Property valuers Herron Todd White (HTW) have released their monthly Property Clock report for June, and they say that at the halfway point, the outlook is not as bleak as it was thought to be earlier on in the year.
Commercial is good news in all states other than SA and NT according to the HTW report. Although the top of Queensland is also starting to falter, a lot of other regions were showing growth. Unsurprisingly, Sydney and Melbourne come out on top. Sydney’s commercial market is still showing massive growth, despite rents already sitting sky-high, and Melbourne isn’t far behind. HTW predict both these cities and surrounding areas will continue to boom throughout 2018 and into 2019.
Minor commercial activity in other states is to blame for flagging interest. Perth’s drop in industrial output and relatively quiet demand elsewhere means the ACT, SA and NT are all starting to droop, although SA and NT are thought to be at the bottom of their cycle now, meaning we can hope for a boost in the coming months.
The big boomers, Sydney, certain parts of regional Victoria and the Gold Coast are the only markets on the downswing according to the report – with all other markets already bottoming out, or on the rise.
The usual offenders, Alice Springs, Perth and Darwin, are all said to be at the bottom of their cycle – supporting expert theories we should begin to see some movement there towards the end of the year. NSW’s Central Coast is being pegged the top dog, with the report popping them right at the top of the cycle, signalling a cooling in those regions in the following 12 months.
It’s all about picking your market according to the Property Clock report. Despite a slight weakening in numbers, some Sydney suburbs are still experiencing strong results. There are some regions though where the report says the boom is still in full swing – Hobart came out on top, as did Adelaide and Ballarat.
For a full copy of the report click here.