Australian property experiences growth phase
A recent release from the Real Estate Institute of Australia (REIA) has highlighted the nation is currently experiencing a period of property value growth, which could be fantastic news for anyone interested in selling a house in the near future.
According to the latest Bendigo Bank/REIA Real Estate Market Facts publication, this growth could be a great indicator of the increasing strength of the market. This could also be a signal for anyone interested in purchasing investment property, with the expectation that this upward trend could continue well into the new year.
REIA President Peter Bushby said the weighted average median price for capital city property across the nation has increased by 3 per cent for houses and 2.2 per cent for other dwellings during the September quarter.
When compared to the same time last year, this average median price has increased largely - growing by a huge 9.5 per cent.
The average median price for houses in Australia currently sits at $562,503. Sydney, Melbourne, Brisbane and Hobart were the largest contributors to the growth, which could highlight hotspot areas to consider purchasing a real estate investment.
In fact, anyone interested in selling their Sydney home could secure a fantastic return at the moment. The median price for houses in the New South Wales capital city is currently $722,718 - the highest value out of any capital city across the nation.
For other property types - including townhouses and apartments - the average median price rose to $460,315 during the September quarter. The largest growth was experienced in three different regions - Sydney, Melbourne and Darwin.
With the predicted population boom expected to sweep the country in the coming years, and more people looking into high-density metropolitan living, these properties could make fantastic investments in the future.
Furthermore, the economy is expected to remain steady, which could be the convincing factor for many potential investors to dip their toes into the property market.
"For the next year we expect interest rates to stay relatively low and continue to assist the market. We expect continued steady improvement in activity in most markets and generally a more positive year ahead provided there are no left-field global issues that emerge," said Mr Bushby in a December 11 statement.