The recent negative property media relates primarily to Sydney and Melbourne. There have been downturns in those areas, so everyone seems to think that nationally the property market's in decline, but we should remember that one in three Australians chooses not to live in a capital city.
What is happening in the capital cities?
So, what impact does that have on property prices? A recent blog article from Propertyology points out that there are factors that need to be taken into consideration to get a full picture for what's happening with the Australian property market. Four out of the eight capital cities, including three of Australia's four biggest capital cities produced small declines over the last 12 months.
Simon Presley from Propertyology said: “Sydney, Melbourne, and Perth… three out of our four biggest cities, those three big markets have had price declines over the last 12 months. With the exception of Hobart, the other three out of our eight capital cities have had very mild price growth 0.8% in Brisbane the last 12 months, 0.7% in Adelaide, and 2% in Canberra.
“A few years ago, Propertyology went on record and said, "we anticipate there's gonna be a very lean period for capital city property markets ahead, but the opportunities will be in regional Australia". So, we've been saying that for a long time and we're producing lots of evidence to try to educate people. The latest bit of information we've put out in the public domain is an interactive map. So, the Propertyology website there's a map where people can scroll around there's actually 64 locations none of which are in a capital city where property prices are growing as we speak. Some of those growths are mild 2% or 3%, there are actually 16 locations throughout Australia right now that have produced double-digit price growth.”
What does this map show us?
You just simply click on one of the locations, for example, North Queensland. Clicking on that, there are two locations in that area that are featured. Clicking on the Brisbane link, you can see various locations around and then you move in to get the locations and all of the stats.
Simon said: “It enables people to zoom right in, to scroll around. The statistics on the interactive map shows you the change in median house price over the last 12 months. It also shows you what the median house price value is, so if you are contemplating investing in some of these locations and you're curious what the cost of a typical property will be you'll see that all on our exciting new interactive map.
“If you're looking to invest it's not a matter of whether you would or would not live there. The key does others want to live there and why do they want to live there and what's happening to influence their individual property markets, but large parts of regional Australia, they are producing some, you know, in some cases we're talking double-digit price growth.”
Are there bigger fish to fry?
Simon said: “As they say small fish are sweeter, and nothing could be truer in Australian property climate right now.”
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