Property investors looking to get rich quick from buying and selling real estate over the next few years will be disappointed according to agents PRDNationwide.
The heady days of the last decade where huge profits were realised from the property boom are over as more subdued growth is predicted.
According to an economic and property snapshot produced by PRDnationwide, Australia is enjoying a healthy employment market, increased business confidence, and continued population growth.
Activity in the property market however remains relatively soft compared to years past.
PRDnationwide research analyst Aaron Maskrey said if interest rates stay on hold for the foreseeable future, this could potentially lead to greater buyer confidence and increasing activity in the market.
“Momentum will be gained if interest rates are kept on hold – this would lead to greater confidence and should spark higher levels of activity.”
However, Mr Maskrey said it was highly unlikely that the property market would return to the skyrocketing rates experienced several years ago.
“We have seen the property market catch its breath and it is likely that the rate of growth will be slow and steady for the next few years,” he said.
“Those looking to invest in property should do so with a plan to hold on to it for longer than five years.”