MAJOR CITIES SYDNEY, MELBOURNE, BRISBANE SEE PRICE GROWTH
9 OCTOBER 2019 Australian leading developer – Crown Group has enjoyed a strong boost in sales with nearly AU$30 million (RM85,000,000) worth of apartments sold in July and August across the Australian properties. They are confident that Australia’s property market will continue to surge ahead.
Buyers have returned to invest in the nation’s two biggest markets like Sydney and Melbourne. We see positive growth in Brisbane and also a surge in property prices.
Sydney enjoyed one of its strongest weekends in sales rates during the first week of spring (early September) and was the strongest of the capital city markets, recording a preliminary (auction) clearance rate of 83.1 percent and 522 sales, in the latest results from CoreLogic.
A backlog of eager buyers and limited stock also led to a surge in prices in Australia’s two biggest property markets over August, with property values increasing 1.6 percent in Sydney and 1.4 percent in Melbourne.
Economists also predict that the restricted supply of new apartments, combined with record low-interest rates, could spark a quick rebound in house prices in the months ahead. A capital chief economist, Shane Oliver has forecast price growth of about 5 percent in Sydney and Melbourne in 2020 and an equal increase in 2021.
“We see a very strong season ahead, marked by the renewed interest from buyers because of -solid market fundamentals: low-interest rates, low supply, and growing demand.”
Crown Group has also completed major developments in Sydney’s best locations including Bondi, Bondi Junction, Parramatta, Ashfield, Epping, Homebush, Newington, Pennant Hills, and Rhodes and most recently the 25-story Arc by Crown Group in Sydney CBD and 2017 Property Council of Australia’s Annual Property Congress’ one of the World’s Best Projects Infinity by CrownGroupin Green Square.
Today, Crown Group boasts a portfolio of eight major projects under development and in the pipeline. It is currently developing three major projects in the Sydney area: the $500 million five-tower precinct Mastery by Crown Group in Waterloo being developed with Mitsubishi Jisho Residence; Waterfall by Crown Group in Waterloo; and Eastlakes Live by Crown Group the most exciting new address in the Eastern Suburbs.