More affordable and still growing were the main take-homes about the Whitsunday property market following an informative Annual Property Research Night hosted by PRD Whitsunday at the Reef Gateway last week.
Over 50 people attended the event, including PRD staff members who were available to answer questions.
There were also representatives from Whitsunday Regional Council, including Councillor Jan Clifford and many Whitsunday residents.
Dispelling the myths surrounding the housing market, and with the intention to remove the fear surrounding issues like rising interest rates, keynote speaker Dr Diaswati Mardiasmo (Dr Asti for short) was excellent at explaining complex topics in a relatable format.
As PRD’s Chief Economist and RBA Liaison Partner, Dr Asti is at the forefront of the most up to date economic and property market trends.
Her role involves having quarterly meetings with the RBA so she can help inform them of market changes.
“We tell them what we are seeing on the ground and they take that all into account when they work out what monetary policy they are going to use for next three months,” she explained.
More locally, Dr Asti was able to offer an insight into how best to make property decisions here in the Whitsundays.
“While every other place in Queensland is going down in terms of property growth, Whitsundays is actually still growing,” she said.
“Not only is it still growing, it is also more affordable.”
When asked about interest rises and the growing fear that homeowners will no longer be able to afford increased repayments she said not to worry.
“It’s not about being afraid, it is more about preparation and being aware of how the changes will affect your household,” Dr Asti explained.
“What’s most important is understanding your financial situation as a whole - a house is your primary need and on average 38.4 per cent of people’s household income is committed to paying mortgage or rent – that’s a massive chunk!”
If you are looking for sound property and financial advice, ask the team at PRD Whitsunday.
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