Whether we talk about spending money in real estate or an increase in the price of goods in Sydney. The state capital of New South Wales and the expensive city of the Australia i.e Sydney is forward in the race. Leaving the Melbourne, Brisbane, Adelaide, Perth behind. Earlier the Western Australia was there in the place of New South Wales. People were more likely to invest in Western Australia in the real estate properties.
The current reports exhibits the fall in the dwelling values in Sydney, the major change is seen in premium cost. The value of housing property in Sydney is comparatively higher than the other capital cities.
Over the past years, the house values or property values have increased in New South Wales, the rate of growth has decreased, particularly within nearby regions of Sydney – Newcastle, Illawarra, and Lake Macquarie and Southern Highlands and Shoalhaven. These regions have been perceiving dwelling value and land value growth over the recent years and along with this they are the only regions where long-term average value is lower.
Finding the major reason behind the Sydney’s rank is the increase of the dwelling costs which is raised significantly in the recent years. The large share of household spending is in housing that makes Sydney housing prices high. The Perth is come out as very slow when it comes to increase in prices of foods, transport and communication.
Financial affordability is the prime factor in Western Australia. People over there are spending less, cause of financial pressures.
On comparing the Melbourne Housing values with the other capital cities of Australia except the expensive city, Sydney, it is observed that the median dwelling values and property values in Melbourne is higher than other cities.
The reasons why the dwelling or housing values to the cities like Sydney and Melbourne have raised over the years because of the following reasons –
- People are more likely to settle in these cities rather than others.
- Increase of foreign investors.
- Low mortgage rates.
- Increased demand from Investors
- Stronger economic conditions than other cities of the country.
- Availability of accurate of property valuation, home valuation and land valuations services.
According to a report, the property values and land values will continue to decrease slightly in the major cities of Australia like Sydney and Melbourne. Though these cities have been under the interest of the investors and the maximum growth is also seen in Sydney.
Now the property owners in Sydney are planning to earn profits by selling their properties at high rates by having the right property valuations from the property valuers.
The other cities of Australia started raising, Hobart becomes the first in among all cities.The 1.2% raise in April 2018 and 3.6% increase in property values over the quarter period of a year.
It is estimated that – “The property values increasing nearly 13 % on the annual basis over the past years now, The Hobart housing values are recorded high, against a low level of income growth.”
Darwin and Perth’s market opportunities –
The Property market which have suffered a lot, may exhibits some buying opportunities in future. Though the little positive change can be seen in the growth of the property market in Darwin and Perth.
In the month of April 2018, Darwin’s housing values raised 0.6 percent, and in the last quarter it was noted 0.7 percent. It is first positive and noticeable result. But the property market has dropped down to 7.7% in last year.
The fact is the marketers are not concentrating well on Darwin’s market. Similar in the case of Perth. Four years ago the Perth market was at its peak but 11 percent fall has been seen in the past years.
The income factor should higher than living costs because in the cost of living, housing cost and property value is great single living cost for the Australians. Policies should be made that helps in housing affordability.