Predicted suburbs to watch in the second half of 2018
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Aug 7, 2018
Predicted suburbs to watch in the second half of 2018
Leaders of the industry talk about suburbs to look at in the second half of 2018 in Brisbane, Sydney, Melbourne, Perth and Darwin.
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Image supplied by RT EdgarJeremy Fox, Director of RT Edgar -
Image supplied by Christie'sDarren Curtis of Christie's -
Image supplied by REINTQuentin Kilian, President of REINT -
Image supplied by Abel McGrathSimon McGrath of Abel McGrath
The property outlook is looking bright in Australia’s capitals, from Sydney’s lavish harbour front North Shore to Perth’s Nedlands.
Industry representatives have weighed in and told WILLIAMS MEDIA their recommendations for areas to keep an eye on over the next few months.
Brisbane
Place 2018 Brisbane Market Report lists Red Hill, Balmoral and Indooroopilly for houses and East Brisbane, Spring Hill and Milton for apartments as the "suburbs to watch” and the most “likely to grow in the short term”.
Median price comparisons for neighbouring suburbs indicate change on the horizon, and Place Brisbane CEO Damien Hackett told WILLIAMS MEDIA that “once the prices get to a point where they are out of whack with adjoining suburbs there becomes a ripple effect.”
Hawthorne and Bulimba have median house prices of $1.23 million and $1.29 million respectively, and while neighbouring suburb Balmoral's median is lower Mr Hackett predicts the area will be seeing growth.
15 Wentworth Parade Balmoral, for sale by Sarah Hackett of Place, as seen on Luxury List
“Coorparoo Square shopping village has also just been finalised and there is a lot more infrastructure so an anomaly might also pop up in that area."
“If a suburb that hasn’t been as popular previously but is getting a lot more enquiries these will turn into sales.”
Mr Hackett added that Bulimba, New Farm and Teneriffe have continued to perform considerably well in the market.
Melbourne
Jeremy Fox, Director of RT Edgar predicts that the coastal areas of Victoria such as Port Melbourne, Sorrento, Blairgowrie and Lorne could have growth.
“The house prices have been steaming for a while around the $5 million mark.”
“A lot of people have confidence with their homes in Melbourne and are scaling down, with the leftover money going towards buying a beach house."
Mr Fox told WILLIAMS MEDIA Sorrento is a standout with the new restaurants and high end retail in Sorrento Village and St Andrews Beach Brewery only a short drive away.
Sydney
In Sydney a change has occurred in the last 12-18 months with the prime Eastern suburbs including Point Piper and Vaucluse becoming increasingly unattainable.
Darren Curtis of Christie’s told WILLIAMS MEDIA buyers attention has been diverted elsewhere.
22 Gale Street Woolwich, for sale by Darren Curtis and Ken Jacobs of Christie's as seen on Luxury List
“People are considering areas like Castlecrag, Castle Cove and the Upper North Shore where there have been some astonishing results in the last year."
“Growth will continue in the Upper North Shore as there is infrastructure and schooling. There are railway links back to city and you can easily get onto the M1."
“There is a future perception that these areas offer better value for money. These suburbs are undervalued compared to others only 15 minutes away.”
Mr Curtis said buyers are also switching to Hunter’s Hill and Woolwich.
Darwin
On the back of the REINT’s call for the government to address the $1.2 billion property sales plunge in the Northern Territory, CEO Quentin Kilian told WILLIAMS MEDIA Darwin still has the highest rental yields out of any Australian capital city.
Reports from March 2018 show rental yields for homes are at 5 per cent in Darwin compared to only 3 per cent in Sydney and Melbourne.
“This June quarter we had a yield of 5 per cent on a three bedroom house and 4.9 per cent on units, and it has been consistent for the last ten years,” said Mr Kilian.
“The return for investors is much stronger in the Territory. As long as owners are willing to work with property managers to meet the market they will be able to find tenants."
Perth
The proposed rezoning in the Western suburbs of Perth, including Mt Claremont and Nedlands, should bring immense benefits according to Simon McGrath from Abel McGrath in Perth.
105/30 The Avenue Nedlands, for sale by Michelle Kerr of Abel McGrath as featured on Luxury List
“When the proposed subdivisions come through in the next 12 months people will buy blocks, sub divide and build high quality homes pushing up the mean average for suburbs dramatically.”
“I wouldn’t be shocked if we saw 20-25 per cent price growth.”
Related reading:
Savvy homeowners cash in on high capital growth suburbs in Brisbane
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