Following on from his Spring 2012 Real Estate Market Review, Property Expert, John McGrath shares his top Sydney metro and regional picks for the best opportunities to buy, as well as insight into the current regional market…
John McGrath’s Top Sydney Metro Picks–Best Buying Opportunities
-Balmain
-Marrickville
-Dulwich Hill
-Newtown
-Frenchs Forest
-Palm Beach
-Lilyfield
-Sans Souci
-Manly
-Surry Hills
John McGrath’s Top Brisbane Metro Picks–Best Buying Opportunities
-Brisbane CBD
-Red Hill
-Bulimba
-Rosalie
-Hamilton
-Windsor
-Kelvin Grove
-Wolloongabba
-New Farm
-Wynnum
Regional Markets Insights…
Lower mortgage rates are having a strong effect, inspiring new confidence among buyers and giving them greater borrowing power.
There seems to be a general consensus among buyers that the market has bottomed-out and now is the time to upgrade and take advantage of the next market upswing.
We’re seeing stronger buyer competition and a new sense of urgency in many regional areas, as well as ongoing interest from Sydney investors and those seeking a lifestyle change.
John McGrath’s Top Regional Picks – Best Buying Opportunities
-Bilambil Heights (Northern Rivers)
-Lighthouse Beach (Port Macquarie)
-Bowral (Southern Highlands)
-Mermaid Beach (Gold Coast)
-East Toowoomba (SE Qld)
-North Wollongong (South Coast)
-Floraville (Lake Macquarie)
-Tuggeranong Valley (ACT)
-Kincumber (Central Coast)
-Wentworth Falls (Blue Mountains)
Key points and predictions…
-There is new positivity in the marketplace, with Sydney clearance rates continually strengthening and hitting a peak of 68% on August 4.
-Falling mortgage rates are inspiring new confidence among buyers, with home loan rates about 50 basis points below their 15-year average.
-Sydney property values rose 1.2% in July and are up 1.7% for the year, according to RP Data.
-First home buyers have returned, especially in NSW where the First Home Owner Grant for established properties will end on September 30.
-Rismark’s sales price-to-income ratio is at its lowest since March 2003.
-Demand is strengthening in regional areas across NSW and also on the Gold Coast, the $300,000 to $600,000 segment is the most popular.
In conclusion, I believe while the market has not yet turned a corner, we are heading in that direction. Spring might be the last opportunity to buy at or close to the bottom in a range of areas across NSW and QLD. I predict the market will return to the positive in 2013.
Read Part 1 of John McGrath’s Spring Real Estate Market Review here
