NSW the 'big story' in new housing report
July 17, 2014 / Written by Rich Harvey
If New South Wales was a student in school, it would be one of the teacher's favourites, according to the Housing Industry Association (HIA).
The HIA's bi-annual Housing Scorecard report was recently released, and it showed that based on 14 key indicators, New South Wales was among the best Australian property markets, beat out by only one state.
"Western Australia has once again topped the rankings, remaining the strongest residential building market in the country, ahead of New South Wales," HIA Chief Economist Harley Dale said.
However, WA and NSW are in a league of their own, as Mr Dale went on to say there is "daylight between the two strongest states and the rest of the pack".
And even upon taking second place, NSW remained the hot topic.
"The rapid turn of fortunes in NSW is the big story in this report. NSW is now the second strongest residential building market in the country, having been ranked number five only six months earlier," Mr Dale continued.
Much of this was attributed to a significant boost in the multi-unit sector, although the state's detached home market was also ranked as one of the strongest in the nation.
And the crown jewel in the state's big turnaround? None other than the Harbour City.
Not only has Sydney provided investors and average home buyers alike plenty of opportunity when it comes to capital gains, but as recent reports have pointed out, the city still offers relatively affordable housing options in some of the country's hottest suburbs.
But whether you're looking to invest in units in the Sydney CBD or buy a family home in the North Shore, working with an experienced buyers advocate who can assist you in finding and negotiating the purchase remains an essential part of getting things done quickly and affordably in NSW.