Everyone seeking to enter the Australian property market in 2025 will be paying closer attention than ever to the fortunes of local real estate.
A mixture of economic uncertainty, low unemployment and labour shortages, together with anticipated interest rate cuts and a federal election, will all have an influence on the 2025 market.
We ended the year with negative media because the industry researcher, CoreLogic, released figures showing that for the month of December values had declined for the first time in two years.
And what was this decline?
Just 0.1%.
And what did those headlines neglect to mention?
Home values rose another 4.9% in 2024. The average home is worth $38,000 more than it was 12 months ago, according to CoreLogic’s Home Value Index.
The lesson for everyone entering the real estate market is to be diligent in your research.
Don’t let click-bait headlines cloud your efforts to assess both the overall mood of the national market and the far more relevant dynamics of the local scene.
If you’re thinking of selling, or buying in the area, you’ll find trusted and experienced real estate agents who can share the most relevant information.
Always talk to local experts before making one of the most important financial decisions in your life. You need to be confident that your next move is affordable and will contribute to your efforts to build wealth.
To help you with your research, ask an agent about the following:
Average price range for homes in your target area.
The time homes typically stay on the market.
Future development plans for the area (new construction, road changes, etc.).
Quality of schools (even if you don’t have kids, this impacts property values).
Quality of healthcare facilities – hospitals, clinics, specialists.
Typical traffic and commute times (consider your work location and usual travel routes).
The biggest local employers (important if you’re relocating for work or you’re prepared to change jobs).
Crime rates and safety concerns.
Local taxes and utility costs.
Local amenities – parks, restaurants, cultural attractions.
Best grocery stores and shopping centres nearby.
Specific issues or challenges with buying in the area (eg zoning restrictions).
Common problems with homes in the area (eg foundation issues, old plumbing).