Now that another year has come to an end it’s time to look ahead and find out what’s in store for 2018.
Last year was an interesting year for the Australian real estate market. We saw interest rates remain at record lows; Sydney property prices start to stabilise and property buyers looking for affordable options outside of the major cities.
So what will this year have in store for the property market? And how will it affect us here in Mudgee?
First home buyers on the rise
First home buyers have been sitting on the sidelines over the last few years, however a number of recent policy changes have made it easier for newcomers to jump into the market.
As of July last year, first home buyers in NSW were able to take advantage of stamp duty exemptions for properties under $650,000 and pay reduced duty for properties up to $800,000.
Tougher restrictions have also been placed on investors, further helping first home buyers to have an edge in the property market.
With plenty of affordable properties available in the Mudgee region, there are numerous options for first home buyers looking to break into the market.
Migration from the cities
While property prices are starting to settle down in places like Sydney, they aren’t going backwards. This means that there are plenty of prospective property buyers looking at their options further afield, where they can afford the lifestyle they want.
Mudgee is a popular option for a lot of tree-changers due to our scenic location complete with a vibrant town and beautiful houses.
Our local region is bound to become more and more popular over the years as people look to escape the hustle and bustle of city life to enjoy everything that our region has to offer, for a fraction of the price.
Renovations still popular
A lot of Mudgee homeowners will look to maximise their home’s value by renovating in 2018.
Home renovating will always be popular, but as we see more renovation shows on our television screens and drool over pictures on social media, it’s hard not to want to make our homes look as good as the ones we see elsewhere.
Expect to see a lot of locals rejuvenating their old Mudgee properties this year, particularly people preparing to sell, who realise the importance of presenting their home at its best.
We can’t wait to see what else 2018 will have in store for the Mudgee region!
If you want to talk more about the Mudgee property market then feel free to get in touch with the McGrath Central Tablelands team.