It takes a lot more than a pandemic to shake up the property market! There has been plenty of resilience and growth observed throughout 2021, despite unprecedented lockdowns and restrictions. So how exactly are we faring? It’s worthwhile keeping up with the trends that drive the real estate industry, especially for homeowners and investors. In this latest Think Property & Co blog, we unpack the most prominent changes.
Time for a tree change!
According to tax depreciation schedules ordered throughout the previous financial year, tree changes or ‘internal migration’ was in full effect. Both owner-occupiers and investors in Metropolitan Melbourne saw the benefits of regional housing, especially the depreciation deductions available. Of course, these returns will vary with different property types and individual circumstances. However, with more rental interest in regional areas, many owners and investors also took advantage of a growing demand.
Next size up, please!
As more people opt to spend time with loved ones, houses are gaining more sales attention than their apartment or unit counterparts. This trend could also be attributed to investors looking at regional or suburban alternatives as apartment stock in CBD areas reach a new high.
Homebuyers on the hunt.
According to the ABC, property prices are increasing at their fastest rate in 17 years! In March 2021, the Australian Bureau of Statistics (ABS) has also found that $22.4billion of new housing finance was driven by home buyers, with a lesser $7.8billion from property investors. However, as most Government incentives such as the HomeBuilder Grant have closed their applications, we may be expecting the return of investor activity in the coming months.
Want to know your property’s worth? Think Property & Co would be delighted to conduct a complimentary obligation-free appraisal to determine your home’s value. With over 30 years’ experience in real estate, our team has extensive experience collaborating with homeowners and investors to achieve their goals. Start a conversation today!