High demand for land:
Land prices have increased substantially over the past few years, especially in major cities. In some cases, they have risen by 100% or more. As a result, many people are looking at alternative options, including buying a property in a different location.
Rising interest rates:
Interest rates have been rising steadily since 2016, and we expect them to continue to do so. This means that if you want to buy a house now, you’ll need to pay higher mortgage payments than before.
More people are moving to urban centres:
As mentioned above, land prices have risen significantly in recent years. However, the number of people who live in cities is also on the rise. This means that there are more potential buyers for these properties, making them even more expensive.
Government regulations:
The government has introduced a number of new policies aimed at helping first-time homebuyers. These include changes to tax laws and lending rules.
Increased competition:
More and more developers are entering the market, meaning that there are more houses being built and sold each year. There are also more companies offering mortgages, which makes it easier for people to get loans.