It is the question everyone is asking, what will the real estate market do in 2018? As we reach the middle of February, we are starting to see how the predicted trends are playing out.
If you are a first home buyer:
First home buyers are expected to remain a force in the Victorian property market this year after the changes to stamp duty in mid-2017. Properties below the $600,000 mark are expected to be the most popular due to the abolishment of stamp duty for that price range. However, properties purchased by first home buyers up to $750,000 mark still benefit from stamp duty concessions and will remain in demand.
If you are looking to buy your next home:
The growth in the market is expected to cool slightly off after the incredible gains of 2017. Prices are still expected to rise just at a slower rate than previously experienced.
In addition to buying your next home, it is important to consider the resale value of your current home and if moving is actually your best option in the current environment. It is predicted that the number of upgraders choosing to stay put and renovate rather than moving will increase in 2018.
If you are looking to invest:
As the lending criteria for interest-only loans become stricter, it is expected that fewer investors will be entering the market. However, as property investors’ confidence in the market will remain high, the remaining investors who can afford it will seek out properties which allow them to add value and focus on long-term capital growth.
If you are looking to sell:
Despite the prediction that the market will slow, property prices are still expected to rise just at a slower rate than what was experienced in 2017. The key thing when selling your home in 2018 is to ensure that you engage an agent that understands your market and the prospective buyers. An excellent marketing campaign and proper choice of sales method will still achieve a great result in 2018.
If you are thinking of selling, investing, or buying in 2018, make sure to contact our experienced team to discuss your options. We are locals who have an excellent understanding of the area and can assist you to make your 2018 real estate goals a reality.