A recent report from REIWA provides some indication that the softening market may be changing.
First home buyers – who traditionally make-up 20% of the market (and who were the first to be squeezed out with the dramatic price increases between 2004 and 2007) have begun to re-enter the market.
The figures are a positive indicator for the market. The first home buyers are the most influential buyers in real estate. When they stopped buying 18 months ago, “the market began to catch a cold.” Similarly, their renewed interest suggests that a real estate recovery is just around the corner.
D Fear (Director, Altus Real Estate)