2019 will be the year of the home buyer as tighter lending conditions force many investors out of the market and present new opportunities for home buyers, according to the Real Estate Buyers Agents Association (REBAA).
President Rich Harvey said with interest rates earmarked to stay low and with fewer investors in the market, 2019 would be a great time for home buyers to move on or up the property ladder.
“The market has certainly softened in many parts of Australia but for those home buyers who are sitting on their hands and waiting for the market to keep falling, they may find they miss out,” said Mr Harvey.
“There are many factors that will make 2019 a great time for home buyers to take advantage of the opportunities that a softening market presents and we’ll certainly start to see more first home buyers coming into play.
“Tighter lending conditions will see buyers competing against fewer investors and with less competition and fewer people bidding, home buyers should be able to negotiate some good deals.”
The five reasons are:
- Rates are more likely to go down than up.
- Tighter lending conditions by banks will see fewer investors in the market, thus less competition for properties.
- Great time to upsize or downsize in a softening market.
- Natural population growth and migration will continue to drive future demand.
- Federal election will present an ideal opportunity to buy as market sentiment is adversely impacted by elections.