The next regions and suburbs to boom are set to be revealed amidst ongoing warnings that Sydney property prices are overheated.
Margaret Lomas, one of Australia’s most prominent property experts, will be answering the question ‘Where is the next Sydney?’ at the upcoming 2015 Property Buyer Expo in Sydney, which will run from 30 October to 1 November.
Property investors need to avoid following the purchasing patterns of other property buyers and instead assess areas on their potential for long-term growth, Ms Lomas said ahead of her presentation.
Ms Lomas issued the advice amidst speculation over the sustainability of house price growth in Sydney.
“Many parts of the Sydney property market are overheated. Investors in several cases are paying well over reserve price and auction clearance rates continue to hover around the 80 per cent mark. Investors are asking the question – Where is the next Sydney?” she said.
“Learning how to buy well consistently is much more important than following the crowd into a boom market and risking getting the timing wrong. Property investors must learn skills which enable them to be smarter about where and how they buy,” Ms Lomas explained, giving an insight into the advice she will be sharing during the presentation.
“I will discuss the dynamics of what makes an area boom and help investors to be able to pick out these characteristics to determine what is coming up. In addition, I will examine where buyers seem to be focusing their attention now that the Sydney window is closing – in other words, where is the next Sydney?”
Ms Lomas will be joined by several other property experts at the Property Buyer Expo, including Tyron Hyde, the managing director of Washington Brown.
Mr Hyde is aiming to educate investors on how to maximise their tax depreciation claims against their property portfolio.
“There are thousands of property investors across Australia who are not claiming their full tax depreciation entitlements, potentially running into thousands of dollars each year,” he said.
This can be attributed to four key areas overlooked by investors, according to Mr Hyde.
“Four areas where I see investors making mistakes and not receiving full entitlements include the amount of depreciation that is being claimed on building costs, older properties (pre 1987) and common property areas for new properties including lifts, carpet, gyms etc.
“Finally, investors are not claiming the residual items from a previous owner’s renovation after theyrenovate. Renovations are one of the biggest areas where I see investors leaving money on the table.”
The Property Buyer Expo will take place over three days from 30 October until 1 November at the Sydney Showgrounds in Homebush.