Although the latest HIA report highlighted local booms in some areas of Australia, other regions experienced significant stagnation.
To provide an overview of these complexities, SBS Radio Indonesia interviewed real estate veteran, Hendra Wijaya of Richardson & Wrench Maroubra, to provide expert analysis of the current property landscape.
Hendra Wijaya explained that the Australian property market is currently being affected by rising interest rates and global economic uncertainty. In general, property prices with land values are still stable, while the apartment market tends to stagnate.
Although Sydney and Melbourne have stagnated, cities such as Brisbane are actually showing potential for improvement as infrastructure development factors in the run-up to the Olympics.
Regarding the government's policy on negative gearing and capital taxes, Hendra advised investors to keep a close eye on the direction of the policy as it has a strong effect on buying and selling interest.
For prospective buyers, this period is considered a favorable “buyer's market” because prices are not very competitive, so the opportunity to get a fair price is more open before the market surges again in the future.
Hendra also stressed the importance of considering locations with government infrastructure development plans, such as Metro lines, Light Rail, as well as areas around new airports in the Western Sydney region (such as Leppington).
For those looking to sell or downsizing, he reminds that the auction method is just one way of selling in which the owner remains in complete control of the price.
His main advice for the public is to make a transaction immediately if it already has loan approval from the bank and find a property that is reasonably priced.
*Disclaimer: This information is general and does not constitute legal advice. *
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