Housing Market Insights for 2020

Not sure if it’s the right time to build a home? Get the latest housing market trends before you decide.

How do you know when it’s the right time to take a leap of faith, and dive headfirst into the property market? It’s a huge decision, and you might find the thought of getting a mortgage is already weighing you down. Well we can help with that! If you have a better indication of the current housing market, you may be more inclined to take the plunge. We’ve compiled a list of economist predictions to help you along with your decision.

• Property prices are expected to rise at a slower pace – Because current interest rates are at a record low, you may be feeling rushed to buy some land and get started on your build journey. However, interest rates are expected to stay in a similar position to how they’ve been in recent months, throughout the rest of 2020. Eventually, they are expected to of course increase, but at a much slower pace than previous years.

• Increased population growth will see a greater demand for housing – As our population continues to grow it’s of course expected that the demand for housing will increase. The property market is expected to become increasingly competitive as time goes on. As a result of record low interest rates, economists predict that First Home Buyers are also likely to see increasing competition from investors.

• Developers are expected to continue building new suburbs beyond city centres – New estates have been popping up all around major cities, as a solution to the increased demand for housing. This is a trend that isn’t expected to change in the coming years, and depending on budget, prospective homeowners should be adjusting to the idea of living outside major cities.

• Due to rising land prices, detached homes are expected to become smaller – Whether it’s a vacant lot or pre-existing land being subdivided, economists have noticed a housing market trend in shrinking land sizes. This has meant that builders and homeowners are having to adapt to smaller designs. Luckily, we offer a range of clever home designs that pack everything you could need (and more) into a compact space.

• New homes are expected to be better suited to our warmer climate – Environmental factors are forever shaping our changing lifestyles. Coral Homes already offer solar panels, insulation and develop a wide range of flexible floor plans that focus on indoor/outdoor integration. But economists predict there’ll be an even bigger push to create new homes better suited to our climate – watch this space.

So there you have it! A few housing market predictions to help you determine whether now is the time for you to become a homeowner.