The Australian Housing Shortage
There's never been a better time to get into property investing in Australia than right now
, and a huge part of the reason for that is the current housing shortage. Housing has been in high demand for some time now, and several factors have produced a genuine housing shortage in the country. If you've been thinking about investing in property, now is the time to hire a buyers agent Brisbane and get started.More People Means Fewer Houses:
Migration is one of the leading causes of the current housing shortage in Australia. Between 2007 and 2008, for instance, the population of Australia grew by approximately 400,000 people. It is estimated that 60% of those new arrivals came from overseas. As this country experiences higher migration rates from overseas, less and less houses are readily available - unless new ones are built, of course, which doesn't seem likely to happen very soon.
Less Lending Means Less Building:
Builders are being stymied by the reluctance of lenders from around the country to approve financing for new construction. If it were not so hard to get approval on a new loan, there would be a boom occurring in the housing construction industry as we speak. New building would be good news not only for people who are looking for homes, but for property investors as well. In general, buyers agents are eager for home construction to increase. Although it will drive prices down, it will also increase demand and more people would be in the market for new homes.
Fewer People Living In Each Home:
In years past, a single dwelling would be the home of several people. In fact, multi-generational housing situations used to be quite common. These days, though, more and more people are living on their own. Divorce rates have also skyrocketed, meaning that fewer families are living together in single homes. All of this means that more homes are being occupied by fewer people - and that helps contribute to the overall shortage. Will things swing back the other way, with more people living in one home? Only time will tell.
The Bottom Line:
The bottom line concerning the current housing shortage in Australia is that it has driven prices - and demand - up. To a property investor, this is music to the ears because it is more evidence that property investment will mean convincing profits down the line. Still, caution is always necessary and having the right help is imperative. To that end, a buyers agent is definitely one of the very best ways to go. Whether you're looking for a home to live in - or for one to invest some money in - you should consult with an experienced buyers agent for advice.
Copyright (c) 2010 Nadine Davis
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