Australia’s property market recovery is unfolding at varying speeds across different markets, say property valuers Herron Todd White. Many of the key property markets are beginning to recover, or are rising. “There’s a broad demographic range across Australian home buyers. Some buyers are traditional while others are evolving – but all tend to operate at different speeds,” says Shaun Thomas, a director of HTW.
Low interest rates and government incentives have encouraged first-home buyers into the market, though this demographic is unlikely to be buying in Sydney’s expensive inner suburbs.
Brisbane tends to draw first-home buyers, down-sizers and families seeking better value than high priced Sydney. Demand remains strong in Hobart, where there is increasing interest from empty-nesters and “climate changers”, typically former Queensland and West Australian residents wanting to escape the heat. Technical advances allowing people to work from home means young professionals, new families and empty- nesters tend to gravitate towards low maintenance high-rise units along transport corridors in Melbourne.