Where does your region’s housing market stand?
According to the latest ABS population data, the new housing demand and general housing market activity is the result of net migration – at least for the short term.
The data reveals also that Victoria and New South Wales continue to see strong results.
According to Domain: “The sum of net overseas and net interstate migration for each of the states and territories reveals a disparity of results that clearly reflects the performance of local economies as well as capital city housing markets.”
The report added that Victoria leads the pack for net overall migration recording 81,706 arrivals in total over the year ending June 2016.
NSW follows next posting 59,812 arrivals while Queensland and Western Australia saw 31,600 and 5,937 arrivals respectively. Other regions include: South Australia 2,765, ACT 1431 and Tasmania 1185. It was in the Northern Territory where net migration fell. Loss posted was at 2276 over the year.
So what could this all mean? The surge of migration means more competition in the housing market where migration is strong.
If you want to make sure that you are up to speed with what is happening in the housing market then it’s safe to consult the right property experts in your local area.
Enlist the help of a real estate agent to make sure you are prepared for what’s happening in the market.
Need help getting started?
Whether you plan to rent, buy or sell, the support of good local property and real estate specialists can make all the difference.
Tradebusters Connect has a Top 3 Local Business Pick list of recommended property professionals in your local area to help you navigate the process.
Other Useful Links:
Mortgage Broker Blue Mountains
Mortgage Broker Eastern Suburbs
Mortgage Broker Hills District & Castle Hill