- Posted By Jasmine Adams
The housing market has been breaking new records across multiple fronts throughout 2021, leaving home buyers wondering if they should buy now or wait in the hope that more homes become available, and at more affordable prices in 2022.
We have had a great influx of fantastic properties come to market this year offering choice for new homeowners and investors. However we do still believe that in Broome prices will continue to rise at least for the remainder of this year particularly with increased tenant demand which may add pressure to rental prices.
Many of us are faced with increased pressure of limited staffing choices and with the boarders now remaining shut we are uncertain when that will change. Depending on what happens with our boarders we could potentially see many relocate to WA where will not have enough properties to cope with the influx.
We are also seeing many Australians now diversifying their portfolios and choosing to have investments in other areas which has been good news for Broome investors. WA has been predicted to be a growth area which has certainly caught the eye of many potential investors across Australia.
Also adding pressure across WA's property market is new builds which have been affected by increased building costs from supply and skill shortages. Depending on whether you’re the buyer or seller, you might be very happy or very disappointed to learn that home prices are poised to rise in 2022. While headwinds like rising mortgage rates and a significant uptick in Covid-19 cases may impede price growth, they won’t stop home price appreciation from climbing.
There are unforeseen variables that can alter the course of real estate at any time, so the best strategy is to make sure you can afford the house you buy and still have room to save up for rainy days.
You should also plan on living in it for at least five years or enough time to cover your settlement costs, so you don’t end up losing money when you sell.
Would you like some assistance navigating the current market trends? Contact our team here.