29 Jan 2019
What to Expect During the Settlement Process
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Property owners can look forward to their investment growing in the New Year. House prices are already exceeding pre-global financial crisis levels nationally by nearly 3 per cent and growth is expected to continue well into 2010.
The phasing out of the First Home Owner’s Boost has had little effect on the lower-end of the market in the last quarter of 2009, and although interest rates are rising, this is not expected to affect prices until late 2010 and possibly 2011.
The markets in Sydney and Melbourne have led the recovery, with Melbourne in particular recording a stunning 12.5 per cent surge in house prices since March, with units also performing very well. Auction clearance rates have remained over 80 per cent over the last few months, cementing Melbourne as Australia’s auction capital. Last week Victorians spent a record amount ($963 million) on property.
The good news is that there are still bargains out there if you know the right suburbs to target.
According to Australian Property Monitors, a leading national supplier of property price information to homebuyers and sellers, it’s all about being armed with the right information.
For buyers or investors looking to enter the market there are still affordable options available nation-wide.
Economist for Australia Property Monitors, Matthew Bell, said: “If you are looking to enter the market, participate in the national recovery and get the best ‘bang for your buck’, Brisbane and Perth are the places to be looking. Queensland and Western Australia’s increased exposure to the downturns in both the resource and tourism sectors has meant that price recovery for both houses and units has trailed other states”.
However, it’s important to move now, as prices are likely to recover in early 2010.
“There are also opportunities in regions of Sydney and Melbourne where prices still remain under late 2007 levels even after the strong growth of the last six months.” said Bell.
Nationally, the suburbs offering the best growth opportunities for 2010 are:
In NSW: Mona Vale – houses Wolloomooloo – units
In Victoria: Mentone – houses Toorak – units
In Queensland: Hawthorne – houses Lota – houses Kangaroo Point – units
In West Australia: Halls Head – houses Nollamara – houses Mandurah – units
Matthew Bell, says, “When looking for property bargains it pays to do your homework to make sure you are choosing an area and a property that is likely to see your investment grow”:
On the subject of property, Australia is now the proud titleholder of ‘the land of the world’s biggest homes’, topping the United States where houses are shrinking in size. The average size of homes in Australia is 215 square metres. In the US it has dwindled to 202 square metres. Third on the list is New Zealand, 196 square metres, followed by Denmark, 137 square metres and Greece, 126 square metres.