Property is one of the biggest investments many of us will ever make, and with February kick starting Australia’s home selling season, real estate agent comparison site, OpenAgent has worked with real estate agents across the country for helpful advice. If you’re thinking about buying, selling or investing, here’s where to make your next move.
Jason Pantzer, a partner at Phillips Pantzer Donnelley in Woollahra, advises that the main trend throughout 2016 was a panic of buyers who thought they may be out-bid at auction, and as a result, placed incredibly strong pre-auction offers.
Looking at the year ahead, Sydney’s market will continue to rise for several reasons. Pantzer forecasts, “inherently low stock levels, lower interest rates, the stable employment rate and a likely fall in the Australian dollar is encouraging expats to bring money home and invest in real estate. Randwick and Kensington are areas to watch with the light rail project underway, and the proximity to the airport, CBD and UNSW conveniently located close by”.
Perth-based, Ray White agent, Brent Compton suggests the market will remain steady over the next 12 months. “I think it’s a safe bet that the growth will be close to 0%. I believe with job growth slowing and with new home dwellings decreasing that by the end of 2017, Perth may start to experience an under supply of property. Population growth will likely catch up to supply as the benefits of living in a clean, peaceful, sunny city like Perth continues to attract overseas and interstate migrants,” says Compton.
With projects such as Elizabeth Quay, Ku De Ta Restaurant, the new footbridge to Burswood, the Perth Stadium, and the Northbridge CBD rail link well underway, Compton believes Perth’s inner city is a hot spot to invest in.
Melbourne’s market has experienced a buoyant 2016, and Glen Coutinho, Director and Senior Auctioneer at RT Edgar in Kew, believes the trend is likely to continue into 2017.
“A lot depends on what will happen in the USA over the next 3 months following the election, but for Melbourne there is still an extreme shortage of property and we do not expect any adverse effect on the market in the short term,” says Coutinho.
According to Coutinho, Yarraville and Newport are two of Melbourne’s best up-and-coming suburbs for investors. “There is still a lot of growth left in them, so they are a great choice for investors. Their proximity to the CBD is a huge feature”.
Mitch Peereboom, Chief Auctioneer at Harcourts Queensland expects there to be many sellers preparing to enter the market in 2017. Whilst Brisbane’s unit market is facing challenges with an oversupply, there are plenty of opportunities for investors to take advantage of properties at reasonable prices in growth areas. Peereboom says, “Murrarie and Cannon Hill are two hot spots for investors in 2017 that will see growth in the future. They’re still within a good price range, whilst being quite close to the CBD”.
Adelaide-based, Ray White agent Mike Lao says, Adelaide dwelling prices have been relatively stable over the past year, with steady growth since 2012/2013 and in 2016 was up 3.2% on the previous year. “In 2017, with the closure of the Holden manufacturing plant in Elizabeth, growth prices, especially in the Northern suburbs, will start to see prices slow down. The most growth seen were city homes in North Adelaide, St Peters and College Park, all recording growth of over 20%,” says Lao.