It’s no secret that real estate values have been on the rise in recent years. In many markets across the country, prices are now reaching new highs. So, what’s driving this trend? Here are six important factors to keep an eye on in 2023:
1. Economic growth:
A strong economy is one of the key drivers of property values. Economic growth leads to more jobs and higher incomes, which results in increased demand for housing and higher prices. After the inflation in 2022 there is a lot of scientific evidence that the economy will recover in the second half of 2023.
2. Population growth:
More people mean more demand for housing. This can lead to price increases, especially if there is not enough new housing being built to keep up with population growth. Land for sale in Townsville or other growing cities over Australia will increase in value in the next years.
3. Home Size:
Generally speaking, the larger your home is, the more it will be worth. Families are always looking for more space, so a spacious home will likely sell for more than a smaller one.
4. Government policies:
Government policies can have a big impact on property values. For example, changes to planning rules or taxation can affect the demand for housing and the price of properties.
5. Curb Appeal:
Curb appeal is another important factor that can drive up your property value. If your home looks great from the outside, potential buyers will be more likely to take notice – and they’ll be willing to pay more for a home that looks move-in ready.
6. Maintain your property:
Maintaining the value of your property is important. Adding a nice deck or taking care of your roofing in Sydney will help you to obtain and add to the current market value in a mayor city where housing prices grow continuously. That way you secure the highest price for your property in the future.
In short, there are six important factors that will drive property values in 2023. Keep an eye on these drivers and make sure your property is well-maintained to stay ahead of the curve! Are you ready for what’s to come?