The future of the cj real-estate market is in your hands
A few years ago, the global real estate market was in free fall.
Real estate was in a bear market, with prices falling by more than a quarter in three years.
But since then, the markets have rebounded strongly.
What is happening to the market?
And what should you do if you’re a buyer?
That’s the question asked by Simon Sweeny, co-founder of Sweenys Real Estate Strategy Group and a professor at the University of Melbourne.
“The problem is, it’s not really clear what is causing the rebound in prices,” says Mr Sweenies.
He thinks the major reasons for the rebound are a reduction in the supply of apartments and condos.
“I think people are still looking for bargains on a variety of properties, particularly for a second home, so I think they’re looking for a deal,” he says.
“If they can get a bargain, they’re going to do it.”
So how do you pick the best deals for your needs?
That can be tricky.
Mr Sumberys advises against buying a property if you’ve got the money, or you don’t like the location, or the land, or your income.
“In Australia, we tend to buy in the centre of the city and it’s easy to get a good deal.
But if you want a bigger, more exclusive property, the cost of a property can be really, really high, particularly if you donít have any equity,” he explains.
“And if you can get the land in a city with a good heritage, it can be very attractive to people who live in the CBD and can’t afford to buy a home elsewhere.”
But what should people do if they want to buy?
But you can still make money from the market. “
There is an absolute shortage of housing in Australia and itís going to continue to get worse in the coming years.”
But you can still make money from the market.
If you have a good credit history and a clean credit history, you can make a lot of money from your investment.
But what is a good portfolio?
Mr Jolliffe agrees, saying, “You can’t go wrong with buying a house that has been well-managed for many years, has good insurance and is managed in a way that’s not overly speculative.”
He recommends buying a home that is a mix of commercial and residential properties.
“Some people prefer a smaller house and think that thatís where theyíll be better placed in the market, but I find that people are buying more residential properties in the big cities and that’s just because theyíre getting more affordable rent,” he adds.
“It is also a bit of a mistake to buy too many commercial properties because if you do, you will end up having a lot more money invested in real estate.”
So what do you do when you need to sell your property?
Thatís where a different approach is needed.
A buyer will need to make a decision about the value of their home.
A lot of people are concerned about the market’s price rise.
The biggest fear is that they will have to sell, which can put them at risk of losing all their money.
But for the average person, they can make money by selling and buying property in the same place.
“A lot of times when people are selling, they are looking to save money.
They are not looking to cash out, which means they are more likely to be able to afford to keep the property,” says John Smith, CEO of real estate advice firm Lendlease.
“So in that situation, the key is to be willing to let them sell and to sell in the location that suits them.”
But Mr Smith warns that the market is still recovering from the 2008 global financial crisis, so there are always risks.
He also recommends people keep their expectations in check.
“One of the main factors that makes a property very attractive is if the seller can demonstrate that they are in good standing,” he points out.
“This will allow the buyer to know whether they are making the right decision and, if not, how to get them out of it.”
And if you are a buyer who is worried about the real estate bubble bursting, there are things you can do.
Mr Smith says the key thing is to make sure you have all the facts before you make a purchase.
If there are any doubts, you should contact the seller.
But don’t panic if you find you have no choice but to sell.
The first thing you should do is check with your local property council to make certain you have the right property for you.
“People will usually tell you that they have been through a lot and it will make it easier to understand what is going on,” Mr Smith adds.
If all else fails, contact the local housing association.
“Housing is a really important aspect of our lives and if we can help ensure that the housing market