In Australia, there have been some major changes in the real estate department. There are more than a few reasons for those changes, from the higher taxes on foreign investments to the lending restrictions. Overall, the majority of the landed property has lost some of its value, and this applies to both combined capital city values and regional markets. Moreover, this has happened in almost all major cities of Australia, with only a few exceptions. So, if real estate in Australia is something that interests you, here are a few things that you should know about these new changes.
Sydney
Due to the stricter renting laws, Sydney has been hit pretty hard. Prices of homes have fallen, and they continue to fall. Even though it still has some of the most expensive suburbs in Australia, they too are seeing a drop in value. More precisely, it is the middle-priced suburbs that are experiencing the biggest changes, as the most expensive suburbs are still holding up pretty well. On the other hand, some of the cheaper suburbs are seeing nice value growth. So, if you are a first home buyer and you’d like to live in Sydney, keep this in mind. There are many great house packages in Australia that can fit your needs, just do some research on the neighborhoods that interest you before making any major decisions.
As for the regional areas, they are doing quite well. Some, like the Richmond-Tweed region, are seeing a very high price growth, while Brunswick Heads has become more expensive than some beachside suburbs in Sydney.
Melbourne
While Melbourne has been hit by the same restrictions as Sydney, its significant job growth is affecting the real estate market in a good way. So, with more jobs being created, the demand for rentals is as high as ever, and people are staying interested in this city. Consequently, the demand for houses is dropping, which is affecting the prices. Additionally, there are many suburbs with high views per listings, which means that the city is as popular as ever.
When it comes to the regional areas, the west parts are very popular due to both new and already established suburbs. These areas have shown to be very attractive to first home buyers and younger families, so it’s safe to say that Melbourne is holding up well.
Brisbane
Brisbane seems to be defying all the odds, as there are many new apartments, and the prices seem to be relatively stable. Gold Coast, for example, is seeing a rise in the property value, which is partly due to its developing economy. Moreover, when compared to Sydney and Melbourne, Brisbane has seen the smallest fall in property value.
Predictions
The prices of houses are expected to continue falling, especially in Sydney and Melbourne. Brisbane will see very low prices as well, but the difference will not be as dramatic. That being said, houses in metropolitan areas are still considered unaffordable by the majority of Aussies.
How to sell your house
With all that in mind, selling your house might turn out to be a challenge. Of course, the easiest way to sell it is not to overprice it, but you should also pay attention to the best time for putting your house on the market and hiring a good real estate agent. So, do your research, and make sure to consult professionals.
Whether you’re interested in buying a home in Australia or selling one, it’s essential that you know everything about real estate trends. So, consider the above-listed, and don’t rush with any decisions before consulting a good real estate agent.