2019 in review with Heath Thompson
December 16, 2019
2019 built steadily throughout the year – a positive sign of an even better future, as the Melbourne property market prices continue to climb, according to Projects by Buxton Real Estate Director, Heath Thompson. One noticeable rise in the sector is amongst the owner-occupier demographic, who have enjoyed a boost in confidence and have been rewarded with some quality choices in product options available. Low stock levels have had a good impact on achieving high clearance rates and created a strong sense of competition amongst buyers.
There are still, however, issues in some parts of the market, including the Melbourne CBD precinct which has suffered some bad press in recent years, thanks to a glut of apartment developments marred by a lack of construction integrity and quality by less scrupulous developers who have compromised on high-quality materials and cut architectural design corners.
Luckily, other developments across other sought-after areas – both on the city fringe of some of Melbourne’s most convenient and cosmopolitan inner-suburbs, as well as some key outer-suburban addresses – have delivered stunning projects. Heath’s advice is that potential buyers do their research to connect with respected development teams who enjoy solid reputations, there are some fantastic homes and investment properties to be found. The strongest growth in 2019 has occurred in the last two months and with off-the-plan projects continuing to gain momentum, it’s a great time to plan the purchase of your new home.
With discerning buyers demanding the complete package in an apartment development – including car parking, outdoor space and premium interiors with quality fixtures and fittings, a desire to look at sustainable developments, with an eye on environmental-awareness, has made property developers lift their game even further to design and produce truly beautiful living spaces that are designed for the genuine needs of a contemporary home-owner or investor. With 2020 set to look even more dynamic, Heath’s advice is that it is a good time to ‘find your A-team within the real estate/property development industry’ and ask the right questions that ensure you find a home you’ll be proud to call your own.
Looking into the potential for capital growth is about tapping into the direction the property market is heading. A move away from traditional apartment developments, in favour of inner-suburban projects that still offer space and luxury, without compromising on quality, is a trend to watch, based on what has already been happening in 2019, says Heath. It all adds up to 2019 ending on a high note – a real celebration of a continued move towards higher quality standards within the property sector, which is a move that can only mean even more positive things to come for buyers in the next 12 months and beyond.
For more information on how you can be part of a positive property development project and choose a home or investment property you’ll love, talk to our team at Projects by Buxton Real Estate today.