Your Property News July 2024

Modelling of property price growth by PropTrack has revealed how much home values would change by 2029 if the trends seen over the past five years continue.

PropTrack senior economist Paul Ryan said the modelling wasn’t a forecast, but showed just how extraordinary the rate of price growth has been over the past five years and revealed what that would mean for prices if the same growth was repeated.

“It highlights the exceptional things that happened over the past five years – obviously Covid, but also record low interest rates, a huge shift towards larger homes and lifestyle locations, and increasingly, affordable locations,” he said.

The analysis suggests that many capital city suburbs targeted by buyers seeking affordable houses will no longer be an option for those with modest budgets, assuming prices keep growing at the same rate.

Instead, high-density suburbs with lots of apartments will remain within reach, given prices haven’t grown as fast in these areas.

….family-friendly suburbs in the middle rings of the capitals could plausibly keep growing in value at roughly the same rate, given these types of suburbs tend to remain popular for family buyers in their peak earning years, pushing prices into multi-million dollar territory.

While some market trends seen over the past few years could continue into the future, others probably won’t be repeated.

Mr Ryan said another doubling in home values in popular coastal areas was unlikely, but some areas would perform better than others.

“Across cities the more affordable regions are outperforming,” Mr Ryan said. “I don’t see that demand waning.”

“Whether that lasts the next five years is another question, but I definitely see that continuing over the next year or 18 months.”

Mr Ryan said it was likely there would be increasing investor and first-home buyer interest in units over the next five years, given that’s where new housing development would be focused.

Realestate.com.au – 3 July 2024

We were pleased to welcome a number of new owners and investors to the area during June. One special sale achieved during June was the sale of 166 Oriel Road, Ascot. This property was one of our first property managements when we opened our doors in 2017. It was a much loved home of our landlord who had been residing there for several years prior to renting. By adopting an off market sales approach, we successfully and seamlessly secured a new investor.

Is it time to make a move? As discretion is our middle name, whether buying or selling, we tailor our approach to you and your needs. Use our experience and expertise to guide you out of your current home and into your new home.

We are here to assist you with all your real estate needs – we work for you.

Amanda Butler – Principal – 0438 767 439 – [email protected]

In our Clients words

Amanda made the sale process of our unit so easy. She was very professional and forthcoming with any information to be provided to the new buyers. She knows this area so well and we would not use anyone else.

Catherine – Clayfield