Over the course of the last 12 months, the property landscape has been transitioning from a seller’s to a buyer’s market. The shift has inspired some pretty reckless media coverage and warnings of catastrophic economic meltdown. Granted, this has been great for selling newspapers, but it’s not really reflective of what’s happening out there.
The reality is that Australia isn’t one homogenous real estate market. In fact, it’s made up of many distinct markets, each marching to the beat of its own drum. While Sydney and Melbourne have seen property prices fall from historic highs, Brisbane and Perth are experiencing resurgent interest, and Hobart is practically booming.
The good news is that for people with multi-year horizons - especially first home buyers, who’ve been priced out of things for some time - the less frenzied market conditions represent a great chance to get a foot in the door. And it’s not just first home buyers; savvy investors continue to snatch up quality product with appreciation potential over the long-term.
Speaking of the long-term, what we’re seeing today is nothing new. As a company that’s been in the business of property since 1924, we’ve seen countless ups and downs over the course of 95 years. What we know for certain is that market conditions ebb and flow with the times, but Australia’s love affair with property endures. The keys to buying well are quality and resilience. Quality in the build, masterplan, location, and services around you. Resilience in the location’s ability to project a strong sense of place and pride.
This is what we keep in mind as we design and deliver the communities of tomorrow. Places that will stand the test of time and our residents are proud to call home.