3 booming inner-city suburbs
Three inner-ring capital city property markets have taken off this autumn, with one real estate agency saying things are only going to get hotter.
Raine & Horne said inner-ring capital city property markets across Australia have started the autumn selling season with “all guns blazing”, predicting buyer urgency and a shortage of stock would amplify the situation.
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“The February decision to cut rates by 25 basis points has given some inner-ring markets an additional edge, while a relatively early Easter and the impending school holidays is creating buyer urgency,” said Angus Raine, executive chairman and CEO of Raine & Horne.
“Our offices around the country are also reporting a significant shortage of stock for sale this autumn, with listings down by about 10 per cent nationally compared with this time last year – which is great news for owners considering a sale.”
The real estate group said New Farm, in inner Brisbane, was one of three key inner-city markets continuing to perform.
“New Farm is always a sought-after location thanks to its proximity to the Brisbane CBD just two kilometres away,” Lee Paul, principal of Raine & Horne New Farm, said.
Ms Paul said houses in the suburb are a particularly hot commodity because of supply constraints.
According to Ms Paul, 76 per cent of New Farm stock is apartments, so “when a house comes onto the market, it’s hugely popular with families seeking a property close to the city”.
“It will be a sellers’ market this autumn,” she said. "Owners who take their property to market can expect to be rewarded with a rapid sale and a good price."
In Sydney, the real estate group said Coogee – together with other suburbs within 12km of the CBD – was putting in a strong performance.
Tony Laing, co-principal of Raine & Horne Coogee/Clovelly, said he expected the strength of the inner-ring suburbs to the city’s east to continue “thanks to the availability of cheap housing finance and a significant lack of stock”.
The third market highlighted by the real estate group was Karama/Malak in the Northern Territory.
Raine & Horne said the next phase of the Ichthys Inpex LNG project, which is expected to attract thousands of new workers to Darwin, is “set to turbocharge the city’s real estate markets”.
“For cashed-up buyers prepared to make a move now, the inner-northern Darwin suburbs of Karama and Malak are worth considering before the Inpex worker influx takes effect,” said Glenn Grantham, general manager of Raine & Horne Darwin.