If you’ve ever wondered how real estate is really performing in your state, we’ve got the summary for you.
- Victoria is well placed to continue to lead the field thanks to a rising population and strong economic growth. There are concerns though that prices may falter thanks to tough conditions being forecast.
- The Melbourne market has seen substantial property market growth in the last five years only fuelling consumer confidence and interest from foreign investment. Furthermore, expected construction to support the industrial sector and enhance tourism prospects in the state should lead to job creation and further population growth.
- Suburbs such as Thomastown and Cheltenham are worthwhile prospects to keep your eye on as both are in the process of transformation thanks to improved infrastructure projects and retail investment.
New South Wales
- With property prices anticipated to continue to fall in the Sydney area, buyer confidence is expected to follow suit. The slump is slowing though with prices seemingly in the initial stages of rebounding as fall in annual growth slows.
- Investors should look for potential opportunities in the suburbs like Frenchs Forrest and those that surround it, where the new Northern Beaches Hospital will open in late 2018.
- The outlook for New South Wales as a whole remains positive with the rest of the state performing well.
- The Queensland property market looks set to make positive strides in 2018 on the back of job creation numbers and a growing population from the previous year. Brisbane will also most likely be the beneficiary of the Melbourne and Sydney market demand levels, as the major city in the east that is easiest to buy into.
- Brisbane’s eastern suburbs have seen growth in recent years and look to be a good opportunity for investment as unit oversupply continues to hit the Brisbane CBD. Suburbs such as Thorneside, Redland Bay and Victoria Point may be well worth considering.
- Regional areas that have seen a bottoming out in prices could also strengthen if positive conditions are maintained.
- Prices in the state capital are booming thanks to an increase in demand from mainland investors and people looking to take advantage of the serene Tasmanian lifestyle. The flow-on effect has seen housing prices in Launceston and other areas increase also.
- Western Australia is still one of the most affordable states in Australia. Tenants and home buyers are benefiting greatly from excellent supply of affordable properties. The market is seemingly turning a corner though, looking to recover from recent years.
- The South Australian market is one to be cautious of with average prices remaining stable and achieving slight growth. However, growth drivers show, particularly in Adelaide, that there is little room for high return on investment.
- With the state experiencing a continuing fall in housing prices investors should note that rental yields have increased, making the market attractive in areas such as inner Darwin. The potential for capital loss is concerning.
- Last year saw house prices steadily rise by 5.8% while units also saw some growth, if only minor. With a harsh land tax, Canberra seems like it could be a rough place to invest. The outlook remains positive however with growth in housing and retirement peaking.
To find out more information about how the local market is performing in your area, give our team a call on 1300 LITTLE.