Property prices and rental rates are on the rise across most cities in Australia. Furthermore, demand for property is on the rise, making it harder for potential home buyers to make their mark on the property ladder.
But while it is becoming increasingly difficult to buy an affordable home in some of the major cities, the good news is there are still some areas offering a property bargain.
The real estate market varies widely across all of the states. While some states have few vacancies and high prices, there are, in fact, other states and suburbs that are yet to experience the boom in house prices and rental rates.
Australian Capital Territory
Canberra has an oversupply of rental units and an increasing number of vacancies. Demand for new homes is steady, but the demand for new rental units is declining.
New South Wales
Sydney is experiencing a shortage of properties of all types and a sharp increase in demand that has led to an increase in prices. The volume of home sales is on the rise, and some homes are being sold at prices higher than their value.
Newcastle has a severe shortage of rental properties, but the volume of home sales is on a decline. Buyers are more likely to find an affordable place to live than renters.
Victoria and Tasmania
Melbourne has an oversupply of rental units compared with the demand for such units. Vacancies are high in rental properties, but home sales volume is increasing noticeably. The real estate market is steadily improving within the city regions.
Ballarat is one city that has remained steady within the real estate market. Rental vacancies are not increasing, and the demand for new home construction for buyers is steady.
Hobart has a balanced rental market, and demand for new homes and rental units is fair. Sales volume is increasing.
Brisbane is enjoying a balanced rental property market. Demand for new homes and new rental units is low, but sales volume is increasing.
Gold Coast real estate is similar to the Brisbane real estate market, but the number of rental vacancies is on the rise. New home and rental unit construction has more demand in the area.
Northern Territory, South Australia and Western Australia
Perth has a slight shortage in available rental units. Demand for new homes and rental units is fair and expected to increase. Home sales volume is steady, and rental unit sales volume is increasing.
Adelaide has a balanced market with an increasing number of available rental properties. Sales volume for all types of properties is steady, and demand for new home and rental units is fair.
Darwin is experiencing a severe shortage of rental properties. There is a strong demand for new home and rental units, and the real estate market is improving in the city.