Whether or not the year ahead fills you with excitement, fear or anxiety, one thing is for certain the property market will be one of the most closely monitored sectors across the country. Wouldn’t it be amazing if we had a crystal ball at the end of each year to predict exactly what was in store for the year ahead? Without the benefit of psychic ability Nick Thornton senior sale consultant and director of Harcourts Chermside has researched what the industry experts are saying and has put together a list of the top Real Estate trends and predictions for 2018.
MODERATE PRICE GROWTH, EXCEPT FOR BRISBANE
With a slowdown in the Sydney and Melbourne market it is predicted this will help moderate the Australian housing market throughout 2018. Property prices are predicted to be slower in most capital cities, although Brisbane will experience slightly stronger gains than those experienced in 2017, according to industry experts. However, there is still a surplus supply of property listings in the unit market which will hold back growth and will affect rental vacancies numbers. Housing affordability is likely to continue to deteriorate in 2018, with growth in property prices outpacing wage growth.
FIRST HOME BUYERS GRANT EXTENDED TO 30th JUNE 2018
The Queensland First Home Owners Grant has been extended until the 30th June 2018. This Government initiative is to help first home owners to get their new first home sooner. Either buying or building your new house, unit or townhouse (valued at less than $750,000) You can buy off the plan or choose to build yourself.
INTEREST RATES UNCHANGED
The official RBA interest rate is likely to remain at 1.5% throughout 2018. Australia’s economy is still operating below its potential with economic growth not strong enough to justify an interest rate increase. Fortunately, the RBA will be pleased our property markets are cooling and will feel the need to use rising rates to slow the market.
DECISIONS, DECISIONS FOR INVESTORS
With market forecasts of subdued growth many would be investors will be questioning whether property still represents a smart investment. On the other hand, strategic investors who have a long term outlook will see the period of slower growth as a perfect buying opportunity. It is always best to talk to your accountant or financial advisor before making a real estate investment, it is so important to know what name to purchase the property in (family trust, company name or other names).
ONLINE IS KEY
Without a dominant online presence, real estate agents and the properties they market won’t be seen. Buyers and sellers are now looking online first, not only to find your contact information, but also to see your credentials and digital footprint. Transparency is key in 2018, ensuring a good track record and making agencies and agents accountable for their actions will be highlighted like never before.
NEXT LEVEL SOCIAL
Social media has never been more social, from Facebook and Instagram to Snap Chat and LinkedIn, there are so many options to connect in a whole new way. It is interesting to see the age bracket from 21 - 55 makes up 85.7% of Social Media market and 65.8% of these use Social Media to buy real estate. Social Media is predicted to be the most powerful tool for broadcasting messages and without a heavy investment in this area real estate agents will get left behind. Video is also expected to dominate in the year ahead, it achieves a greater audience than most other posts across all social media platforms.
TECH SAVVY HOMES
Smart home automation is expected to hit next level in 2018, due mainly to the growing mass market appeal for tech gadgets they are becoming more affordable for the general population. Home owners and investors need to the stay ahead of the market and rethink how they can integrate the latest gadgets and gears into their homes. Things like niche pieces of technology for shading and lighting will be a major focus as well as fundamental parts of the home like security, sound systems and hardwiring.
In 2018, it is predicted real estate agent’s mindset will change from ‘selling anything’ to specialising and paying attention to certain sectors of the market, like million dollar or investor dominate properties. The key to specialising will be paying attention to the small nuances as these will make a big difference in how a home is presented.
"GEN Z" IS COMING
There is a new cohort on their way to take over from the millennials, Generation Z (born since 1995). Their tastes and preferences are set to come under the microscope like never before and it’s predicted they will become the most powerful and eclectic group of consumers to date.
Harcourts Chermside has been recognised as a leader within the industry and is proud to be part of the Harcourts Group. Contributing factors behind the success of Harcourts is the depth of knowledge, experience, our ability to accurately predict market movements and our sales success. The company was established in 1994 and Harcourts Chermside has contributed to the growth and development of Chermside with many property investors and developers profiting from our many years experience in the local area. Our professional team of Sales Agents, Property Managers and Administration Assistants have been handpicked and trained to reflect the high ideals and standards with which we work towards. So if you are searching for a top real estate in Chermside call us today!