All signs point to Sydney property market

Signs-indicate-that-the-Sydney-property-market-is-in-a-good-place_157_86491_0_14099362_300The New South Wales real estate market is in a good place, with solid house price growth expected over the next two years and strong sentiment recorded, the latest National Australia Bank (NAB) Residential Property Survey revealed.

Reporting on conditions over the third quarter of this year, the survey found that national house prices were expected to improve in every state over the next one to two years. In fact NSW helped drive the trend to stronger house prices, with values tipped to grow by 2.3 per cent in a year’s time, beaten out only marginally by Victoria’s 2.4 per cent projection and Queensland’s prediction of 2.9 per cent.

“Brisbane and Sydney are expected to lead the market in the next year”, NAB Group Chief Economist Alan Oster said in an October 15 release.

Those holding onto a piece of Sydney real estate right now, or anyone thinking of entering the NSW capital’s property market soon, might therefore be in an advantageous position come next year.

Sentiment across the national real estate market was also strong, the report showed, with the Residential Property Index staying unchanged at 19 points over the third quarter. New South Wales posted a value of 30, again only below Queensland and Victoria, and above South Australia, the Northern Territory and Western Australia.

The outlook was significantly more positive from the ANZ/Property Council Survey of industry confidence, which was released the day after. Involving interviews with 767 NSW respondents, the December quarter results so far have the First State leading the nation with a score of 147 points.

“We have now led the nation on confidence for three consecutive quarters and been above the national average for over two years,” said Property Council of Australia New South Wales Director Glenn Byres in an October 16 release.

Also counting the fact that Sydney was singled out by NAB as an area tipped for above average capital growth, all signs seem to point to Sydney as a strong market for buyers to enter. They may want to do so sooner rather than later.

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