Which Property Market Is Looking Better?
Whether you are buying a property for the first time or a regular property investor, what one focuses on is finding the right property at the right location at the right prices. Having up-to-date knowledge about the Australian real estate market can simplify the complex property buying process. However, the journey of finding the most suitable property for investment can be simplified with the help of investment property consultants.
The basic highlights considered before buying any property are affordability and livability. Before knowing about the Australian property market trends, let’s know what lies ahead for Sydney and Melbourne housing markets.
Property Market In Sydney And Melbourne
Sydney and Melbourne are the two largest neighboring states. Sydney being the most populous, followed by Melbourne in terms of population in the continent.
According to the Australian Bureau of Statistics (ABS), the total valuation of New South Wales and Victoria residential properties is around $2.76 trillion and $1.83 trillion, respectively. Together, the two comprise almost 70% of Australia’s housing stock.
In 2021, residential property prices in Sydney and Melbourne increased by 26.7% and 20.0%, respectively. However, in recent times, a decline in residential prices has been witnessed.
- Sydney housing values recorded a consecutive decline in the last two months, down by 0.2 percent
- Melbourne housing values were flat down by a mere 0.04 percent
Vacancy rates in Sydney and Melbourne have remained below the Real Estate Institute of Australia’s healthy benchmark of 3.0% for almost 12 months. In March 2022, Sydney Metro recorded a vacancy rate of 1.6%, while Melbourne Metro recorded a vacancy rate of 1.9%. The home-buying assistance from professional advisors will give you information about various suburbs and help you choose the best-fit property investment.
Insights of the Sydney Property Market
- Total unit sales declined 9.6% between March quarter 2021 and March quarter 2022.
- By March 2022, the median property price for apartments was $1,965,000 and for units was $822,000.
If you are looking for property in Sydney, the most pleasing suburb profile includes Merrylands, Homebush, Liverpool, Belmore, while for units, suburbs include Parramatta
, Campbelltown. Seven Hills, Schofields
Insights of the Melbourne property market
- Total sales declined 10.0% for apartments between March quarter 2021 and March quarter 2022, while unit sales fell 7.0% over the same period.
- By March 2022, the median property price for apartments was $1,140,000 and for units was $630,000.
The popular suburbs for apartments in Melbourne are Greensborough, Mulgrave, and Briar Hill and for units are Taylor Lakes, Kensington, and Clayton South.
Marketing Housing Market
Making an investment decision requires lots of expertise and experience. You can get relevant information related to the properties available in different suburbs of Australia from investment property consultants.
The best real estate consulting firm uses marketing strategies like email marketing, social media marketing, etc., to help buyers access all the recent news and events related to the housing sector.
One of the real estate marketing strategies includes properties’ virtual tours at different locations. It helps buyers see all the property details without actually visiting it, making their investment decision slightly easier.
What Is Being Marketed In The Australian Property Market?
While the two largest cities of Australia, Sydney, and Melbourne, are recording flat to falling housing values, other cities like Brisbane and Adelaide are presenting a pace of continuous annual growth of more than 20 percent.
Since the pandemic breakout in 2020, forecasting what the future beholds for the Australian property market has become hard. Raising interest rates by the RBA to curb inflation has further impacted the housing market, compelling local businesses to change marketing strategies accordingly.
In recent months, the housing inventory levels have increased, providing buyers with more options and putting downward pressure on the prices. The family-friendly suburbs is being placed at the top. It includes areas with good neighborhoods, strict security, and availability of amenities like schools, health facilities, and shopping malls nearby.
There are many high-quality suburbs in Australia that are famous and show higher growth prospects for potential buyers.
Given below are some of the popular suburbs in different states-
- Homebush in Inner West of Sydney
- Merrylands in Western Sydney
- Liverpool in Greater Western Sydney
- Belmore in Sydney
- Deebing Heights in Queensland
- Davoren Park in South Australia
Conclusion
Getting information yourself is the first step any buyer should take before entering the property market. However, the investment property consultant plays an important role in matching your preferences with your financial budget to provide the best property investment that fits your portfolio.
Experts at Quarter Acre can assist in familiarizing you with the latest property market trends and help you choose the right property according to your preferences.
