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The most resilient property market in the country will continue to enjoy solid price growth. Units, however, are underperforming the wider market.
As projected, the ACT has been enjoying extremely strong employment figures which are a key driver in the ability of the property market to deliver solid price growth following the peak of COVID-19.
Housing affordability and ultra-low interest rates drive strong results for detached houses.
As projected, the SA housing market and particularly Adelaide, has improved noticeably, with good demand for houses that delivered capital growth of 3.7 per cent in the past quarter. Units experience softer demand, with unit prices delivering modest capital growth of 0.8 per cent during the quarter, with some areas experiencing a high supply of rental apartments.
Lifestyle and limited supply of houses will continue to drive price growth in Hobart.
The ability for more people to enjoy the lifestyle that the Apple Isle offers has led to a resurgence in the housing market. Prior to and during the peak of the COVID-19 price growth in Tasmania has decelerated. Affordability issues, with preferred alternatives in Melbourne, created a situation where the Apple Isle became less resilient and the property market experienced decelerated price growth despite low supply of dwellings.
The most affordable capital city houses in the country are enjoying ultra-low interest rates and improved economic conditions, while strong government incentives cemented a strong recovery of the property market.
As projected, the Western Australian housing market has recovered well with substantial increase in housing prices, with capital growth of 3.9 per cent for houses over the past 3 months. There has been a noticeable improvement in buyer confidence resulted in improvements in housing finance.
Unexpected pandemic-driven strong relocation to the Northern Territory substantially increases demand and short-term price increases. Modest growth, however, is likely over the long term.
As projected, the Northern Territory market has delivered strong recovery after many years of weak property market, with house prices delivering 7.8 per cent capital growth over the past quarter alone.
The Victorian housing market has rebounded sharply. The projected end of the COVID-19 pandemic boosted sentiment in VIC, and the market is projected to deliver 8 - 12 per cent capital growth over the next 12 months, while demand for units is soft.
Houses in Greater Melbourne and the regional areas with access to the capital city enjoy very strong demand, driven by ultra-low interest rates and very strong buyer sentiment.
The Sunshine State continues to shine - strong demand for detached houses and outstanding demand for lifestyle areas Is projected to deliver 6-10 per cent capital growth over the next 12 months for the south-east QLD market.
The QLD housing market, and particularly houses in the popular areas of Brisbane, the Sunshine Coast, and the Gold Coast, enjoy strong demand, with the coastal areas enjoying strong demand due to the increased ability to work from home and internal migration.
Extremely strong demand for houses in Greater Sydney and
regional areas in NSW with double-digit growth expected in the
next 12 months, demand for units remains softer.
Houses in NSW enjoy very strong demand, driven by ultra-low interest rates and
very strong buyer sentiment. FOMO is a major driver in consumer behaviour both in
Greater Sydney and in popular regional areas of NSW.
Sometimes it seems crime does pay as houses in affected areas outperform
the market in Sydney and Melbourne.
Outlook
strong for houses on the Sunshine Coast as buyers hone in on lifestyle options,
ultra-low interest rates and the ability to work remotely.
Now
is the time to prepare to buy for prospective homebuyers in Melbourne, says
Pete Wargent, co-founder of BuyersBuyers.com.au, a national marketplace now
offering affordable buyer’s agency services to all Australians.
Adelaide-Central and Hills is the only area in Greater Adelaide where principal and interest loans for both owner-occupier and investor loan repayment amounts are higher than the annual rent.
For people who want to live in Perth and eventually their own home there, rent money is dead money and renters with secure jobs are better off buying a house than continue paying someone else's mortgage.
Southeast
Queensland renters are being urged to take advantage of the ultra-low interest
rates as paying a mortgage in most areas is cheaper than paying rent.
Ultra-low
interest rates have created a unique environment where buying a house in most
areas of Greater Melbourne is cheaper than paying rent on one.
Apart from one area, interest-only loan repayments for owner-occupiers
in Greater Sydney are higher than the annual rent, meaning now is the time to
buy if you are in a position to do so.
Buyers looking for the perfect property trifecta are placing their bets
on the Victorian port city of Geelong where lifestyle, accessibility to
employment hubs and affordable housing are the key to capital growth.
Having
already been hit hard by a major oversupply issue, the Brisbane unit market
continues to suffer thanks to COVID-19, leading to both equity and cash flow
risk.
When assessing the risk of over-building, a common and reasonably
sensible approach is to compare the number of properties in the pipeline to the
established housing stock for a suburb or sub-region, to get a feel for the potential
uplift in the dwelling stock.
Canberra has seen some very high auction clearance rates lately, and it’s one of the first questions I’m asked lately about the Canberra market. Yet this statistic isn’t one that I suggest buyers look at as the ‘be all and end all’ of measuring the market.
Investors buying rental apartments are taking an enormous gamble with not only equity and cashflow risk materially increasing, but also serviceability risks.
When you’ve found a property that you want to pursue, it’s often a stage where buyers come unstuck. The process of buying real estate can’t be too complicated, surely? Found a place, make an offer, right? The problem is, the sales agent and vendor are actively pursuing the highest possible sale price - and as the buyer, you’re after the opposite. Or at least you hope so.
Perhaps the best way to describe this is to compare the differences. Before you begin to consider what your time is worth, let's consider two different experiences...