The property market 2017
The property market around Australia has been on fire for the last 2 years with record prices being hit and houses selling within 28 days on the market, but where will the prices go now in 2017.
I believe that the houses prices will not to continue to rise to much more but stay steady. For house prices to keep rising we need the average wage to keep rising so the Australian buyers can afford to buy in this market, at the moment we are holding the market strong due to the overseas buyers. The overseas buyers are pumping a lot of money into the Australia house market and once this comes to a stop the market will start to drop.
The prices at the current time are not sustainable for the Australian people with their current wages. Lower prices means more affordability for the first home buyers, and the Australian people, after all why would we want to be in so much debt. Within Adelaide my hometown the prices in some areas are ridiculous to some of the areas just a few kilometers away, for Example i can buy a house in Ingle farm for just 300,000 but 5 kilometers down the road the house price are 600,000 which is double. I think that everything will find its median and the prices that will be hit first if prices do make a decline are the properties with such a large price and which have grown quick over the last few years.
My advice if looking to invest play it safe, search for properties in areas with the average price if 300-370 it is safer and in todays economy you never know what can happen.