BEST BUY NOW OR YOU’LL FIND YOURSELF IN A BINGLE!
Ok so we may not be cricketers or swimwear models however many of us do share some similarities with our newly ?no weds? in the sense that we don?t want to be homeless!
Data everywhere is predicting Sydney property prices are tipped to increase by as much as 10%, with the creme de la cr?me of the housing market likely to rise by 10-15%. REBAA president Byron Rose said that after a busy end to 2009, investors continued to show keen interest into 2010, with more buyers around than properties.
We expect the current high levels of buyer activity to continue for the first half of the year,?? he said in a statement outlining the association?s market predictions. ??But we?re also ready for buyers to pull back from the market once the reality of rate rises hit home and as affordability in some states continues to decline.??
The REBAA’s NSW spokesman Rich Harvey said key areas of interest for property investors in Sydney include the northern beaches, inner west, eastern suburbs and select parts of the North Shore.
Mr Harvey said with the unemployment rate declining, subdued inflation, rising migration and population rates, demand for housing was rising.
Sydney, in particular, will see solid capital growth because of our spectacular beaches, clean environment, beautiful harbour and wide range of housing styles, he added.
It’s also great news all round for ritzy home owners with Australia’s most expensive homes likely to rise in price by 10-15 per cent this year, as wealthy locals and overseas buyers hunt for prestigious addresses in a resilient economy, according to researcher RP Data.
The rebounding share market and increased business confidence is underpinning demand for capital city waterfront and other top-end homes, while prestige holiday homes are yet to catch up, senior researcher Cameron Kusher told The Australian.
“You can’t underestimate how important the share market is for top-end buyers,” he said.
“When they lose half the value of their shares — as they did in 2008 — it’s no surprise the top end of the market is hit.”
On Tuesday, a 1950s beach-front house at Sydney’s affluent Whale Beach sold to a local buyer for $7.375 million just after auction. It is described in its brochure as “liveable”.
Agent Raine and Horne Palm Beach principal Glenn Lee, who sold the property, said the top end of Sydney’s northern beaches market — houses worth more than $5m — had begun to bounce back late last year.
“We sold $56m of property in the last six weeks (of last year),” Mr Lee said. He said prestige home prices in the area had fallen about 20 per cent during the global financial crisis, but had rebounded by about 10 per cent.
The chief executive of real estate agency Raine & Horne, Angus Raine, said last year had been a disaster for the prestige market. However, most sectors of the market were heading towards a boom.
RP Data found NSW and WA luxury sales were the strongest in the last quarter of last year compared with the same period in 2008. In NSW, 45 homes sold for more than $5m each compared with 40 the year before, while in WA 13 $5m plus sales were struck, compared with one in 2008.
Don’t be like Lara Bingle and flush the opportunity away! Get into the market now and rrrrrrrreap the rewards…quick…what are you waiting for?