Five Questions on the Outlook for the Australian Property Market
Scott McGeever, Managing Director of PS Property Advisory answers five quick questions on the Brisbane and Australian property market and what this may mean for Hong Kong locals and expats.
1. How would you describe the Brisbane property market right now?
The Brisbane market has started to see growth and will continue to enjoy sustained growth. This growth is due to factors such as affordability, population growth (currently approx. 1,100 people moving to Brisbane each week), and low unemployment rate (5%). The Brisbane market definitely has a promising and bright future.
2. What is the outlook for the Australian property market in the short run and long run?
SHORT TERM: In southern markets such as Melbourne and Sydney, the property markets experienced major growth in the mid part of this decade. Over the last few years they have been quite flat since peaking, reports now are that they’re experiencing high buyer demand and low supply in key areas. This will undoubtedly lead to affordability issues and cities like Brisbane, Adelaide & Perth to a lesser extent are likely to see higher percentage growth due to affordability.
LONG TERM: Property market in Australia looks promising in the long run given the unique location, population growth, robust Australian economy, and safety.
3. What advice would you give Hong Kong nationals who are looking to invest or move back to Australia and buy property?
Hong Kong nationals should take their time and do research and background studies on the Australian property market. The obvious way to FAST-TRACK that process is to employ a buyers advocate.
Good Location is the key as it means continuous steady growth, as well as a point of difference with what else is available in the market. Buyers should look for properties that are close to key amenities and features that are difficult to be replicated in other areas.
4. What does PS Property Advisory specialise in?
First and foremost we are client focussed! We specialise in searching, evaluating and negotiating property purchases for clients. We save people tens of thousands of dollars and sometimes hundreds of thousands on high-end properties. We are the buyer’s secret weapon and our clients are well informed and always buy at the right price.
5. What advice would you give expat Aussies looking to move back to Australia?
Don’t rush into buying!
The market in Australia is very different to Hong Kong and there is still much value to be gained. The best way to get into the market is to talk to an independent local expert like a buyer’s agent who will work for you and not the vendor.
To See How We Can Help, Call Us On
+61 7 3368 1604