One of the most talked about things among average Australians these days is –What do the next 6 months look like for the property market?
New data this week from CoreLogic points to the end of the housing downturn, with 5 out of 8 cities posting improved results on last month’s report. But can we expect this trend to hold up? Where should we be looking to capitalise on any opportunity?
Investment expert Zaki Ameer looked more closely at the key markets to better understand the numbers, and whether the time is right to take action.
Sydney Property Market
In the past three decades, the property market in Sydney experienced the biggest hike in house prices. It is expected that the value of property prices will rise by 2% as the year ends. They will continue to escalate further in 2020. First-time home buyer’s interest also started to increase when 25% of home loans got approved in March.
There has been a rise in demand for real estate in Sydney. This is due to job creation, strong economic growth, and population growth. Sydney is offering investors a wonderful opportunity to purchase established apartments located in the inner west, eastern suburbs, and lower north shore. This is a great time to consider investing in investment-grade property. Building a property investment portfolio today will give you the opportunity to earn a profitable return.
Melbourne Property Market
In the past year, there was a decrease in property sales by 25%. This showed that sellers weren’t putting their property on the market until they had the need to sell.
In the next six months, unit and house prices are most likely to increase by 1 percent in Melbourne. By 2020, unit prices will grow from 0 to 2% and house prices will increase from 1 to 3%.
The Bottom Line
With the latest trends and forecasts, it can be seen that this is the best time to purchase real estate in the two biggest capital city markets, Sydney and Melbourne. For further projections and tips on real estate investment options, contact Dream Design Property at 1300 732 921 or visit //ddprealestate.com.au/