Are you looking at purchasing property but don’t know whether it’s the right investment? Wouldn’t it be fantastic to be able to predict what is going to happen to that townhouse, apartment or suburb? We aren’t fortune-tellers, but we like to think we’ve got a pretty good handle on what makes property and your home loan tick.
Come with us and gaze into our crystal ball and discover what could be in store for the property buyers of the future!
Plenty of people in Australia live in cities, whether that’s a state capital or one of the growing regional hubs. However, it looks like this trend is going to continue right on until 2030, according to research from Commonwealth Bank. In their study on the changing lifestyles of the modern Australian and the potential effects on the property market, they found that there will be 30 million people living in Australia, while demand for multi-unit dwellings in the major cities has also increased.
About nine in 10 Australians already live in the cities, and these statistics spell a continued urban lifestyle for the majority of the population! We could well be seeing apartment living become the norm as more people pack into the cities of the future.
A tree change
On the other hand, we are seeing an increase in the number of people heading out to the regions. City living is expensive, and often even an average capital city dwelling is out of the price range of a young family.
This could be the reason for the CoreLogic RP Data report of the migration of this demographic (along with their children) out into more rural and lifestyle plots, where demand is less and homes are cheaper. It’s a good option for those who want to reduce their mortgage repayments and pay off their home loan sooner, or perhaps don’t have as much borrowing power as more established property buyers.
Could this trend continue? If so, we could well see a more spread-out Australia, as teleworking eliminates the need for a commute to the city and the country becomes more connected by more advanced infrastructure.
The accuracy of predictions
So which could it be? Intensification or diversification? In truth, our crystal ball isn’t always necessarily 100 per cent accurate – the property world is a complex and rapidly-changing industry. It might be a bit of both, or neither at all. While we might not be able to predict the exact future of the property market, we can certainly help you out with your mortgage.
Make sure you get in touch with us if you want to make the most of your home loan!