Was it your New Years resolution to buy a property?
Buying a property still is one of the most popular New Years resolutions of 2022.
A recent poll by Canstar
New polling showed buying a property remained one of Australians’ top financial New Year’s resolutions for 2022, despite prices rising by the fastest annual rate since the 1980s over the last year.
The survey by financial comparison site Canstar showed 18 per cent of participants, representing an equivalent of 3.6 million people, had made a New Year’s resolution centred around money, with 21 per cent of this cohort resolving to buy a property to live in.
This was the second most popular resolution ranked by the survey’s 2124 participants, despite national price growth of more than 22 per cent over 2021.
The most popular resolution was saving money, with just under a quarter of participants aiming to grow their bank balances throughout the year.
Buying an investment property came in third, with 10 per cent of participants naming this as a major goal for 2022.
This came on the back of the latest ABS lending indicators data which showed new investor lending reached $9.73 billion in October, the highest level recorded since April 2015.
This shows that not even record prices have slowed Australians need to own a home.
Following a year of FOMO and lower than average listings, buyers could soon find themselves in a better position to bargain if the forecasted slower price growth in 2022 come to pass.
December data showed that while home values in Sydney increased more than 25 per cent in 2021, the monthly pace of growth had slowed before the end of the year.
Property prices in Sydney grew by just 0.3 per cent in December, representing the softest monthly reading since October 2020.
After several months of low supply, properties listed for sale in Sydney rose to just short of 4 per cent below the five-year average in the lead up to 2022, providing more choice for homebuyers after a year of intense competition.
While there have been some incredibly crazy years of the property market you can still buy the home you dream of. Make sure that you still take the time to do your research and do not rush into anything that you may regret in the future.
The team at Select Conveyancing are here to help you every step of the way. Contact us for your next property purchase or sale.