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WHERE TO NOW? Real Estate News - May 2009

Monday, May 11, 2009

The real estate market continues to confuse and confound us all including the experts as the economy bumps along.

With negative input from the media and the real estate agents attempting to establish where the market really is going it’s been a very interesting period.

We are seeing First Home Buyers becoming very active in the market prior to the official end of the current First Home buyers grant on June 30^th. This demand has caused a shortage of listings in this end of the market as evidenced by the “sold” signs everywhere at present. What will happen after June 30^th we really don’t know but if buyers have bought well and done their affordability homework properly we should see a maintenance of property values with a slow rise over time.

The mid range of property is still relatively quiet but enquiry is increasing and to our surprise there is still genuine enquiry for “top end” properties, all subject to buyers looking for “value for their money”. A good time to look at property with low interest rates and a steady market.

The long term will need to be watched carefully but the experts tell us that Australia will fare much better than the USA and Europe as we move through the downturn and these same experts are suggesting that we will see light at the end of the tunnel in late 09 and into 2010. No boom times just steady as she goes.

To sum up then there will be opportunities for those in a position to purchase property at lower prices than they might have done in 08 provided these buyers do their due diligence. The world as we know it looks as though it will continue and people will still need to live somewhere…demand for real estate will continue ..perhaps we are over the worst of the decline. Be cautious but look for opportunities.

Happy hunting!

Garry Gilkeson

Inglis Property Macarthur

- Garry Gilkeson

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