6 things to know before buying property in 2023
This year is looking like an ideal time to enter the property market – or expand your portfolio.
So, whether you’re upsizing, downsizing or hunting for the perfect investment opportunity, here are six things to think about when climbing the property ladder in 2023.
With economic uncertainty and rising interest rates, it's natural to be nervous about making your next property move.
But despite the doom and gloom headlines being splashed in the media, rising interest rates and softening property prices, economists say the year ahead still holds plenty of promise for savvy investors and property buyers.
“This year there has been a bit of an improvement in sentiment,” Anne Flaherty, economist at realestate.com.au says.
“We’ve started to see listing picks up, which shows confidence is returning, and auction clearance rates have increased since last year, which is a sign that selling conditions are improving.”
When the Reserve Bank first started rate hiking, Flaherty says there was enormous uncertainty around how high and how fast they would move, and that shock led a lot of people to hit pause on entering the market. But there are always going to be people looking to buy and sell.
“People have been hesitant to sell because of economic uncertainty but we know from REA data there is still pretty healthy buyer appetite out there,” she says. Read More..
