Australia’s property market is set to enjoy healthy growth soon after the country elects its Parliament members in September, an industry player has predicted.
Aussie Home Loans entrepreneur John Symond forecasts that the market will continue its recovery later this year, benefiting from the favourable prices and the low interest rates. Symond considers that the sole missing component needed to boost the market further is investor confidence, which will likely perk up after the federal election. He is advising home seekers who have been contemplating a house purchase for a long time to make use of the advantageous state of the market, as they ‘can’t get a much better time than now’.
Symond is upbeat that towards September the market will have started to improve gradually before seeing greater growth after that. Once the election is over, Australians will be more assured that they have chosen a government that can decide on their own, which will ultimately result in stronger confidence.
Speaking to an audience of over 3,000 delegates present at the Australian Real Estate Conference in the Gold Coast, Symond also told attendants that interest rates could decline even more going forward despite their current historically low level. The housing market has already hit the bottom and there are signs that prices are starting to pick up across the country, he noted.
The entrepreneur also considers that it is essential for first home buyers to be able to recognise the market signals rather than wait for additional incentives from the government to stimulate them to buy.