What Can We Expect in 2017 For The Real Estate Industry

Despite a difficult few years in the global economic climate, the Australian real estate industry remains in a strong position. We weathered the recession, powered through economic uncertainty, and maintained a stable financial state throughout 2016, and 2017 is set to continue in a similarly optimistic vein. Unaffordability is still an important issue in real estate across the country, so seller stimulation will be key, but the record-breaking reduced interest rates and foreign demand should lead to some positive changes across the board.

As far as the real estate market is concerned, we should see commercial real estate development continuing to grow throughout the next year, with international investments pouring in, hoping to take advantage of the strong Australian infrastructure and profitable markets. Retail and commercial development should see the strongest growth, as global industry turns away from the uncertain Eurozone and Western markets towards the more reliable Australian climate.

In Sydney, the warmer weather heading into 2017 should lead to a substantial increase in housing supply, and while the record-low interest rates set by the reserve bank haven’t led to as strong a supply boom as we had hoped, confidence in the real estate industry should improve in 2017. We hope to see some significant growth in property investment as the year progresses, with investors taking advantage of these lenient interest rates.

Buyer confidence levels will remain strong in the Gold Coast Region in 2017, thanks to continuing infrastructure development, a flourishing tourism industry, and the excitement generated by the upcoming 2018 Commonwealth Games. The prices of real estate in the Gold Coast has continued to rise, but value should begin to grow at modest levels in the coming year. New developments and property will continue to spring up throughout the Gold Coast throughout 2017, with international buyers leading the charge.

Ranked as the world’s most liveable city for six consecutive years, what can we expect for Melbourne in the next 12 months? In short, we can expect growth for many areas of this great city. The outer suburbs were getting attention throughout 2016, so this is a trend that may carry throughout this year as well, with days on market for outer suburbs the lowest in Victoria.

While any predictions made this early in the year are simply that – predictions, we can all agree that it will be another exciting year for property in 2017. Make sure and do your research before buying or selling to ensure you get the best outcome for you.