What really drives the property market?

With property market predictions and forecasts constantly in the news, we have taken a look into different factors that drive the property market and how these can impact your buying or selling journey.

You do not have to be a property expert or a global economics professor to understand some fundamental property market drivers. All you need is a little awareness.

Have you ever taken the time to think about what really drives the property market?

Below is a brief snapshot outlining some of the key driving influences:
• Supply and demand.
• Interest rates.
• Reserve Bank decisions.
• Media and the news.
• Property listings and sales figures.
• Demographic changes.
• Stock market.
• Global economics.
• General market confidence, and
• Sometimes, it is our perception that drives the rise and fall of the property market.

Yes, there are real influencing factors (as mentioned); however, when making decisions, make sure you base it on facts, not what you feel from the media and news. Confidence in anything, or a lack of it, can be a powerful influence on someone’s future success.

When looking to buy or sell a property, the most important aspect to monitor and research is factual data (that can easily be obtained online from reputable sources) such as:
• Median prices for houses and units.
• Growth in values for houses and units listed for sale.
• The number of property listings and comparisons to previous periods.
• Average sales for houses and units.
• Average ‘sold’ values and fluctuations to previous periods.
• Rental prices and vacancy rates.
• Average days on the market before renting or selling.
• Planning applications in the area.
• Local amenities.
• Auction clearance rates.

If you are thinking of selling, buying or investing our team can help successfully guide you through the process, contact us 131 629 today!