Buyer confidence buoyed in NSW
It's not secret that the Sydney property market is a leader across the nation, but new research has indicated how that strength is likely to continue in the long-term.
A new survey of industry confidence by the ANZ bank and Property Council of Australia (PCA) has shown real estate confidence in New South Wales to be sitting at 147 on their index, a month-on-month increase of four points. It also puts our confidence about the housing market significantly higher than the national average of 135. For reference, a reading of 100 indicates neutral confidence.
According to NSW Director for the Property Council Glenn Byres, "[t]he NSW property industry has been consistently buoyant and entrenched itself as a powerhouse of the State economy.
"We have now led the nation on confidence for three consecutive quarters and been above the national average for over two years."
The survey also shows expectations for the housing market confidence to keep rising for the next 12 to 18 months, across both residential and commercial real estate. Of particular note was that New South Wales is one of only two markets to have a positive outlook for the office real estate market. This is fantastic news for anyone who wishes to get amongst property investment of any type - just remember to engage a buyers agent to make sure you get access to as many options as possible.
New research from the National Australia Bank has also backed the enthusiasm for real estate in NSW. Their Residential Property Survey for the third quarter of this year showed an affirmative prediction for home values, and also recorded an important spike in foreign ownership interest - especially in new properties.
David Cannington, senior property analyst for ANZ also remarked on the foreign investment interest in New South Wales, saying the confidence surge is "reflecting the strong cyclical upswing in Sydney's residential property market, a positive outlook for NSW residential and commercial building activity and solid foreign capital inflows to the NSW property sector".
These levels of growth make Sydney a prime hotspot for real estate investment. High growth in the coming months should be excellent incentive for people to buy property that will provide great returns, but it can be difficult to determine the best properties for these value increases.
By enlisting the services of a buyers' agent, you'll get detailed market information to help you make a well-informed property purchase. For a sample of the data a buyers' agent can provide, check out our free property reports.