During the last three years, the prices of properties in New South Wales have risen, and this trend may continue to grow. In addition, there are signs that consumer sentiment in this state is declining, which can affect property management businesses in the state.Consumer sentiment is down in NSW and Victoria
In May, the Westpac-Melbourne Institute Consumer Sentiment Index dropped by 4.8%. The index fell to a level only slightly higher than the COVID-19 pandemic lows.
The index also fell by 12% since the April 2021 high. However, the overall level of optimism is still remarkably high. Compared to the average for the USA, Australian consumers have been more optimistic about the recovery. They continue to show a net increase in their trust in supermarkets and health service providers.
Business confidence declined across the country, with the most marked decline in Queensland. The Roy Morgan Business Confidence Index fell by 2.3 points (-2%) to 113.0 in November 2021.
COVID has caused people to preferences about where they live
Despite the best efforts of medical professionals and public health officials, COVID has plagued the nation in the past year or so.
Growth and tech competence may be reasons for property owners to change their property management service provider.
Using a reputable property management company to look after your multifamily property is a clever idea, and it is the cheapest way to keep your investment in tip-top shape. In addition, having an expert manage your paperwork will free up your time to pursue other endeavours. The best part is that the company you choose will be able to prove its worth.
The latest and greatest in property management technology is about bringing your tenants’ dreams to life. For example, integrating tenant-friendly software and technology will help you streamline the rental process. From online rental payments to digital maintenance requests, your tenants can do much of what they want with minimal fuss or hassle.
A professional property management company will also provide you with various other services and benefits, including government-mandated compliance.
Western Sydney region is experiencing tremendous growth and upgrades in infrastructure. Investing in key infrastructure in Western Sydney is a critical component of the NSW state government’s plan to unlock employment and housing land. This will provide confidence to developers and speed up development approvals. Currently, the state government selected half a billion dollars worth of projects for delivery.
A vital part of the plan is a major transport link that will ease congestion and make traveling around Western Sydney easier. It will also support the creation of thousands of new jobs.
A world-class aerospace and defense industries precinct will build adjacent to Western Sydney Airport, creating 7,500 jobs. This precinct will contribute $15 billion in gross value to the region over the next 30 years.
The Australian Infrastructure Fund (AIF) will support the release of 570 hectares of employment land in Western Sydney. The funding will be allocated according to anticipated growth in greenfield areas in each local government area.
Housing affordability is crucial whether you are buying your first home or investing in the market. Brisbane is one of the most affordable Australian capital cities. The average price for a private apartment is about $490 per week.
Several factors drive affordability, including population, income, housing type, and geographical location. The Bankwest Curtin Economics Centre has released a report based on BCEC Housing Affordability Survey findings.
The BCEC survey captured the housing experiences of 4,300 people in Australia. The results showed that the average household spends more than 12% of its gross income on housing. This is the highest in Queensland, and however, it is the lowest in Tasmania and the Australian Capital Territory.