IMPACTS ON PROPERTY

According to CoreLogic data, going into November last year the median house price in Australia’s capital cities was $924,492; the median unit price in Australia’s capital cities was $597,533 and the median value of a dwelling in Australia’s regional areas was $601,949. That’s median prices we are talking about, taking in the lows as well as the top end sales.

During 2021, five of Australia’s capitals experienced their largest annual rise in residential property prices on record and last year, records tumbled in suburbs across most cities. Whether prices continue to climb, come off the boil or hold at a level for a period, there are factors that may push values up and down under any market conditions. Sometimes the best property to buy isn’t the prettiest one in the street! Factors not in any order of degree or importance, include:

L Ocation

Who hasn’t heard ‘location, location, location’ more than once when it comes to buying a house! It’s a major player when it comes to a property’s capital growth.

Hordes have emerged from the other side of the pandemic wanting everything close to home and believing that living the good life means education, business services, shopping, community facilities, recreational and sporting resources and even employment (if you can’t work from home) within a 20-minute public transport trip, bike ride or walk from home. ‘Work, live and play all within 20 minutes’ is ticking more boxes than the beach on your doorstep or 360-degree views.

Some suburbs will always be more popular than others. Prime sites anywhere remain in high demand and will increase in value over others.