Staying updated on the Australian property market is essential in making smart decisions when it comes to property investment. That’s why we at Ironfish are here to help you stay ahead of the pack! In this real estate market update for Q3, we’ll be discussing current trends and key developments in the Australian property markets.
Despite traditionally high house prices, Sydney’s diverse and robust real estate market continues to present numerous opportunities for savvy investors.
With a booming population growth from overseas migration, the demand for property in Sydney is high and shows no signs of slowing down. Additionally, the $70 billion dollar transport infrastructure pipeline in place by the NSW government is expected to boost property prices and create further investment opportunities in Sydney’s outer suburbs. Plus, with one of the tightest employment markets in the country, Sydney’s strong job market is attracting more and more people to the Harbour City. With forecasted growth in housing values of 5-12% and an increase in rent in the magnitude of 12-16%, now is the perfect time to invest in Sydney.
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Melbourne should definitely be on your hot-spot list. One of the world’s most liveable cities, Melbourne is a vibrant and cosmopolitan destination.
Not only does it offer a vibrant arts, culture, and sports scene, but Melbourne is also a city that has bounced back from the pandemic as one of Australia’s population growth hotspots. In fact, it’s now the number one city destination choice for international migrants. With a population set to hit 6 million over the next 8 years and a massive $100+ BN infrastructure pipeline, Melbourne is a city that’s on the rise. Moreover, it has a tight rental market with an incredibly low vacancy rate of only 1.2%, and a forecasted t rental growth of 10-15% this year. So, as a property investor, you’ll definitely want to keep an eye on Melbourne.
If you are on the hunt for your next investment property, Queensland’s capital city should definitely be on your radar.
With population growth at 45% higher than pre-Covid levels and 200,000 new residents expected in the next 5 years, demand for housing is at an all-time high. The upcoming 2032 Olympics add to the allure of the area, with over $59 billion in infrastructure projects set to be completed in preparation. Brisbane is also home to some of the strongest rental yields for both houses and units, with houses offering yields of 3-4% and units yielding 4-5%. With capital growth forecasted to show a steady increase, Brisbane looks like a solid investment choice.
Here are five compelling reasons why Perth should be your next investment destination.
Firstly, Western Australia’s economic and wage growth is the best in the country, meaning you can expect increased demand in the property market. Secondly, the population growth rate in Perth has spiked to 80% higher than the pre-Covid average, which signifies huge demand in the housing market. Thirdly, Perth boasts the most affordable housing market of all major capital cities, making it a popular choice for many buyers. Fourthly, the unbelievably low 0.6% vacancy rate in Perth is a great indicator that rents will continue to rise, with experts forecasting an increase of 12-15% in 2023. And last but not least, with capital growth forecasts ranging from 4-13% in 2023, and plenty more growth predicted down the road, it’s clear why Perth is a great choice for your next investment property purchase.
Paying attention to property market trends is one thing, but it’s important to remember that property investments require a long-term outlook. While short-term fluctuations may occur, over time the value of your investment is likely to increase – meaning more financial security for you and your family. With careful research and professional guidance, investing in property can be a great way to build your wealth and achieve long-term financial success.
At Ironfish, we don’t just offer our clients the right investment advice – we provide them with a comprehensive and personalised approach that supports their individual needs. If you’re looking for more guidance on where to invest in 2023, contact our team today to discuss what area best suits your financial objectives. We are here to help you succeed!
Take the first step towards better results. Book your expert consultation today!