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发表于 2015-10-31 06:52
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Luxury housing market set to increase in 2016 while cheaper suburbs slow in Sydney
Prices of luxury properties are tipped to rise significantly in 2016.
Prices of luxury properties are tipped to rise significantly in 2016.
by Su-Lin Tan
Houses worth more than $2 million in Sydney's lower north shore, northern beaches and eastern suburbs could increase in price more than 10 per cent in 2016, while cheaper suburbs popular with investors cool, property expert Louis Christopher says.
Prices in Sydney's eastern suburbs will increase between 8 and 3 per cent in 2016, Mr Christopher, of independent property advisory and forecasting research company SQM Research, said.
It is a prediction that is at odds with several high-profile calls from economists that the housing market has peaked. Investment bank UBS said recently Australian property was "overvalued", after having risen 30 per cent since 2012.
Investors and buyers who wanted to live in their own homes had been driven to western Sydney by high prices in inner-city Sydney, Mr Christopher said.
"They realised that they can obtain two properties for the price of one if they purchase in cheaper areas and gain stronger rental yields," he said at the 2015 Property Buyer Expo in Sydney's Homebush.
Experts say a clampdown on lending by the Australian Prudential Regulation Authority is reducing demand for property. However, Mr Christopher predicted the strong NSW economy would be good for affluent parts of Sydney.
The lower north shore, which includes Mosman and Neutral Bay, has lagged in price growth since 2011. Prices will increase up to 12 per cent, from 3 per cent in the past three years, he said.
"The state economy has grown 5.9 per cent annualised in the last year. When that happens prestige areas tend to do well," he said. "As the cheaper areas rise to plus $1 million for houses owner-occupiers realise if they top up their budget they can get a better home."
People living in Sydney and Melbourne are even buying expensive Brisbane properties.
"We are seeing Sydney and Melbourne buyers at levels we haven't seen in quite a while," John Johnston, of Brisbane's Johnston Dixon, said. "They are buying to live particularly along the river, where flood concerns are over."
McGrath's Michael Coombs, who sells property on Sydney's lower north shore, said he would not be going anywhere this Christmas.
"We are still getting so many offers in the $5 million to $12 million range. We don't always get the price the sellers wants, but we are getting offers," he said.
Luxury agent Abercromby's Real Estate's Jock Langley said there was a shortage of properties in the $3 million to $20 million bracket in Melbourne.
"We get multiple offers on most assets especially in Toorak, Kew, Brighton and Canterbury," he said.
In Sydney, Parramatta house prices have risen 55 per cent since 2012, Liverpool 52 per cent and the inner west 46 per cent, SQM Research said.
But Mr Christopher said housing prices would not go backwards.
"While many are forecasting a property crash in 2016 in Sydney, this is certainly not my prediction." |
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