What is happening around town? The land shortage continues and developers are grabbing what they can right now. The other day I sat through a debate convened by the UDIA (Urban Development Institute of Aust) to discuss the land shortages. There were two sides putting forward their ideas.
The WA Planning Commission put forward their view – shortage of land isn’t created by them, it’s the banks not lending, Water Corp & DEC hold ups etc.
The Lending institutes put forward their view – how can they lend on uncertainty of decisions of Govt departments and development timeframes.
And the winner is ….
The Developers! There will be a shortage of land because of all the aforementioned reasons put forward by both sides.
The last couple of months have been generally slow moving in the real estate market. End of financial year, first homebuyers dropping out of the market and our first Prime Minister assassination being the main culprits.
First home buyers have really been struggling to get into the market with lending criteria tightening in recent months, however the investors have quickly taken over from them realizing they may have a bit more choice and time to make their decisions.
All in all the real estate market future is still looking bright – if you’re buying, there is great choice and some really good buying – if you’re selling, it’s critical to get your property priced perfectly. So what ever your current needs are, I’m always happy to help.