2017 Market Trends - Year of the Downsizers & Investors
2016 was a strong year for the team at CBRE Residential Projects - Australia. We cleared $3 billion plus worth of apartment inventory across Sydney and Melbourne during a period which saw many macro-economic changes in FIRB lending, interest rate changes and even a national election in July.
CBRE Residential Market Outlook for 2017:
Luxury market under supplied, demand will continue to grow.
Continuing strong demand for 3 bed apartments from Downsizers and Empty Nesters.
2 bedroom apartments will continue to be the most popular choice by buyers: first-home buyers and investors.
FIRB buyers will continue to purchase in spite of additional charges, however, they will be more particular in their choice of property (ie. flight to quality)
Sydney Market:
Affordability continues to drive buyers west – expect strong growth in Merrylands, Granville and Lidcombe.
Sydney CBD will continue to show strong growth as a higher number of buyers embrace “City Living”, especially on premium sites.
Melbourne Market:
Trend towards Owner-occupier market – the demand for high quality, large luxury apartments is higher than ever before.
The State government are pushing to support the local buyer with taxes on international purchasers and no stamp duty relief for investors.
Blue chip suburb development market still strong i.e. Hawthorn, Camberwell & Kew.
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