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It is officially a buyers market
In this video, Domenic Nesci analyses the latest data from CoreLogic and realestate.com to give investors a clear understanding of the current situation in the market.
He says that we are going into the spring selling season where there are about 30% more listings expected to happen in the next months. We have less buyers in the market and many more leaving due to interest rates, which means you've got less competition when buying.
Fewer apartments and houses are being approved. This doesn't impact you now. However, these numbers will impact you in about 24 months because approvals are a leading indicator. Once approved, it takes about 2 years for the buildings to be completed."
This means we will have a short-term supply shortage in the next 2-3 years. This will put upward pressure on prices and rents.
It's an exciting time in the property investment market. The market is slowing, but this means we, as investors, can find some great buying opportunities and use the short term supply issue to get a boost in your equity.
If you have been thinking about property investing and waiting for the market to come back a little, now is the time to make use of these opportunities.
"If you're not ready, get your finances organised, get your equity out of your own home organised. If you're looking to use that equity, buy an investment property, look for markets where the rents are going up."
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Domenic is one of Australia's best known property investment experts and host of the Wealthi podcast followed by thousands of viewers. Connect with Dom on LinkedIn.