Australia, along with Canada seems to have weathered then economic downturn fairly well. Thanks to stricter lending rules and more land available to build new homes, Australia failed to see the ‘boom’ which many other countries experienced in 2004 – 2006.
Barrie ON Canada has experienced one of the busiest months ever for September 2009. This area has had not been affected by the downturn in the economy and homes that are in good locations and reasonably priced have sold fairly quickly for close to asking price. The Barrie Home Inspector has been many real estate purchasers first choice as he is one of the few inspectors to be a Certified Building Code Official. Many inspectors only have a couple of basic Part 9 courses and depend on checklists for their knowledge. When investing your money always choose a professional to protect your investment.
However, expert opinions are divided as to whether 2010 will see an increase or a decrease in prices. The majority of financial specialists in Australia tend to agree that property prices will fall by between 5 and 10% next year and an increase in property prices will not be evident until at least 2011.
Inevitably, the Australian property market will be affected by four main factors. Employment, debt, global economy and house price stability. Debt is at an all time high and as the property market increases numbers of buyers will drop as they simply cannot afford to get into anymore debt.
With unemployment rates also rising many businesses are playing safe and either laying off staff or cutting their hours from full time to part time thus saving money on wages, health care and tax. Due to the global economy, redundancies will also increase is the economy does not pick up.
Thankfully during 2009, Australia property market managed to maintain a solid ground and if the Australian Government can keep interest rates low and hold back on repossessions then an increase on property prices should be seen in a couple of years.
The Australian banks seem to be working with their customers to help bring back the economy and are allowing customers to keep hold of their homes. If banks hold large amounts of overvalued repossessions then the market will surely suffer.
In all, Australia seems to have ridden the storm rather well. Both commercial and residential properties are still being bought by overseas buyers with the added bonus of additional taxes and fees being fairly low in the country for property owners.
Investment from foreign parties is important to any countries economy. Due to this, Australia has made purchasing property fairly simple. Even though agreement from the Australian Government has to be sought prior to purchasing after this the process is fairly straightforward.
Whether you are buying residential properties or commercial properties, Australia will no doubt ride the storm for the next few years and will prove to be a good country to invest in.
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