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A new report by Housing Industry Association has predicted a positive year for housing, in spite of a slowdown in investor activity.
The National Outlook for 2018 noted that while investors are exiting the market, the demand from first home buyers will more then cover for this dropoff.
HIA principal economist Tim Reardon said that the supply of new housing is closer to meeting the demand for housing for the first time since 2003.
“The enormous pent-up demand for housing in east-coast metropolitan areas is finally being met by a record supply of new apartments,” said Reardon.
“The boom in apartment building has already started to calm but with population growth remaining high, buoyed by strong overseas migration, we expect that demand for housing will remain at elevated levels for the next few years”, he said.
Additionally, the report found that the demand for housing would be boosted by a growing share of first home buyers, thanks to several government policies bringing them into the market.
“Government interventions into the market recently include state governments imposing punitive stamp duty charges on foreign buyers, Federal charges for foreign purchasers, a new set of visa rules that could slow overseas migration, restricting lending to domestic investors and new regulations limiting interest-only lending,” Reardon noted.
Professionals The Wright Team is located in the heart of Balga & services the entire region with a specific focus on suburbs including Balga, Mirrabooka, Koondoola, Girrawheen, and Westminster.