Clear demand for property
New research shows there's plenty of promise in Australia's residential construction sector, which will allow potential buyers to breathe a sigh of relief.
From a variable home loan to a fixed loan, there are plenty of finance options that help families and couples secure their dream property.
However, high demand in certain areas - such as capital cities in Australia's east - is making it difficult for some people to make their mark in the market.
Fortunately, promise of a strong construction sector could be a hint of good times to come for buyers. If residential construction keeps up with demand for quality dwellings across the country, buyers with less leverage or a deposit less than 20 per cent may still find they're able to secure the ideal home.
Residential construction is tipped to be the "fastest growing construction market" in the country until 2018, according to new research from Timetric.
Factors that are thought to contribute to this strength are improving economic conditions and a growing population.
A further factor that's helping the residential construction sector continue to show its power is low unemployment, not to mention efforts to reduce Australia's housing deficit.
"The market is set to grow at an annual rate of around 7 per cent in nominal terms up to 2018," explained Timetric.
As one of the "most urbanised countries on a global scale", the country sure has challenges it will have to face.
However, this research indicates there could be plenty of promise for the way forward, provided that soaring prices in central areas don't hold buyers back from getting on the property ladder.
There are, of course, opportunities for residential developments further from city centres. Provided quality local facilities and transport links are in place, this could be the way forward for many buyers looking to make the most of the low interest rate environment.
Image credit: Image by Christian Ferrari