New South Wales
Sydney to lead state capitals in 2012
Sydney’s residential property market will perform better than those of the other capital cities, with modest growth expected this year, according to RP Data senior analyst Cameron Kusher.
RP Data’s January figures show Sydney units experienced 1.10 per cent annual growth, the highest in the nation, while Sydney houses recorded a drop of 3.61 per cent over the same period.
“I think Sydney will continue to outperform most other capital cities,” Mr Kusher said. “What we are expecting is perhaps some slight growth in Sydney values over the year.”
Perth and Brisbane’s markets will likely begin to recover, whereas Melbourne will continue to perform poorly, he added.
“It has been five years since there have been any capital gains in that Perth market and maybe towards the end of the year we will start to see a bit of a recovery in the Brisbane market,” Mr Kusher said.
“Melbourne values increased 45 per cent from 2007, and I think we’ll see Melbourne be one of the weak performers – much like what happened with Perth and Brisbane following the boom periods.”
Bypass to increase Ballina’s appeal
Now nearing completion, the Ballina Bypass will likely improve quality of life for Ballina and nearby areas, making it a more attractive option for investors.
The bypass will have a positive effect on the area once finished, Century 21 Ballina principal Chris Hezlett said.
“[Ballina is] a popular destination, it’s an hour from the Gold Coast and we do have an airport in Ballina. It’s becoming a major centre and this will help.”
Federal Infrastructure and Transport Minister Anthony Albanese agreed that it would improve the area’s desirability.
“Indeed, it has already taken more than 500 trucks and 6,500 cars a day off the local street of this Northern River town, with obvious benefits for the quality of life of its residents,” he said.
