The Australian housing market took a downward marketing spiral, falling at an increasing rate from 2018 to early 2019 due to the restrictions on lending and an increase in the inter-bank Bank Bill Swap Rate that led to an increase in mortgage rates.
To make matters worse, the pandemic hit, and property prices fell further by 2.1% between April and September 2020. Thankfully this didn’t last long. According to the latest PropTrack Listings report, the first quarter of 2022 was the busiest in eight years when it came to new real estate listings.
Latest reports say that properties for sale across the country are flying off the shelves even as property prices rise. And as prices continue to soar, buying a home has become a matter of “now or never” for many.
Leading real estate experts suggest that the market will reach an equilibrium later this year, so if you’re looking to move to the country and buy a house, it’s time to get started!
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