[ad_1]
Investors continue to boost their presence in the property market after years of waiting in the sidelines, with some unit markets gaining huge traction from this buyer segment.
PropTrack senior economist Eleanor Creagh said the gap in unit and house prices has led to the heightened interest for attached dwellings.
“In fact, enquiry volumes on unit listings from investors have surged in every state. Australia-wide, the volume of unit enquiry from investors has rocketed 57% higher year-on-year,” she said.
Here are some of the suburbs that witnessed substantial spikes in enquiries for units over the past year:
|
Suburb
|
Growth in enquiries for units (%)
|
|
Caringbah (NSW)
|
220
|
|
Rouse Hill (NSW)
|
209
|
|
Pakenham (Vic)
|
205
|
|
Woolloongabba (Qld)
|
248
|
|
Wynnum (Qld)
|
215
|
|
Chermside (Qld)
|
214
|
|
Cannonvale (Qld)
|
202
|
|
South Brisbane (Qld)
|
202
|
|
Calamvale (Qld)
|
200
|
|
Hamilton Island (Qld)
|
200
|
Other suburbs in smaller states and territories, including Plympton (SA), Phillip (ACT), Mount Lawley (WA), Howrah (Tas), and Parap (NT), also registered high level of enquiry for unit investors.
The booming demand for units was also apparent in their faster selling times relative to houses in most capital cities in April.
For instance, the time it takes to sell a unit in Adelaide and Canberra has shortened by 15 and 11 days, respectively compared to last year.
Selling days for houses in these two cities only decreased by six days during the same period.
Brisbane also posted a glaring difference between the two segments — selling days declined by eight days for units and only three days for houses.
“Now that COVID-normal is underway and people are returning to major cities, we’re seeing signs that demand for units is starting to bounce back,” Ms Creagh said.
“This is a likely by-product of fresh focus from investors on the apartment market, along with mounting affordability constraints for buyers after last year’s record surge in house prices.”
Ms Creagh believes the demand for units are likely to strengthen, especially on the back of rising mortgage rates which could price out many buyers from the house markets.
“Reinvigorated inner-cities may also be a driving force behind growing interest in units, which suffered through the pandemic,” she said.
—
Photo by @eye4dtail on Pexels.
Top Suburbs :
murdoch
,
bendigo
,
tweed heads south
,
leumeah
,
kawana
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we’ll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We’ll even help with the paperwork. Plus an appointment is free.
our privacy policy here
[ad_2]
Source link
