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C&G's Guide to the 2020 Property Market
The property market has been enjoying the magic of new beginnings (in the form of a fresh new year, that is). The last quarter of 2019 presented the largest market gains in a decade, with our very own hometown Melbourne leading the charge. The RBA’s dramatic tax rate cuts have certainly paved the way for an exciting year in property, encouraging more buyers and sellers to enter the market. Just two months in, what trends can we expect to emerge in 2020? This C&G blog unpacks the current market … and attempts a little crystal-ball gazing into the twelve months to come.
January is typically a quiet month for the real estate industry, but Melbourne broke that tradition with a 8.2% capital increase for housing and unit values. It was reported that over 8000 new listings made their way onto the market, as more homeowners saw potential in capitalising on rising prices. Likewise, lower interest rates also encouraged first-home buyers to seize their opportunities. Researchers believe it’s likely this momentum will be maintained throughout February and March, with vendors prepped and ready to close new deals.
But of course, not every Australian dreams of purchasing a house. Many people are opting to lease long-term, treating rental properties as they might their very own. As highlighted in this previous C&G blog, reforms to the Residential Tenancies Act will be in effect by 1 July 2020, improving the renting experience for tenants and landlords alike. Vacancy rates are expected to decrease, pushing rental prices higher. It is understandable that experts are predicting more rent increases and tougher competition amongst tenants. It’s more critical than ever to ensure your rental applications are accurate and appealing, making the best possible impression on a prospective landlord.
Chisholm and Gamon have worked with tenants, landlords and homeowners for many years, and have accumulated a decades-deep knowledge of the Bayside property landscape. Got a question regarding your assets? Make us your first port of call!