As Australians return from their festive holidays, we take a look at the year ahead. What will 2017 bring the property market? Here are the trend predictions from a top agent.
D’Leanne Lewis, REB Top 50 Women in Real Estate agent and principal of Laing+Simmons Double Bay and Bondi Beach, says agents should expect a rise in local property investors and new home buyers. In 2017, these two groups will outnumber foreign investors who have been flooding the market.
“2017 property buyers are on the hunt for the quintessential ‘village lifestyle’. As time becomes more precious, close proximity to shops, facilities, schools and green spaces top the list,” Ms Lewis said.
“Buyers want to cut down on travel time, reduce the need to use transport, and they’re willing to pay for it. Sellers’ homes that meet the mark are set to take top-dollar at auctions and sales this year.”
Another must-have for 2017 buyers are homes with well-spaced layouts.
“Open-plan homes with plenty of kitchen and living room space, separated areas for entertaining and bright airy outlooks are also marked to fetch premium prices,” Ms Lewis said.
The suburbs to watch out for in Sydney are Bronte, Double Bay and Rose Bay, all of which match Ms Lewis’ prediction about ‘village lifestyle’ and proximity to green spaces, as well as good infrastructure.
She added that home buyers no longer want to move at major stages of their lives, such as children moving out of the family home or when they retire.
Ms Lewis said buyers have grown wary of the market. They are aware that once they purchase a home, they are likely to be priced out of others they may want down the track, so they’re buying for keeps.
“We’re going to see a real shift towards homes being purchased for longevity. Home buyers are willing to pay that little bit extra for a home they’ll be happy in for the long run. People aren’t looking for a home to flip in a few years. They want a home to grow old in and they’re making sure it has everything they need.”