Remember when the Y2K bug was expected to stop computer systems around the world from working?
Or most recently when we were ALL going to get COVID if we went outside?
So now we have the ‘bottom falling out of the property market’ doomsayers, except guess what, it hasn’t.
Yes, there has been some pricing correction in the market, but mostly it has returned to normal conditions.
Looking at supply and demand; we have minus supply and demand climbing.
Supply
⬇️Lack of rental properties,
⬇️Lack of affordable properties to purchase,
⬇️Lack of builders and building materials.
Demand
⬆️Increased migration from overseas and interstate (I believe more people will be coming to Qld from Victoria and NSW because of the flooding down there.)
⬆️Investors looking to get into the market for the high rental returns and near zero vacancy rates.
⬆️First home buyers trying to get a foot on the ladder before the next boom.
Unless the governments, local/ state or federal can come up with 1000’s of new homes each year (which is the only way to get more homes) prices will increase with demand. I foresee by 2024 there will be a hindsight of “I should have bought back in 2022”.
