Decade ahead for Australia's cities
Numerous global and domestic factors will have an impact on how the property market will perform across Australia's capital cities over the next decade. Recently, Australia Property Investor, a property investment website, gathered input from a number of property professionals across Australia to look at recent market performance in each capital city and what people can expect to moving ahead. We've included assessment of general market performance and what people can expect in the near future throughout the housing markets in Sydney, Melbourne and Brisbane.
Current population: 4.6 million
Median value of property: $840,072
annual change in dwelling value: 5.3 per cent
In December, property prices in Sydney increased by 1.7 per cent. Currently outperforming other states in December on a quarterly and yearly basis, the Sydney situation remains in hot demand. As this market has recovered rapidly from the recent downturn, property experts expect affordability problems to rise if recovery continues at its present rate.
Current population: 4.3 million
Median property value: $666,883
Annual dwelling value change: 5.3 per cent
In December, buyer numbers were strong throughout Melbourne, even during the period when the customary festive season winds down. According to Cate Bakos, president of the Real Estate Buyers Association of Australia (REBAA), improved buyer behaviour is driving growth across Melbourne, fuelled by a sense of fear of missing out (FOMO). Current median house prices ($778,649) and apartments ($576,475) are only 2.3 per cent below the peak, suggesting that 2020 could be a good year across the property market in Melbourne.
Current population: 2.2 million
Median property value: $497,491
Annual dwelling value change: 0.3 per cent
In December, property prices in the middle section of Brisbane's property market increased by 0.7 per cent. While the annual home value change of 0.3 percent is diminished, likely driven by over-supply of apartments, the Greater Brisbane market grew by 2.4 percent in the quarter to 31 December, with gross rental yields of 4.5 percent.
Current population: 450,500
Median property value: $600,000
Annual dwelling value change: -0.9 per cent
In December, property prices in the middle section of Newcastle's property market decreased by 0.9 per cent. Sellers offering an average of -6.81% off the asking price. Residents and property investors in Newcastle have been waiting around 79.0759 days to sell a property.
The second half of 2019 produced a significant upturn in Australia's property markets in the capitals. If existing buyer interest levels continue, this recent growth will extend into and beyond 2020.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or https://www.nobullrealestate.com.au