Property market observations usually focus on the numbers. Whether it’s about capital growth predictions, interest rates or even how many millions of dollars a government has pledged to improve roads, the numbers are central to the real estate commentary. 

 Still, unless you are a substantial property investor, much of this numerical navel gazing may not be that helpful if you’re seeking to upgrade into a family home or make your first sortie into bricks and mortar.

 When upgrading a family home, for example, if you buy and sell almost simultaneously under similar market conditions, then the state of the market is practically immaterial.

 Upgrading your home in a slow or falling market is even beneficial. You might get a little less for your current property, but you’ll save even more on the more extensive property you’re buying for your expanding family requirements.

 Besides, most Australians have done well with quality, well-located property over the last decade. According to MoneyQuest, in 2011, the average house price in New South Wales was $540,800. By 2016, it was more than $823,700[1], and today, the average NSW house price is just above $1.2 million. 

 As of March 2022, the average house price in New South Wales rose by $675,200 since March 2012, with Victoria’s figures not far behind. That’s a capital gains increase of 123%, which makes for a solid investment. Better still the family home is capital gains tax-free. Also, by owning a quality, well-located property, you’re not taking your money on a rollercoaster ride like those with savings tied up in shares or crypto currencies.

 No matter the condition of your local property market, it’s crucial that you do your research and wear out some shoe leather visiting properties on your shortlist and in your price range. However, if you’re sitting on your heels waiting for market conditions to change, you run the risk of missing out on your dream home.

For more information about the property market in your area or region or about selling or buying your next home, contact your local Raine & Horne office today. 

[1] https://www.moneyquest.com.au/news/house-prices-in-australia-last-ten-years/