Experts have weighed in on Australia’s housing crisis claiming that market cycles will ease the burden for future homebuyers.
The children and toddlers of today will find it easier to buy property than their parents did, The Saturday Telegraph has analysed.
The analysis suggests that better infrastructure, wage increases and lifestyles changes will influence how the next generation of buyers will enter the property market – not opting out from brunch and smashed avo.
Experts claim the future generations will experience relief when entering the property market as unrelenting prices over the past 25 years should be impossible to replicate
The prices will continue to rise over the next couple of decades but not at the same rapid pace experienced in recent years.
In the past 25 years, property price rises have been unrelenting – rising 370.4 per cent.
Cameron Kusher from CoreLogic Research group said that while housing will still be expensive in Sydney, it wouldn’t be as unaffordable for future generations as the record prices in recent years would be almost impossible to replicate.
‘Some of the pressures we’ve had on prices won’t happen again,’ Mr Kusher said.
‘You can only float the Australian dollar once and interest rates can’t really go any lower than they are now.’
In Sydney, the development of a second airport in Badgerys Creek and improved road and transport connections to western Sydney will create access for more affordable areas, realestate.com.au reported.
It’s believed the prices will stagnate and unattainable areas like Sydney will be effectively influenced by road and transport links for the benefit of first homebuyers (stock image)
It is also believed that transport links will be relieved by technological innovations as more people will be encouraged to work from home.
Analyst Angie Zigomanis from BIS Oxford Economics said the record highs in property prices would experience a hangover, resulting in a long period of price stagnation.
‘It will also help that there will be more quality housing options in Sydney’s west. If there are less people competing for (inner city) homes within, it will keep a lid on pricing,’ she said.
As property in urban areas continues to build upwards and the Australian home ownership dream changes, Mortgage Choice CEO Susan Mitchell said today’s children will likely purchase units and townhouses.
Mortgage broker Bidhan Pandey said that evolving loan arrangements would assist future generations crack the property market.
Today’s children are claimed to experience the relief of expensive prices in future as society adapts to technological advancements that shift travel, employment and wages