Nation’s property hot spots revealed
AUSTRALIA’s property markets are remarkably varied. While one state delivers record capital gains, another trumpets its affordability to buyers desperate to get on the property ladder.
On the eve of Ray White’s first nationwide auction campaign, Raise Your Hand, we asked its leading experts to identity opportunities in their local property markets.
Their interviews, along with more than 400 properties up for auction nationally, will appear in magazine to be inserted in your
Here’s a snapshot.
Melbourne’s southeast hidden gem suburbs will be the ones to watch this year, says Ray White Victoria chief executive Domenic Belfiore.
“Parts of bayside Melbourne, like Mordialloc, Dingley Village, Beaumaris, Cheltenham, you can still buy good property there in the $800,000 range but I don’t think it will be long before $1 million will be the median sale price in those areas,” he said. “Anything under $1 million there, you’d get your hands on straight away.”
Mr Belfiore is also a fan of regional Victoria.
“It offers a wonderful affordable lifestyle for home buyers, and investors can generally expect higher rental yields,” Mr Belfiore said, adding that market confidence would continue to drive the property market across the state.
“There’s no doubt we won’t have the same growth we did in 2015 but while unemployment stays where it’s at and there’s a prospect of the economy improving this year, that gives me confidence to believe 2016 will be a good year.”
The boom may be winding up, but Ray White NSW chief executive Stephen Nell believes the market is still strong, noting the company had its most successful December for sales volumes in 2015.
Mr Neil said Sydney areas with access to infrastructure still had an upside.
“Infrastructure in a city like Sydney will become more important for people choosing where to buy,” he said. “The northwest corridor is a great example.”
Regional centres could see a flow-on effect from Sydney’s supercharged growth cycle.
“The central coast and mid north coast are looking good,” he said. “Tamworth, Dubbo, Orange, Wagga, Illawarra, the south coast and Newcastle too.”
Adelaide’s affordability will continue to underpin the market, says Ray White SA/NT chief executive Nick George.
“One unique thing about Adelaide is that young people, first-home buyers, can afford to buy here, whereas that’s not really the case in the eastern states,” he said. “So we do have factors here that underpin our market and will at least create some steady growth.”
Mr George said investors should look to the western side of town for affordable property with growth potential.
On the back of strong buyer demand, property values in Hobart and its inner-city suburbs grew significantly in 2015.
Hobart recorded 4 per cent growth in median houses prices in 12 months and North Hobart grew 10 per cent.
Ray White’s Victoria and Tasmania chief executive Domenic Belfiore expects this to continue.
“As prices rise in the inner- city areas we may see younger families and investors look more towards the fringes for affordable property and better rates of rental return,” he said.
Ray White WA chief executive Mark Whiteman has great news for Perth homebuyers — the market is presenting the best purchasing opportunities in more than a decade.
“There have been many good opportunities to buy in the past, but you would have to analyse it very hard to find any time better to buy than this,” Mr Whiteman said.
He said multiple infrastructure works in the CBD were a key factor in attracting increased interstate and overseas investment.
It’s a case of slow and steady wins the race for the Queensland property market, says Ray White chief executive officer Tony Warland.
“All of our indicators show that there is plenty of fuel in the market, as inquiry is high and stock is limited,’’ he said.
The figures back such confidence in the local market: dwelling values increased 4.1 per cent in 2015, with houses up by 4.3 per cent and units by 1.8 per cent.
Mr Warland said infrastructure investment was delivering benefits for buyers in the north and central parts of the state.
“The Gold Coast is obviously heading towards the Commonwealth Games and this means a lot of investment in infrastructure,” he said.