Amid the housing downturn, buyers remain interested in purchasing off-the-plan properties, the latest market insight by Realestate.com.au found.
Real.estate.com.au chief economist Nerida Conisbee told Yahoo! Finance that purchasing off-the-plan properties has gained traction amongst first-home buyers since it is relatively more affordable than buying established properties.
In fact, data from realestate.com.au show buyer interest in new housing and apartment development has increased by 11% and 6%, respectively.
"With a growing population and declining property prices, the ability to find and secure affordable housing continues to be a concern for many Australians," Conisbee said.
She added that the buyers are now considering other property-purchasing options due to the planned changes on negative gearing rules and the stricter lending rules as a result of the investigation of the royal banking commission.
The data also show that first-home buyers contribute to around 50% of the growth in new apartments in Queensland and South Australia. This demographic is also the primary driver of the growth in Western Australia.
Conisbee said several factors are attracting first-home buyers to off-the-plan properties.
"Aside from affordability, people are attracted to buying off-the-plan because of the modern features, the flexibility to choose floor plan and the fact that no-one else has lived in the property previously," she said.
Realestate.com.au identified 50 suburbs where off-the-plan properties are popular:
Victoria |
|
New Houses |
New Developments |
Doncaster |
Melbourne, 3000 |
Langwarrin |
Melbourne, 3004 |
Lilydale |
South Melbourne |
Drouin |
Southbank |
Officer |
Footscray |
Western Australia |
|
New Houses |
New Developments |
Doubleview |
Perth |
Scarborough |
Fremantle |
Floreat |
Scarborough |
Duncraig |
Jolimont |
Como |
East Perth |
South Australia |
|
New Houses |
New Developments |
West Lakes |
Bowden |
Lightsview |
Adelaide |
Warradale |
Hyde Park |
Somerton Park |
West Lakes |
Christies Beach |
Lightsview |
New South Wales |
|
New Houses |
New Developments |
Schofields |
The Rocks |
Kellyville |
Dee Why |
The Ponds |
Wollongong |
Epping |
Sydney |
Edmondson Park |
Newcastle |
Queensland |
|
New Houses |
New Developments |
Newport |
Palm Beach |
Caloundra |
Broadbeach |
Rochedale |
Kangaroo Point |
Springfield Lakes |
Burleigh Heads |
Maudsland |
Newstead |
Collections: Mortgage News
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