Regarding the performance of the capital market, Sydney took over the throne from Hobart, but that did not necessarily translate into consumer confidence.
Results of the latest ANZ / Property Council survey indicate that the real estate industry's confidence in NSW fell in the last quarter from 126 to 116. The report suggests that this drop was mainly due to the 39; weakening of macroeconomic conditions and a drop in future work expectations. Consumers anticipate slow growth of the national economy and GDP.
Nevertheless, there is some positivity to be observed in the results – NSW homes are expected to experience strong growth as the prospects for state government are rosy. The availability of housing finance is increasing after the recent recession, and construction activity is expected to resume in the near future.
"It is great to see an improvement in the residential sector, with a solid supply of housing being an integral part of the economic future of our State. Housing supply and affordability were at the forefront of respondents' concerns, "said Jane Fitzgerald, Executive Director of the NSW Property Council.
"With a weaker national economy on the horizon, it is imperative that we do not lose sight of the importance of reforms to allow NSW to continue to prosper, allowing for continued investment in the sector real estate and job growth for the people. "
Consistent with the overall improvement in the market, vacant housing is tightening in Sydney, with the average vacancy rate reaching its lowest level in 2019.
According to the September 2019 vacancy rate report, the vacancy rate in the capital city fell by 0.7% in August 2019, which reduced the percentage of total vacancies to 2, 9%. This is the first time that this figure has been below 3% since November 2018.
"We have not seen Sydney's vacancy rates so low since October [2018]. With a reduction in the available rental supply, we may see upward pressure on rents, "said Tim McKibbin, CEO of the Real Estate Institute of NSW.
"The Hunter region continues to become popular, with only 1% of rental housing remaining unoccupied, while the Illawarra region returned at the rate of 2.2% in July. We generally see vacancies falling during the warmer months, so we can expect rates to stay low throughout New South Wales in the new year. "
SUBURB TO WATCH
BOWRAL: Units outdo houses
Units Advance as Home Values ??Decline in Bowral, which is a suburb of the largest southern highland town in New South Wales.
Unit prices increased 6.7% in the 12 months to September 2019, reaching a median of $ 652,407. This followed a double-digit growth trend seen since 2014. Although homes have also maintained a positive streak for a number of years, values ??have dropped 4.4% in the past 12 month.
Bowral serves as the Wingecarribee Shire's business and entertainment center and is home to hospitals and many schools. Sydneysiders also prefer it as a "dormitory suburb" despite its distance from the CBD.
Convenience: As a shopping and entertainment center, Bowral has a multitude of amenities
Growth: The Bowral real estate market has recorded double-digit growth for several years
Main suburbs:
tuart hill
,
Midland
,
Windale
,
Kariong
,
stafford hts
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