{"id":6781,"date":"2016-01-18T01:00:39","date_gmt":"2016-01-17T14:00:39","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=6781"},"modified":"2016-01-18T01:00:39","modified_gmt":"2016-01-17T14:00:39","slug":"damian-collins-australian-property-market-2016","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/damian-collins-australian-property-market-2016\/","title":{"rendered":"Damian Collins – Australian Property Market 2016"},"content":{"rendered":"

 
\nOur guest today: Damian Collins<\/strong> from Momentum Wealth.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 As we continue to look at what\u2019s going to be happening with property in 2016, joining me now from Western Australia, Damian Collins from Momentum Wealth.
\nDamian, thanks for your time.
\nDamian<\/b>:\u00a0 Pleasure, Kevin.
\nKevin<\/b>:\u00a0 A common question we\u2019re asking all of our commentators this week, next week, and even the week after is what are we going to be saying about the property market this time next year, Damian?
\nDamian<\/b>:\u00a0 Well, I think in terms of the Perth market, by the time we get into this time next year, about early 2017, we\u2019re going to be saying, \u201cWe\u2019ve just seen the seeds of recovery.\u201d The market probably in the first half of the year to be fairly similar to what it was in 2015 \u2013 fairly flat and a tough rental market.
\nBut towards the end of the year, we\u2019ll start to see the signs of recovery as the rental vacancy has peaked and started to drop back, and a bit more confidence back in the West Australian market, and early stages of, hopefully, a reasonable up cycle \u2013 not anything significant, but a reasonable up cycle over the following years ahead.
\nKevin<\/b>:\u00a0 Just tracking long-term \u2013 let\u2019s talk specifically Perth \u2013 how does it fare? Is that a market that goes with huge swings, or is it fairly consistent?
\nDamian<\/b>:\u00a0 It is more volatile, Kevin, than the other cities around Australia, and it\u2019s definitely more tied into the mining sector. The other thing you see also is Perth operates in a different cycle to Sydney and Melbourne. What we saw in 2001 to 2003, particularly in Sydney and to some extent in Melbourne, they had big run ups. Perth really was just an average market. Then Perth caught up in the three years post that.
\nObviously, what we\u2019re seeing through 2015 in Sydney and Melbourne is a pretty strong run up. When you look at the relative value of what you can get dollar for dollar, they seem more overpriced; Perth seems a little bit underpriced.
\nAgain, I\u2019m not expecting anything near what we\u2019ve seen in Sydney and Melbourne in terms of run up, but the fundamentals are looking pretty good. As we get towards the end of 2016, we\u2019ll start to see the early shoots of a recovery in the market.
\nKevin<\/b>:\u00a0 Based on what you said earlier in our chat, there might be some good buying opportunities in Perth during 2016?
\nDamian<\/b>:\u00a0 Well, that\u2019s definitely what we\u2019re telling clients. If you want to get wealthy in 2016, pretty much in property anywhere in Australia, I don\u2019t think we\u2019re likely to see a lot of it, but even certainly in Perth, it\u2019s not about expecting a lot of capital growth. But what it means is that you can really pick the eyes <\/b>of the market.
\nWe\u2019ve been buying some great opportunities for clients through 2015 and now into early 2016 \u2013 development sites that people can lock away and rent for a period of time, but when the timing is right for them, they can potentially build anywhere from duplexes right up to 10 or 20 apartments. That\u2019s a way of really speeding up your capital growth and creating your own growth, not relying on the market.
\nFor a lot of our clients there, that\u2019s the strategy they like. We think 2016 is certainly going to be a great opportunity to pick the eyes out of the best opportunities in that space where you can develop those properties in the future.
\nKevin<\/b>:\u00a0 Yes, looking back on 2015, it certainly wasn\u2019t a good year for Perth. Were you terribly surprised by that or disappointed by what happened in Perth?
\nDamian<\/b>:\u00a0 Look, our thoughts were always that it was going to be a fairly static market and rental vacancies were going to rise. We certainly weren\u2019t predicting growth of any significance. In fact, it did come back a little bit. It\u2019s always hard to predict exactly to the exact percentage where it\u2019s going to go, but prices either stagnated or came back marginally. Some at the top end came back a little bit more.
\nI guess it wasn\u2019t particularly surprising. The big thing is confidence. Even though mining has cut some jobs, still the unemployment rate is quite low in Perth. But the psyche of the town is very much \u201cOh, mining is in a downturn.\u201d We see it in commodity prices, and so that impacts people\u2019s outlook.
\nBut for me, the long-term story is commodities are still strong. China needs it. India is coming up. There are a billion people in the Asian region who are going to come out of poverty into the middle class. They need all those resources.
\nAgain, the long-term fundamentals are good, but yes, it is a market that people need to appreciate is a bit more volatile than some other cities around the country.
\nKevin<\/b>:\u00a0 That\u2019s a pretty good summary. Damian. I want to thank you for joining us on the show. Happy new year, too. I haven\u2019t been able to say that to you yet.
\nDamian Collins from Momentum Wealth, thanks for your time, mate.
\nDamian<\/b>:\u00a0 Same to you, Kev.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Our guest today: Damian Collins from Momentum Wealth.   Transcript: Kevin:\u00a0 As we continue to look at what\u2019s going to be happening with property in 2016, joining me now from Western Australia, Damian Collins from Momentum Wealth. Damian, thanks for your time. Damian:\u00a0 Pleasure,…<\/p>\n","protected":false},"author":176692471,"featured_media":6776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,17,25,27],"tags":[101],"class_list":["post-6781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nDamian Collins - Australian Property Market 2016 - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/damian-collins-australian-property-market-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Damian Collins - Australian Property Market 2016 - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Our guest today: Damian Collins from Momentum Wealth.   Transcript: Kevin:\u00a0 As we continue to look at what\u2019s going to be happening with property in 2016, joining me now from Western Australia, Damian Collins from Momentum Wealth. 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