Record low interest rates, attractive government incentives and an improving economic outlook are all contributing to one of the fastest growing property markets that Australia has seen in almost two decades.

Property prices in February 2020 surged by 2.1 per cent, according to CoreLogic data, the fastest recorded month- on-month that’s been seen since August 2003.

And with the Reserve Bank all but promising that low rates are here to stay for the next few years at least, it’s looking like Australia’s obsession with property will be with us for awhile.

Several economists are predicting property prices will see strong growth over the coming years, including Westpac who have forecast prices will rise by as much as 10 per cent this year and a further 10 per cent in 2022.

So, what can you do to make the most of the property boom?

If you’re thinking of selling…

It’s undeniably a sellers’ market right now, but that doesn’t mean you shouldn’t still make every effort to get the most value out of your property.

Just as in any other market you should make the effort to present your property at its absolute best and find the best agent for the job.

Even simple things like painting and styling can help make a property appear a cut above the rest, and may draw out emotional buyers who are more likely to make strong offers.

It is worth keeping in mind though that the property boom is not being experienced equally across all areas and property types, with houses seeing much stronger growth than apartments for example.

No two properties are ever the same, so chat to local agents to find out what is happening in your area and what you should be doing to make the most of it.

If you’re thinking of buying…

Buying conditions are a little challenging at present, but with property prices on the rise, the sooner you can get into the market the better off you’re likely to be.

If you want to give yourself an edge over other buyers then get yourself as prepared as you can before you start heading to open homes.

The first thing you should be doing is talking to lenders and working out what your borrowing capacity is, so you know how much you can offer.

Then it’s important to do your research on the market you want to buy into by following sold prices, heading to open homes and auctions and chatting to local agents.

Some properties may get sold before they ever get a chance to be listed online. To avoid missing out you’ll want to let agents know the types of properties you’re looking for so you can be alerted of any potential off-market sales.

When you do find a property you want you should make your moves quickly. Properties aren’t lasting long right now so if you delay making an offer then you might miss your chance.