Australia’s population reached 25 million in August 2018, and it’s also worth noting that in 2017 the country’s population grew by 388,000 people. At the same time, the unemployment rate dropped to 5.5 percent while 335,000 new jobs were created between 2016 and 2017. Together with the various technological advancements, these stats heavily influence real estate these days. Although it’s always hard to predict home prices as they are affected by a variety of different factors, these trends can help you make an informed decision.
A personal touch
One of the most popular trends not only in real estate but also in all industries is personalization. Nowadays homeowners want more comfort and luxury, and they’re ready to invest in customizing their living space and making it functional. However, this doesn’t mean that aesthetic factors are out of the game. Quite the opposite, visual appeal is more important than ever, so to make sure that both these criteria are fulfilled, check out some beautiful new homes in Australia and take your pick.
Mortgage rates will stay low
Australia’s interest rates have been low for quite some time, and according to the RBA, this trend will continue. This means that mortgage rates won’t be changing either and they will stay fixed at 1.5%. Moreover, some big lenders even decided to additionally lower their mortgage rates in order to recover their share of the market from smaller competitors who have been offering cheaper rates. This will create additional possibilities for future homeowners who will now have more options to choose from when it comes to affordable loans.
Downsizing is a thing now
Certain demographics, Millennials, in particular, don’t want big, expensive homes which require a lot of hard work. Given that younger people travel a lot and don’t stick around in their homes for a long time, they need low-maintenance houses and flats. Such practical homes are perfect for busy people who don’t want to waste their free time, which is pretty scarce these days, dusting and cleaning.
The Millenial generation introduced some new rules in the world of real estate. Short-term rentals are one of them, and homeowners now can earn some extra cash by renting their houses and flats for a couple of days a month. This trend can also be an excellent business opportunity for people who want to invest their money in real estate, as buying a property in a popular tourist area which attracts a lot of visitors is a great idea.
Storage becomes important
A clutter-free living space is a must these days, and more and more people try to get rid of all the things they don’t need. But, what about skiing equipment or a set of tools that you use every once in a while and yet you’re not ready to simply ditch? That’s why adequate storage has become an indispensable part of every well-designed home since it’s not enough to store the winter clothes that you won’t need for another couple of months somewhere out of your way. It’s crucial to ensure that your items are safe and easily accessible.
Despite the fact that there are some brand new trends which dominate the real estate industry this year, it’s important to stress that quality is at the top of prospective buyers’ priority list.
by Amelia Atkins