Australia’s Real Estate Resurgence: Key Locations, Property Features and Market Trends
Australia’s real estate market is witnessing a remarkable comeback, with areas previously dormant now surging in activity. But what are potential buyers looking for in a home? Analysis from recent articles by property reporters, Henry Thai and Daniel Butkovich offers insights.
Australia’s Thriving Real Estate Market
According to Henry Thai in his article on the top locations for growth in spring 2023, Australia has witnessed a significant recovery in its real estate market. Terry Ryder, the director of Hotspotting, notes, “Without question, recovery and resurgence are the dominant themes with seven out of 10 locations in the nation now having positive sales activity trends.”
The Hotspotting Price Predictor Index highlights the ten best municipalities across Australia, including areas like Blacktown, NSW, and Brisbane North, Queensland. Both locales have shown promising growth, with Blacktown’s Mount Druitt and Riverstone making the National Top 100 list of Supercharged Suburbs.
What are Homebuyers Seeking?
In a separate article, Daniel Butkovich explores the evolving preferences of Australian homebuyers. Data from realestate.com.au shows a 27% increase in searches for homes with ‘dual living’ spaces over the past year. This surge reflects a trend toward spacious and flexible properties capable of accommodating extended families or generating additional income.
Butkovich notes, “While recent search behaviour reflects the pandemic-driven trend of buyers seeking larger homes with more amenities, the ongoing cost-of-living crisis has also had an effect.”
The most desired features? Swimming pools for houses and balconies for apartments. Angus Moore, PropTrack’s senior economist, suggests that features like air conditioning and pools are particularly desirable in warmer regions like Queensland, while heating and brick construction gain favor in cooler areas.
The Importance of Location
Thai’s analysis reveals some of the top-performing locations in Australia’s rejuvenated market. For instance, Brisbane has undergone a significant recovery, reversing an 18-month decline. Terry Ryder acknowledges, “Now almost three-quarters of suburbs have positive rankings, one of the best results in the nation.”
Moreover, the Gold Coast, known for its lustrous appeal, has reversed a previous year’s slowdown. Tim Graham of Hotspotting points out that “Of the 49 Gold Coast suburbs in our analysis, 44 now have positive rankings.”
Australia’s property market revival coupled with evolving buyer preferences paints a promising picture for the real estate industry. Whether it’s the appeal of specific locations or sought-after home features, understanding these trends is crucial for potential buyers and investors.
References:
“Australian house price forecast: Top 10 locations for growth in spring 2023” by Henry Thai. ↩ https://thepropertytribune.com.au/market-insights/australian-house-price-forecast-top-10-locations-for-growth-in-spring-2023/
“What buyers really want: The must-have property features in your suburb” by Daniel Butkovich. ↩ https://www.realestate.com.au/news/what-buyers-really-want-the-must-have-property-features-in-your-suburb/
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