in housing markets starting to return which could see housing prices continue to flatten out or potentially record modest growth over the coming quarter.” said Eliza Owen, CoreLogic head of research.
For more information regarding the current market, please give Michelle Mannex a call on 0407986455