Monday, 17 February 2014

Hold on Tight -The Inner West Takes Off


Welcome to my first blog for 2014 and hoping that all your holidays were safe and relaxing for you and your families. Where to begin with the outlook for property this year... I can tell you without hesitation that it is set to be a bumper year. The recent ANZ Property Industry Confidence Survey concurs, reporting in January that ‘housing remains at the early stages of a solid cyclical upturn’.

Even better is the outlook for property prices for one area in particular - the inner west, however as many agents will tell you, property in our neck of the woods is a tightly held commodity. Owners are holding fast to their properties for a variety of reasons. One of these reasons which just keeps coming up is the shortage of anything else to ‘buy up into’ when owners are looking to upgrade for lack of space due mostly to growing families.

The solution? Many are reverting to that time-consuming, red-tape ridden exercise of renovating or extending their property. That’s right, they’re applying to council, getting architects in, designing, deciding, and then dreading the six months plus when their home will become someone else’s workplace.

On the whole, one thing becomes very clear as we look at the inner west market going into the first quarter of the year; many are looking to buy larger properties and at the same time, no one wants to move out of the inner west once they’re in. There’s clearly no other area with as much to offer in terms of schools, parks, recreational areas and public transport.

The light rail has made the market even more attractive and many residents could be forgiven for thinking that they are now sitting on, or living within, a goldmine, with median property prices in some inner west suburbs doubling in less than a year. As reported by realestate.com.au, Dulwich Hill is now classed as a ‘high demand’ market, with many homeowners catapulted into the status of millionaires -as far as their assets are concerned.

 And the message is clear if you’re looking at joining the fortunate property ranks within the inner west -get in fast. Some residents have reported homes on the market for no more than a week before they are snapped up.

 If you are upgrading your property or have recently renovated or extended, be sure to get in a property valuer not just for insurance purposes, but because it makes sense to stay aware of the dramatic property price increases that you will likely enjoy.

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