{"id":21189,"date":"2018-05-22T01:00:58","date_gmt":"2018-05-21T15:00:58","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21189"},"modified":"2018-05-22T01:00:58","modified_gmt":"2018-05-21T15:00:58","slug":"40-most-affordable-areas-simon-pressley","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/40-most-affordable-areas-simon-pressley\/","title":{"rendered":"40 most affordable areas \u2013 Simon Pressley"},"content":{"rendered":"

One of the things that we love to look at is affordability. Today we look for affordable markets around Australia with Propertyology who are one of our trusted advisors and one of Australia\u2019s leading property analysts.\u00a0\u00a0 They did an exercise recently to look at the most affordable markets around Australia and came up with a list of 40, but there are some interesting indicators here. Simon Pressley<\/strong> joins me from Propertyology.<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin:<\/strong>\u00a0 One of the things that we love to look at is affordability. Most people are looking for housing affordability, and when we do that, it\u2019s interesting; we look for affordable markets around Australia, and in doing this, we work very closely with companies like Propertyology who are one of our trusted advisors, one of Australia\u2019s leading property analysts.<\/p>\n

They did an exercise recently to look at the most affordable markets around Australia and came up with a list of 40, but there are some interesting indicators here. Simon Pressley joins me from Propertyology.<\/p>\n

Good day, Simon.<\/p>\n

Simon:<\/strong>\u00a0 Hi, Kevin.<\/p>\n

Kevin:<\/strong>\u00a0 Some interesting indicators came out of this. We want to look at affordability, but then that then says \u201cWell, hang on. Which of these affordable markets now could we actually make a profit out of in the years to come?\u201d What were some of the things you found out?<\/p>\n

Simon:<\/strong>\u00a0 We cast our eye across Australia\u2019s 550 city councils, Kevin, and the two main metrics that we followed here is where there has been a significant shortening of the time that\u2019s it\u2019s taking for the typical property to sell, combined with the volume of properties increasing. Those two metrics are the pressure points, if you like, for property markets.<\/p>\n

40 locations throughout Australia in total where there\u2019s significant pressure building. That\u2019s not to say that all these 40 locations are experiencing price growth. Now, some are, but what we\u2019re saying is they are all heading in the direction of a growth cycle. There are 40 locations, and they\u2019re in every state in Australia.<\/p>\n

Kevin:<\/strong>\u00a0 Looking at days on market, is there a point in time when you say \u201cWell, if it\u2019s selling in 30 days, that\u2019s a reasonably good market, if it\u2019s selling in 60 days, that\u2019s an average market, and 90 days is pretty slow\u201d?<\/p>\n

Simon:<\/strong>\u00a0 I would agree with those numbers. Generally speaking, when we\u2019re getting around somewhere between, say, 30 and 45 days, generally speaking, that market is experiencing some price growth. The rate of growth, obviously, can vary. But not always.<\/p>\n

Big parts of Brisbane, for example, Kevin, a typical property has been selling in that 30 to 45 days for five or six years now. But as we know, Brisbane has experienced some price growth but not enormous price growth.<\/p>\n

Kevin:<\/strong>\u00a0 There are lots of things influence days on market, like the amount stock on the market, obviously, the number of buyers who want to buy into that market. But, it\u2019s also interesting to look at the amount of stock in a marketplace. I\u2019ve seen markets \u2013 particularly the Sunshine Coast as an example \u2013 where there has been enough stock on the market, that if nothing else was listed and the days on market didn\u2019t change, it would take about two years to settle that stock. It\u2019s a pretty depressed market.<\/p>\n

Simon:<\/strong>\u00a0 That\u2019s right. Stock on market is one factor that leads to pressures. If there\u2019s not much there and there\u2019s heaps of interest, obviously, again, you\u2019re going to have a lot of pressure. But at the start of a growth cycle there can be markets that do have lots for sale but still an increasing number of buyers, and then over of the period of time, what you\u2019ll see is not only more property selling but also taking a shorter period of time to bill.<\/p>\n

But, you can also have locations \u2013 Hobart is a classic example at the moment, and other parts of Tasmania, for that matter \u2013 where the sales volumes are actually reducing but the market is roaring. And the reason the sales volumes are reducing is because there\u2019s very little left.<\/p>\n

We saw that happen in Sydney and Melbourne a couple of years back as well, where sales volumes were reducing, but that was certainly not to imply that the market was cooling.<\/p>\n

Kevin:<\/strong>\u00a0 You mentioned Hobart there, Tasmania. I noticed that you in your release talk about the fastest selling area was Clarence in Tasmania. Tell me about why you chose that and what were the dynamics?<\/p>\n

Simon:<\/strong>\u00a0 These were all chosen just purely from official statistics. So, Clarence is on the eastern shore of Hobart. It includes suburbs such as Howrah and Lindisfarne. Here and now today, the average time it takes to sell a property is ten days. So that\u2019s literally you blink and miss it.<\/p>\n

Now, that\u2019s what the official data says. Our buyer\u2019s agents will tell me \u201cSimon, once it hits RealEstate.com, it\u2019s probably already sold.\u201d That\u2019s indicative of what\u2019s happening in that particular market at the moment.<\/p>\n

But the actual sales volume is actually reducing, as I said, but that\u2019s part of why there\u2019s such strong price growth over there. There are lots and lots of people who want to buy but very few properties for sale.<\/p>\n

Kevin:<\/strong>\u00a0 In the analysis, how many of the states actually were really tightening up on their sales times?<\/p>\n

Simon:<\/strong>\u00a0 The only territory that didn\u2019t mention was the ACT and of course, the ACT has only one city; that\u2019s Canberra. That\u2019s not a bad reflection of Canberra, though. It\u2019s market pressure is fairly solid.<\/p>\n

What we\u2019re picking here are locations where the pressure is tightening further. Northern Territory had one, Alice Springs. Western Australia had four locations where pressure is tightening, and they were all in parts of regional WA, not so much Perth itself. South Australia had six. Queensland had five. New South Wales had the most, ten locations, and they were all outside the really big metropolitan areas. Tasmania seven, and Victoria seven. So, it\u2019s literally spread right around the country.<\/p>\n

Our motivation for sharing this data with the public, Kevin, is on the back of what we\u2019re going to hear probably a lot more of for some time yet is Melbourne and Sydney consistently falling month after month. Not big falls, but it is dominating the media tabloids.<\/p>\n

And the public need to be aware that\u2019s two cities. This is a massive country, and large parts of Australia are actually showing signs of improvement, not regressing like Sydney and Melbourne have.<\/p>\n

Kevin:<\/strong>\u00a0 It\u2019s great to have this chat with you. Simon Pressley from Propertyology. Is there a report that we can get on this, Simon?<\/p>\n

Simon:<\/strong>\u00a0 Yes, absolutely. Go to Propertyology.com.au, click on the \u201cInsights\u201d tab in the menu bar, and you\u2019ll see all sorts of goodies and research reports there, including this one.<\/p>\n

Kevin:<\/strong>\u00a0 Well, I have the list of 40 tightening markets. Too many to go through. But Simon great talking to you. Thank you so much.<\/p>\n

Go to Propertyology.com.au, the \u201cInsights\u201d tab, and you\u2019ll get that, along with a lot of other reports as well.<\/p>\n

Simon, thanks for your time.<\/p>\n

Simon:<\/strong>\u00a0 My pleasure. Talk next time.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the things that we love to look at is affordability. 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