Herron Todd White have released their monthly property clock and unsurprisingly, Melbourne is one of the markets forecast as being on the way up, officially swinging to ‘rising market’ status.
Other locations to attain rising market status for residential housing include Sydney and the Sunshine Coast, with Kalgoorlie joining other Western Australian cities Geraldton and Albany with a ‘bottom of the market’ classification.
Some interesting insights from the report worth noting include Sydney investors diversifying to the city’s south-west, and an increase in out-of-town investors on the Gold Coast planning to eventually reside in their investment properties.
Interestingly, Wodonga was the only location to be classified as ‘starting to decline’ in the residential property clock – a rating it received for both houses and units.
Lockdowns have done little to stifle the housing market in the nation’s west and there is potentially some good news on the way for many of the nation’s unit owners, with Perth, Melbourne and Sydney apartments among the capitals moving to rising market status.
In terms of the commercial sector, there are early indications of a return to levels of pre-COVID demand in Sydney, with some notable lease expiries in Brisbane predicted to create some possible challenges for the market as the year progresses.
In Cairns, there are early signs the pandemic response may have provided a boost to the local commercial sector.
The property clock
Top of the clock:
Houses – Albury, Bathurst, Burnie/Devonport, Canberra, Dubbo, Launceston and Tamworth’s housing values all remain at the peak of the market
Units – The best-performing unit markets include five of the same locations that featured at the top for houses: Albury, Bathurst, Burnie/Devonport, Launceston and Tamworth.
Starting to decline
Houses – Wodonga
Units – Wodonga
There are no areas classified as being in decline for either units or houses.
Approaching bottom of the market
Houses – no areas
Units – The Central Coast is the only region where unit prices are freaching the bottom of the market.
Bottom of the market
Houses – Albany and Geraldton remain at the bottom of the market, and are joined by Kalgoorlie.
Units – Albany, Geraldton and Kalgoorlie all make another appearance for units, along with Sydney and the Whitsunday region.
Start of recovery
Houses – Alice Springs, Broome, Bundaberg and Darwin’s housing markets were all classified as being at the start of their recovery.
Units – Alice Springs, Brisbane, Bundaber,g Cairns, Canberra, Darwin, Emerald Ipswich, Melbourne, Perth, South West WA, Toowoomba and Townsville’s unit markets are also starting to recover.
Houses – It’s a crowded field on the rising market end of the clock, with Adelaide, Adelaide Hills, Ballina/Byron Bay, Barossa Valley, Brisbane, Cairns, Central Coast, Coffs Harbour, Emerald, Gladstone, Gold Coast, Hervey Bay, Hobart, Illawarra, Ipswich, Karratha, Lismore, Mackay, Melbourne, Mildura, Mount Gambier, Newcastle, Perth, Port Hedland, Rockhampton, Shepparton, South West WA, Southern Highlands, Sunshine Coast, Sydney, Toowoomba, Townsville, and Whitsunday housing markets all on the rise.
Units – Adelaide, Adelaide Hills, Ballina/Byron Bay, Barossa Valley, Broome, Coffs Harbour, Dubbo, Gladstone, Gold Coast, Hervey Bay, Hobart, Illawarra, Karratha, Lismore, Mackay, Mildura, Mt Gambier, Newcastle, Port Hedland, Rockhampton, Shepparton, Southern Highlands, and the Sunshine Coast’s unit markets were all classified as rising.
Approaching bottom of the market
Geelong was the only location classed as approaching the bottom of the market for both houses and units.