Tradition dictates that the property market tends to step up a few notches in Spring, and all signals indicate this year is no exception.
For example, lenders including NAB, Commonwealth Bank and St George Bank are now offering cash incentives in an attempt to lure the increasing pool of customers.
Moreover, according to RP Data, scheduled auctions are up 12% in capital cities as compared to this time last year.
So with listings up, and prices rising in the country’s strongest markets, what particular suburbs are going to be enjoying the spoils?
According to Raine & Horne CEO Angus Raine, there are a number of markets within Sydney, Melbourne and Brisbane which are worthwhile watching.
In Sydney, he recommended the St George region (which includes the suburbs of Sans Souci, Sandringham, Kogarah Bay, Carss Park and Monterey) and the western suburbs (St Marys, Colyton and Werrington).
He mainly attributed this to their being not too far away from the CBD, combined with the relatively affordable prices.
Furthermore, there was the possibility of healthy yields, especially from certain property types, he said – notably those with granny flats and studio apartments.
In Melbourne, Raine said that quality apartments or houses within 20 kilometres of the CBD, priced between $600,000 and $800,000, continued to be highly sought-after.
With many buyers now priced out of the eastern suburbs, he predicted that inner west suburbs like Footscray and Maribyrnong would enjoy strong spring market action.
For Brisbane, Raine said the affordability of northern suburbs, like Wynnum and Manly, and the northern commuter belt suburb Morayfield meant that they will attract plenty of attention over spring.
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