The property market can be notoriously fickle, confusing and daunting, but by doing plenty of research, you’ll soon begin to see things clearly. Since you’re reading this article, you’re clearly on the right track, so well done. Who knows, you could even be the next Bob Johnston (Australand), Ron Bakir (HomeCorp) or Ken Reed (Reed Group)! Below you’ll find information on the areas that are tipped to be property hotspots in Australia in 2014:
2014 is believed to be a big year for Brisbane as it leaves behind the legacy of the 2011 floods and the more recent public service job cuts. Affordable housing prices, solid transport options and lifestyle are all appealing factors for groups such as retirees and mine workers. Areas to keep an eye on include inner city suburbs such as New Farm and Toowong, which are desirable due to their proximity to the city and river, range of dining and drinking venues and young population. Retirees are more likely to be attracted to a suburb like Redcliffe, which enjoys a quiet, slower pace of life and larger, up-scale properties.
A perennial favourite, Australia’s ‘adopted’ capital city can be one of the most expensive places to live in the world. Yet that doesn’t stop Sydney from being a place to consider when investing, especially when you take into account its consistently strong property market performance. Depending on your budget, you could look at high-priced areas such as Bondi Beach, Balmain and Coogee Beach or vouch for more affordable, inner city suburbs such as Ashfield.
3. Dubbo, New South Wales
It’s not just the capital cities that are expected to do well in 2014. Regional areas that are rich in resources or nearby stand to have interest from mining workers and will attract many development options. Just under five hours inland from Sydney, Dubbo is a large regional city that is the hub for industries in the surrounding Orana region. It is also well-located for transport; the Mitchell Highway, the Newell Highway and the Golden Highway all converge at the city.
Western Australia has long benefited from the country’s mining boom, with Perth being a solid performer over the last few years. In addition to fly-in/fly-out mining workers, the city became home to many interstate professionals in industries such as finance and accounting. The suburb of Bassendean, which is about 13 kilometres east of Perth is believed to experience strong growth due to its proximity to the city, its public transport options and plans to further gentrify the area.
Much like Sydney, Australia’s ‘cultural’ city is a highly desirable place to live and work. 2013 was a positive year for Melbourne, with more stability in the market. Just under 20 minutes west of Melbourne, the suburb of Sunshine is expected to be a big winner this year. With affordability, transport and planned infrastructure projects – some backed by the state government – it’s easy to see why it’s on several hotspot lists.
What do you think? Are you set to become the next Bob Johnston or Ron Bakir? If you have any insight on these areas or other hotspots for 2014, please share it with us in the comments box below.