Whether or not the year ahead fills you with excitement, fear or anxiety, one thing is for certain the property market will be one of the most closely monitored sectors across the country. Wouldn’t it be amazing if we had a crystal ball at the end of each year to predict exactly what was in store for the year ahead? Without the benefit of psychic ability Kylie Walker, Director at iThink Property has researched what the industry experts are saying and has put together a list of the top Real Estate trends and predictions for 2018.
MODERATE PRICE GROWTH, EXCEPT FOR BRISBANE
With a slowdown in the Sydney market it is predicted this will help moderate the Australian housing market throughout 2018. Property prices are predicted to be slower in most capital cities, although Brisbane will experience slightly stronger gains than those experienced in 2017, according to industry experts. However, there is still a surplus supply of property listings which will hold back growth and will affect rental vacancies numbers. Housing affordability is likely to continue to deteriorate in 2018, with growth in property prices outpacing wage growth.
INTEREST RATES UNCHANGED
The official RBA interest rate is likely to remain at 1.5% throughout 2018. Australia’s economy is still operating below its potential with economic growth not strong enough to justify an interest rate increase. Fortunately, the RBA will be pleased our property markets are cooling and will feel the need to use rising rates to slow the market.
DECISIONS, DECISIONS FOR INVESTORS
With market forecasts of subdued growth many would be investors will be questioning whether property still represents a smart investment. On the other hand, strategic investors who have a long term outlook will see the period of slower growth as a perfect buying opportunity.
ONLINE IS KEY
Without a dominant online presence, real estate agents and the properties they market won’t be seen. Buyers and sellers are now looking online first, not only to find your contact information, but also to see your credentials and digital footprint. Transparency is key in 2018, ensuring a good track record and making agencies and agents accountable for their actions will be highlighted like never before.
NEXT LEVEL SOCIAL
Social media has never been more social, from Facebook and Instagram to Snap Chat and LinkedIn, there are so many options to connect in a whole new way. Social media is predicted to be the most powerful tool for broadcasting messages and without a heavy investment in this area real estate agents will get left behind. Video is also expected to dominate in the year ahead, it achieves a greater audience than most other posts across all social media platforms.
TECH SAVVY HOMES
Smart home automation is expected to hit next level in 2018, due mainly to the growing mass market appeal for tech gadgets they are becoming more affordable for the general population. Home owners and investors need to the stay ahead of the market and re think how they can integrate the latest gadgets and gears into their homes. Things like niche pieces of technology for shading and lighting will be a major focus as well as fundamental parts of the home like security, sound systems and hardwiring.
In 2018, it is predicted real estate agent’s mindset will change from ‘selling anything’ to specialising and paying attention to certain sectors of the market, like million dollar or investor dominate properties. The key to specialising will be paying attention to the small nuances as these will make a big difference in how a home is presented.
GEN Z IS COMING
There is a new cohort on their way to take over from the millennials, Generation Z (born since 1995). Their tastes and preferences are set to come under the microscope like never before and it’s predicted they will become the most powerful and eclectic group of consumers to date.
KYLIE WALKER – DIRECTOR MARKETING AND BUSINESS DEVELOPMENT
07 3202 3040
Starting out with a career in the media, Kylie brings a wealth of communication and marketing skills to the team at iThink Property. She helped launch and develop the company’s rent roll several years ago and has organically grown the business. Kylie manages the Marketing and Business Development, along with implementing effective systems that ensure continued development of the business.