Despite the prevailing tough economic conditions, the downturn in the housing market might be coming to an end, according to Archicentre, the national building advisory service of the Australian Institute of Architects (AIA).
Robert Caulfield, managing director of Archicentre said that while most potential homebuyers are still currently fairly cautious, strong housing demand and a lower interest rate environment are likely to fuel a significant recovery in sales towards the end of this year.
“With the Reserve Bank likely to start reducing interest rates next month, and if commercial banks follow suit, then things will likely ease up for both homeowners and homebuyers, especially for potential first homebuyers,” said Caulfield. “We predict that there’ll be an upturn in the housing market in the last quarter of 2008 …”
For the time being, home purchasers are staying put. Investors on the otherhand are looking to make purchases before further price rises.
Before looking to purchase your next investment, chat with a Klear Picture investment advisor. Call 1300 788 971 to make an appointment.
Treasha Lim
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