IS IT A GOOD TIME TO PURCHASE PROPERTY IN NSW?
Any first time buyer of property will understand that being aware of how the market is preforming, is extremely important. Especially if you are wanting to eventually sell your property on for a profit, or retain it as an investment property.
New South Wales, is one of the country’s best preforming states over recent years has been. Property in Sydney is highly sort after and it’s not really surprising with the level of equity growth the buyers expect to achieve!
Only recently, the Australian Bureau of Statistics (ABS) released its March quarter Residential Property Price Index (RPPI). Out of all the national capitals, Sydney was shown to be the best performer by far, showing a 3.1 per cent growth in prices as compared to the previous three months. Prices are 13.1 per cent higher as compared to a year earlier.
GROWTH IN SUPPLY OF NEW HOMES IN NSW
You won’t be disappointed if you are looking for a new property in the state. The (HIA) latest Housing report identified NSW as being the leader in residential construction.
As stated by HIA Economist Geordan Murray, “NSW continues to rate highly on indicators measuring levels of multi-unit dwelling construction, but it may be a surprise to some that NSW also rates very highly across indicators of detached house building”.
On the other hand, first time buyers may see the market hard to enter, as lending to this group was particularly low, as the HIA discovered. In fact, NSW was the third weakest in terms of this indicator.