With the property market in Australia in a constant state of flux throughout the end of 2015, questions have been raised about what is going to happen to property prices this year.
It seems that the price growth most areas of the country have been experiencing are likely to slow down and that prices will flatten to a more consistent level, according to head of real estate Christopher Mourd from LJ Hooker and reported by Real Estate.com.au.
Mr Mourd said: "The market is definitely slowing, with growth slowing people can (now) make better decisions," with regards to buying property.
A consistent level of prices for the property market gives both buyers and sellers ample opportunity to understand the market and make secure choices on homes. A fluctuating property market gives those buying and selling very little idea of what's actually happening on the market, meaning that it's difficult to know what is, or isn't, an attractive price for either party.
Senior economist from HIA Shane Garrett echoed Mr Mourd's thoughts, saying that the price growth towards the end of last year isn't set to last.
He commented: "Activity is at such a high level… it can't be kept at such a high level," he also believes that Australia's slowing population growth will also have a slowing effect on the price of the property market.
The good news is that a slower market makes it an excellent time for people to buy property in Australia as there is less competition in the industry from rich investors.
Last year marked a particularly aggressive market for this reason and as prices in Australia continued to climb wealthy investors became more interested in gaining property, according to Mr Mourd.
He also believes "there will be an increase in casual holiday letting" which he says will make buying a holiday home a sound investment for those who look to obtain new property this year.
