There we were, twiddling our thumbs, wondering when the real estate market would actually get over the GFC and go back to these golden years of development within the early 2000s. But where does this keep us for the rest of 2015 and into 2016?
Capital cities
Let’s begin with Sydney. After having a stellar year in 2014 that saw the real estate market surge by 13.9%, Sydney is expected to climb again by another 8% this season.
It is forecasted that Hobart and Canberra are established for more growth over the next year, with Hobart anticipated to increase from 0.9% to 2% from 2.1% to 4%, and Canberra to range.
Brisbane and Melbourne are expected to level over the next year at 4% and 6% respectively after experiencing great rises in 2014.
The real surprise
The surprise package that has everyone excited is the increase of Darwin. After having a great decade of growth, Darwin has dropped off the top of the record before 24 months, and against what some experts had predicted, has re-established itself as you of the best sites in Australia to invest in housing.
Market market clearance prices
Last month, we experienced an ‘market frenzy’, as one weekend saw a great 79% of auctioned properties sold. That’s the 2nd highest amount in knowledge going back almost seven years. Buyers are experiencing no-end to these price rises, using the average price for a Sydney property today over $900,000, with Melbourne approaching a median household price of $700,000.
What does all of this mean for you?
2014 capped off per year that saw capital city homeowners add their properties and an average of 7.9% in importance, and professionals are again guessing more progress.
Prices in our capital cities have more or less doubled within the last 10-12 years, and in particular areas of those urban centers it’s been through the top. What we all have to determine for ourselves isn’t ‘when should I get or sell.