Source: Toby Giordano from ACF
The new NAB Quarterly Australian Residential Property Survey has polled over 300 industry experts to discover their key predictions for the property market this year.
The survey outlined which markets would achieve above average capital growth in 2015. Is your region, city or suburb on the list?
- QUEENSLAND: Brisbane, Gold Coast, New Farm, Toowoomba, West End
- NEW SOUTH WALES: Eastwood, Glebe, Manly, Marrickville, Newtown, Oran Park, Penrith, Ryde, Surry Hills, Sydney
- VICTORIA: Essendon, Glen Iris, Ringwood
- SOUTH AUSTRALIA: Mile End, Norwood, Parkside
- WESTERN AUSTRALIA: Baldivis, Belmont, Bentley, Kelmscott, Mandurah, Perth, Subiaco.
According to the survey results, agents, developers, fund managers, owners and investors across the country consider we will only see minor property price growth this year and the rental market will continue to weaken.
While they anticipated national house prices would rise by just 1.5 per cent this year, the outlook from state to state varied. Victoria was tipped to have the biggest growth of 2.2 per cent, followed by Queensland with 2.1 per cent and New South Wales with 1.5 per cent.
Prices were expected to remain flat in South Australia and the Northern Territory and were tipped to fall by about 0.2 per cent in Western Australia.
However, NAB Group Chief Economist, Alan Oster, is more optimistic – suggesting a 4 per cent growth by year’s end and 2 per cent to the end of 2016. He also believes there will be two further interest rate cuts this year – great news for homeowners and buyers alike. Read the full survey.
As a full service firm, Commercial Associates is optimally placed to assist you with your property investment requirements and determine the most appropriate strategies for you. Call today on 02 9299 1200 or click Email Firm below to arrange a complimentary discussion with one of our expert advisors.