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The lifting of border restrictions, among other factors, is expected to slow down the property market in 2022 as buyers turn their attention towards travelling and other activities after being stuck at home due to extended lockdowns.
JJ Taylor, managing director of @realty, stated that the rate of price rises had started to slow down after reaching a peak in early 2021.
Despite his own real estate network recording a 2.5 per cent rise in sales to $261 million in November, Mr Taylor acknowledged headwinds are looming with interest rates rising and travel plans on top of people’s priorities.
“With lockdowns ending and social activities reopening, along with domestic and international travel, we are likely to see people spending more of their income on these types of pursuits which may lead to less being spent on residential housing and lead to further slowing in price growth,” he said.
Mr Taylor explained that the slowdown is due to the fact that listings are beginning to surge across Australia, reaching a three-year high.
Albeit this can be a welcome development for buyers, it is, however, not so great for sellers.
The managing director further elaborated: “Increased competition will increase demand, slowing potential price growth and what a buyer might be willing to pay for your property.”
And so, for those who are poised to sell their property, Mr Taylor’s tip is “to do so sooner before more supply comes onto the market and the Australian population shifts its focus in 2022”.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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