There’s been a dark horse finishing among the best capital cities for property value growth.
The Australian Bureau of Statistics released its September Quarter data for 2013 which shows Sydney has had the best property value gains of all the capital cities with a 3.6 per cent increase.
Melbourne and Brisbane took out second and third respectively, but it’s Hobart’s fourth place finish with a 1.4 per cent gain that shocked many outside of the Apple Isle. President of the Real Estate Institute of Tasmania, Adrian Kelly, says he, for one, isn’t surprised by the result, with most of his members saying, this calendar year is the best they’ve had in the past half-decade.
Meanwhile foreign investors continue to eye Queensland real estate. Queensland’s Foreign Ownership of Land Register says the value of foreign-owned property increased by $822 million in 2012/2013 to almost $1.9 billion dollars. Chinese-based purchasers have acquired the largest amount of property by value, while United Kingdom nationals own the most amount of property by land area. And it seems the New South Wales Government wants people to get out of town.
The Regional Relocation Amendment Bill has been introduced into the New South Wales Parliament following an extensive review of the state’s long-running decentralisation program. A $7,000 cash grant to assist residents in relocating to strategic regional areas will become available to more people, with eligibility now open to long-term renters in metropolitan Sydney, Newcastle and Wollongong.
The amendments will also lead to the introduction of a new Skilled Regional Relocation Incentive of $10,000 to encourage people to take up employment in regional NSW… so heading away from the big smoke in the southern state just became more lucrative.