Queensland predicted to outperform Sydney in coming years
Brisbane could be the star performer in Australian real estate in the next few years according to the CEO of McGrath Real Estate. John McGrath says that the south east of Queensland is set to boom, potentially beating the growth that has been seen in Sydney. Speaking to news.com.au McGrath predicts that growth could be double that of Sydney and has backed up the confident words with a second office in Brisbane. The New Farm office is in response to rising interest in the suburb; the median price has risen 28 per cent in the past year.
New plan for Sydney unveiled and broadly welcomed
The NSW Planning Minister Pru Goward has unveiled A Plan for Growing Sydney, including a focus on speeding up supply of new housing. The plan has been welcomed by the Housing Industry Association which says it ticks all the right boxes. David Bare, HIA Executive Director NSW said: “HIA has been calling for housing supply targets that actually reflect true underlying and future demand. A Plan for Growing Sydney delivers on this aspect because the entire strategic plan is based on meeting the future needs of Sydney’s growing population. The Planning Minister and the NSW Government is to be commended on this approach.” One of the key elements of the new plan is offering better housing choices to reflect the changing and growing needs of Sydney’s residents now and in the future. Meanwhile, the Property Council of Australia says that while the plans are good there must be measures to ensure they are delivered. Executive director Glen Byres commented: "The Greater Sydney Commission must have meaningful powers to bust through barriers and bureaucratic inertia – and sweep aside any resistance to reform. NSW’s antiquated planning system slows investment and project delivery, and the case for a root-and-branch overhaul of the legislation remains compelling."
December auctions defy trends
Property auctions are usually having a quieter period by mid December but figures from this past weekend show that there were plenty of homes and plenty of buyers. Sydney had 1,087 listings with a clearance rate of 66.2 per cent while Melbourne saw 1,267 listings and 66 per cent cleared. In Brisbane there was far less action with 136 listings and clearance rate just below 40 per cent.