Sales trends for March 2014 give buyers a look into where the real estate market is headed in April. Analysing this information can help you determine whether April is the time to buy in your area or if you should continue to observe and wait. While real estate is booming across Australia, trends vary across the country and ultimately play an important role in the decision to make a big purchase.
Outlook for April 2014 by city
Major city sale statistics indicate that real estate prices continue to climb steadily across Australia. Let's take a closer look at each city in detail.
Sydney is experiencing increases in new home construction and home sales. The competition for homes in the city is fierce, and prices are expected to continue climbing.
Melbourne is seeing a shift toward rising new home construction volumes. Sales are also increasing, but the market in Melbourne has not yet reached a point where occupants are priced out of the market.
Brisbane is just starting to see a new home construction boom. Sales are on the rise, and real estate experts feel that the market in the capital city is currently balanced.
Adelaide has not yet seen competition for real estate get too tough for investors. However, new home construction and sales are both on the rise. It's recommended that investors strike now to take advantage of rising property values.
Perth has a significant shortage of available properties that has caused prices to be pushed up. Competition is tough to deal with in the expensive capital.
Hobart continues to enjoy a balanced market that allows people to invest or purchase a home. New home construction and sales have seen an upward trend that indicates buying an investment property in April would pay off down the road.
Darwin is another city with a market that is hard to enter. New home construction volumes and home sales are on a rapid increase that will make it even more difficult to enter the market. It may be a good time to invest if you can afford it, but be sure to act fast to avoid skyrocketing prices.
Canberra is one city where prices have remained steady over the past month. It is the only capital city with a declining market, and investors should be wary about low returns when considering real estate in the city.
For more information on capital city housing market specifics, contact your local mortgage broker at Mortgage Choice today.