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Essential information, plus expert insight on what is shaping the national property market...
NEW SOUTH WALES
Property hotspot despite decreased sales
One region in NSW is attracting an increase in interest from both investors and owner-occupiers.
TheLocal Government Area (LGA) in the Hunter Valley remains a hotspot for investors, despite softer resource prices, according to PRDnationwide research.
PRDnationwide research analyst, Oded Reuveni-Etzioni, said house enquiries were up from the spring season in 2011, despite an overall decline in sales activity.
"The LGA recorded 524 house transactions in the six months to August 2012, representing a decline of 16 per cent from the same period in 2011. This figure was lower than the long-term average of 589 transactions per six month period," he said.
He said the median house price increased by 1.7 per cent in the 12 months to August 2012, closing the period at $363,000.
Affordable suburbs for 2013 success
A number of Sydney-based suburbs have the potential for growth on the back of first time buyers pushing up demand, according to wHeregroup’s founder and buyer’s agent, Todd Hunter.
Discussing the New South Wales results of a recent survey from Mortgage Choice – which identified that first time buyers are primarily looking to buy in sub-$350,000 suburbs – Mr Hunter told Smart Property Investment demand on properties in this price bracket will push up prices in some suburbs, where purchases of this scale are achievable.
This will primarily be targeted in Sydney's west, where the median price is lower.
The Mortgage Choice’s annual survey found that, on average, first home buyers were planning to spend $350,000 on an established property, compared to $380,000 for a property bought off the plan, and $360,000 for a newly built home.