How strong is the NSW property market?
When it comes to making a purchase in the property market, it seems hard to beat the strength of New South Wales real estate. The RP Data CoreLogic monthly value index for September 30 shows that Sydney property has increased in value by 14.29 per cent over the last 12 months, and continues to increase month-on-month.
This has driven strong growth right across the country in the last year - but what about the coming months?
The ANZ and Property Council of Australia (PCA) quarterly survey of industry confidence was released on October 16, and the results suggest property positivity in the state is not ceding anytime soon.
On this index, a reading of 100 marks neutral confidence in the property market. For the December quarter, New South Wales scored 147 - well above the national average rating of 135, and a four-point increase on the state's confidence last quarter.
NSW Executive Director for the PCA Glenn Byres referred to the statewide property market as a "powerhouse" in the release, and noted that this is a continuation of deeply entrenched long-term strength.
"We have now led the nation on confidence for three consecutive quarters and been above the national average for over two years," he stated.
"Plus, NSW is one of just two states with positive expectations for growth in capital values for the office market."
This is excellent news for anyone in search of commercial office property, with Sydney and the wider state likely to provide a wealth of suitable real estate over the coming months.
Value growth for a variety of homes
Senior Property Analyst for ANZ David Cannington noted that the market outlook is great for many different types of property.
"We expect the NSW economy to continue to outperform over the next 12-18 months, largely driven by a solid pipeline of residential and commercial construction and increased state government capital expenditure on a number of large-scale infrastructure projects," he remarked in the PCA release.
Mr Cannington expects growth to continue over the next 12 to 18 months, noting the ongoing robust home values despite a slowdown in recent months.
The Housing Industry Association has also commented on dwelling starts across the nation, which have reached a 20-year high, with over 180,000 building approvals between the June quarters of 2013 and 2014.
These figures suggest even more property hitting the market in New South Wales. A local real estate agent will be able to help anyone in search of real estate get onto the ownership ladder during this period of strength.