What does the new year hold for the housing market after the turbulence of 2022?
Nicki Cruickshank, Sales Director at Tommy’s Real Estate, shares her optimism for a return to a more balanced housing market in the new year.
“My only New Year’s resolution is to see a return to what we consider a ‘normal’ housing market,” Nicki expresses. “A steady market where transactions are fair for both buyers and sellers, devoid of the fear of missing out or overpaying.”
She believes, “We’re approaching that point now. Effective communication and good old-fashioned service will be crucial for real estate agents.”
Looking ahead to 2023, Nicki anticipates positive changes. “I expect interest rates to stabilise early in the year and potentially decrease by mid-year. This should restore confidence among potential buyers.”
She also suggests, “A change in government towards the year’s end could further encourage investor activity, potentially influencing the market significantly.”
Despite initial observations, Nicki notes early signs of robust buyer activity. “We’ve seen surprisingly strong interest from both first-home buyers and families looking to upsize.”
However, she remarks, “There’s a noticeable absence of investors returning to the market, to the disappointment of many tenants currently seeking rental properties.”
Nicki assesses the current demand across different property types. “There’s good demand for apartments, townhouses, and three- to four-bedroom houses. High-end properties seem less affected compared to the middle segment of the market.”
Looking forward, she predicts market stabilisation.
“Many have been cautious and waited to see market trends. Now, more are deciding to move forward.”
She advises potential buyers, “While there’s ample choice and no rush, explore the market and find a property that truly speaks to you.”
Nicki concludes, “I’ve always believed the best time to buy or sell is when it aligns with your personal circumstances. Despite advice against selling at the moment, if you’re also buying, it can be a favourable time.”
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