Property hotspots in Australia
From the beaches to the restaurant strips, the property market is on the move again and if you’re looking this weekend, there are gems to be found – if you know what you’re looking for.
Matthew Liddell from Australian Property Magazine has crunched the numbers to come up with the property hotspots across the country.
“I think the biggest trends in terms of driving property hot spots are new transport, new infrastructure, high migration rates and factors like that,” Liddell said.
“Once it’s identified as a hotspot, it’s great if you can get in before the experts call a hotspot, but there’s still value there.”
Bronte in Sydney’s eastern suburbs is one of the country’s most exclusive beach areas but it’s been battered in the past year, with some properties dropping half a million dollars. Bronte leads Liddell’s list of hot Sydney properties.
Liddell also recommends Haberfield in the inner west and Oatlands in the city’s west.
“You’re looking for infrastructure that’s going in. You’re looking urban gentification and you’re looking employment nodes around the area.”
And if you’re looking to buy as an investment, Bronte again gets the nod.
Melbourne’s hotspots are old favourites like Carlton in the inner city, a diners delight with it’s famous restaurant strip. Kew in the city’s east has also seen huge drops but is expected to recover well into next year.
Southbank is seen as the best investment area.
John Edwards from Residex advises to those searching for a property to spread their search.
“Our crystal ball tells us probably the most likely outcome is that Melbourne is going to perform better than all other places on the East coast,” Edwards said.
“Those suburbs with a value around $350,000 to $500,000 are going to be the ones that do best over the next five years.”
Queensland has ridden the crest of a property wave for years. But it’s recovery from the recent falls is slower than the rest of the country, that points to hotspots.
Manly in Brisbane’s east, right on the water, is already making up ground while Newstead in the inner city is also on the rise. But the heady property boom days may be over.
“In every city there are always the gems that we’ve been looking at but what we can say is you can’t go to a place like Brisbane and say for certain that you are going to do very well. That’s not likely to happen,” Edwards said.
Just 7k’s from the CBD, Carina is Brisbane’s top investment suburb.
In Adelaide, a new tram line is pushing the property hotspots bringing suburbs closer to the city.
Peter Koulizos, known as the Property Professor, says Torrensville is a suburb to watch.
“Torrensville is only 3k’s to the city in between the city and the sea. A lot of renovation happening in Torrensville that is of houses. So that’s a good sign that people are willing to spend their money to upgrade their homes,” Koulizos said.
Littlehampton in the Adelaide Hills is ear-marked as the best investment buy.
“I think it is a fantastic time to buy, not a good time to sell but a great time to buy. With interest rates so low. Vendors very willing to negotiate and discuss. I think it’s a great time,” Koulizos adds.
Koulizos warns not everyone will be able to get into the market this time around because banks are still nervous.
“If you have secure job or you and your partner have a secure job then you’re laughing. If you’ve only moved into a new job recently or your job’s not looking so good then you might struggle to get the loan.”
There are other factors which will also influence real estate over the next few months. The future of the first home buyers grant is uncertain, interest rates expected to rise again before the end of the year, and the stimulus package and new construction across the country will also influence prices.
“If you do see that government funding and infrastructure is pouring into a suburb then you’ve got potential for something that is going to prosper in the future,” Liddell said.