Property News February 2018
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Sydney still has the highest median values for houses and units, as well as for rent, and more dwellings sold in Sydney than anywhere else. While momentum is slowing, the market in Sydney remains relatively strong.
With investor lending tightened, a slowdown in house prices, and increased government concessions for first home buyers, 2018 could be a good year for people entering the housing market.
How did Regional NSW perform in 2017?
Newcastle (12.7per cent) and Wollongong (15.5 percent) again benefitted from the Sydney knock-on effect. Lifestyle markets like Byron Bay (14.1 percent) and Port Macquarie (9.3 percent) also performed very well. Lesser-known New South Wales locations such as Maitland (6.2 percent), Bathurst (6.5 percent), Dubbo (5.3 percent), and Orange (4.7 percent) performed better than four out eight capital cities. The tomato capital of Australia, Guyra, had a stellar year with 16 percent growth.
Australia’s most affordable capital city, Hobart, has been the clear stand out in 2017 with 14.3per cent growth for the twelve months ending September 2017. Given that Hobart also has the best rental yields in the country, the total return (capital growth + yield) is 5 per cent more than Melbourne and 7 per cent more than Sydney.
The rate of employment growth in Hobart over the last year was four times the national average and double the next best capital city. The economy doesn’t appear to be slowing down either; job advertisements have a very steep trajectory. Records keep being broken in retail trade (the cash registers are ringing loud) and visitor volumes (domestic and international). The strong economy and high consumer confidencemeans that locals are keen to transact in property and there certainly aren’t any affordability barriers.
Locate Negotiate Examples of current Work
Projected managed sale
17 & 19 Milburn St, Gymea
Sold for $1,450,000 each
Sold as a development site
Sold Date: 2nd February 2018
Appointed Agent: Highland Property Agents
Negotiated price and terms
1/20 Jacaranda Rd, Caringbah
Purchase Price: $955,000
Car spaces 2
Sold Date: 9th February 18