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Demand for property rises year-on-year led by housing demand

Demand for property rises year-on-year led by housing demand

Demand for property, property investment, housing demand
by Eliot Hastie 0 comments

New data from realestate.com.au shows that demand for properties nationwide had risen over the year.

The realestate.com.au Property Outlook report for 2018 showed that demand for all properties, including rental properties, had risen by 5.2 per cent over the year, with houses showing the highest demand with a 7.8 per cent rise.

However, not all cities experienced the increase in demand, with Sydney and Melbourne both experiencing decreases in demand.

Demand in the Sydney market fell by 22.5 per cent, potentially caused by the pullback in investors due to the unavailability of properties below the $850,000 price bracket.

Some suburbs, particularly in the eastern suburbs, had remained unaffected by the demand, while areas like Hawkesbury and Baulkham Hills had seen a huge drop in demand.

On the flip side, demand in Hobart increased by 38.6 per cent, with apartment demand increasing by a huge 52.6 per cent.

The cause for this is possibly the growth in jobs in Hobart while having little development, meaning the rental demand is supporting the market.

Weaker demand conditions were also found in Melbourne, where demand for properties fell by 6.1 per cent, with housing demand being the main contributor with a 12.8 per cent drop.

Brisbane saw the largest increase in offshore property seekers, making demand rise by 5.9 per cent with strong growth for both apartments and houses.

Adelaide houses remained in strong demand with a 4.6 per cent rise, but apartments were on the wane with a drop of 2.2 per cent, making the average 2.7 per cent rise.

Darwin is pulling itself out of a market slump and saw a rise in demand of 4.7 per cent, with houses being most in demand by 6.9 per cent.

Canberra also saw large increases over the year, with a 16.2 per cent rise in demand, with demand for both houses and apartments almost on par.

Perth had experienced the third highest increase in demand, ticking at 6.4 per cent.

Demand for property rises year-on-year led by housing demand
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