Ewan’s Hot Take: Looking into next years market

The real estate market in Australia is experiencing a drop in buyer numbers and stock numbers as the year comes to a close. The market has been impacted by rising interest rates and prices, making it difficult for some properties to sell. Those with issues such as high strata levies or poor building position will need to price their property competitively to attract buyers. However, properties in good suburbs and owner-occupied homes are still seeing good prices. Next year, the housing shortage is expected to continue, with little hope for a quick solution to the problem. Some sales are being held up by planning approvals, with one current sale expected to take two to three years to get approval. The government is trying to address the issue, but it remains to be seen if any radical solutions will be enacted. Overall, the market is expected to remain steady next year with reasonable prices.