At the start of the year, Real Estate Buyers Agents Association of Australia (REBAA) president Rich Harvey told News.com.au journalist, Kirsten Craze, that conflicting property predictions suggesting prices in various locations will rise, or fall, could confuse buyers into making the wrong investment decisions.
With the year almost half over and the property market having gone through some upheaval, we thought we’d revisit the REBAA advice.
Mr Harvey’s tip to potential buyers is to ensure they understand what is driving supply and demand, and to work out if they are in the right price pocket for a particular location.
His suggestions for Sydney:
Avoid: High density off-plan apartments in Mascot, Zetland, and some pockets around Parramatta and Rhodes with potential for oversupply as record building approvals take shape. Sydney is still fundamentally under-supplied, but a short-term spike in units coming to market will depress rents.
Recommend: Blue chips suburbs with strong growth potential: eastern suburbs, north shore, inner west. Suburbs with lifestyle appeal, new transport infrastructure, growing population and continuing gentrification.
Read the complete list of recommendations for each state here …