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Jennifer Duke
Certain suburbs in Sydney and Perth will attract the eyes of investors, helping property prices to rise in these areas, according to a leading real estate group.
Real estate prices in Sydney and Perth will rise by up to 5 per cent this year, while Brisbane will stabilize, Raine & Horne CEO Angus Raine said.
“In Sydney, the market between $400,000 and $650,000 will continue to show positive signs in 2012, with investors re-entering the market, replacing the expected shortfall of first home buyers due to the end of the stamp duty concessions on existing homes in NSW,” said Mr Raine.
Price will be the driver for buyers considering Sydney investment opportunities in the below $650,000 bracket.
Suburbs tipped for growth include Eastwood, Ashfield, Burwood, Hurstville and Dee Why, Mr Raine added, particularly in regards to the apartment markets where investors and first time buyers will be competing head to head.
Investment activity is predicted to begin in the inner Sydney suburbs, including Bondi, Newtown and Neutral Bay, with sales expected to increase in the second quarter this year.
Capital growth will be seen due to baby boomers looking towards regional centres with transport hubs, Mr Raine indicated, listing Tamworth, Orange and Port Macquarie as top areas to see this growth.
Perth suburbs expected to see investment activity include Cannington, Kenwick and Kelmscott.
“We also expect to see more investors in the North Perth market in 2012,” said Raine & Horne operations manager Sean Green.
In Queensland, Raine & Horne New Farm has seen an increase in sales. Mr Green says that this is the end of a period of slumping property prices.
“Indeed savvy investors seem to be leading the way with inner ring suburbs such as Fairfield and New Farm already in their sights,” he said.
There are still opportunities for investors outside of Brisbane.
“The Noosa Hinterland is about 26 kilometres from the Maroochydore airport, which is an important consideration for baby boomers.”
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