Westwood Conveyancing

Positive Signs for the NSW and QLD Property Markets

After years of mild negative trending or holding-pattern growth in both the New South Wales and Queensland property markets, property pundits are optimistic that a recovery period is imminent, due to increased consumer confidence in the residential property market.

Changes to State Government leadership in both NSW and QLD are believed to have helped boost buyers’ confidence, whilst forecasters have observed an upswing in first home buyer purchase and the release of new land for development.

Today’s Belle Property blog identifies some the factors leading to this happy recovery and comments on the outlook for the 2013 property market. We’ll also provide some tips for those interested in purchasing housing during this upswing phase.

When buyers in south-western Sydney camped out overnight recently to secure themselves a block of land in a new residential estate, the delighted vendor must have wondered about the media’s ongoing talk of a confidence-draining financial crisis.

This trend to purchase in new residential estates has extended to other parts of the city, including new Sydney suburbs Edmondson Park and Elizabeth Hills.

Forecasters note similar trends in Queensland, promising further signs of recovery and confidence among first home owners and investors. 

While growth figures are yet to match up to those pre-GFC, it is understood that low levels of housing construction and improved affordability have helped the residential property market to recover.

The areas set to see the most improvement are predicted to be in Sydney’s outskirts as well as on Queensland’s Gold Coast, Sunshine Coast and outer Brisbane. 

While having previously diminished, reports show a recent rise in new home loans for property purchased in outlying areas.

Queensland has displayed significant growth considering the damage imposed upon the market by unfortunate natural disasters. 

Developers appear confident in experts’ positive predictions, with 5,870 new lots set to be produced annually from 2012 – 2017.

In comparison to this figure, only 2,809 lots were released every year between 2007 -2012 – so expansion and growth in the market seems inevitable. 

The public is being encouraged to consider purchasing while prices in some area are still competitive.

With interest rates also considerably low, this becomes an opportune moment to many newbie home owners.

Source: http://blog.belleproperty.com/?p=2697

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