Brisbane noted for strong investment prospects
Existing homeowners looking to capitalise off their existing home equity may be wondering where in Australia to invest.
With mortgage rates still low following the Reserve Bank of Australia's early April decision to keep the official cash rate at 2.5 per cent, more Australians are considering property investment.
A survey from the Property Investment Professionals of Australia released in late March outlines areas tipped for investment in the coming year.
An impressive 84.4 per cent of investors consider now a "good time to invest in property", according to the Smart Property Investment / PIPA Property Investor Sentiment Survey.
The survey noted that strong confidence levels in the property sector are expected to lead to committed investor activity throughout the year.
Just over seven out of 10 investors intend to make a property purchase in the next six to 12 months, according to the survey.
"It's a real vote of confidence for Australia's property market," explained Smart Property Investment Managing Editor Phillip Tarrant in a statement.
Momentum across the nation
Property markets across the country have "gathered momentum" since the end of last year, according to Mr Tarrant.
It's anticipated that this momentum will continue throughout this year. With investor interest strong in certain regions, those with existing home mortgages may see their properties rise in value as activity remains steady.
Homeowners looking to sell in order to upgrade may obtain favourable prices, particularly in popular capital cities such as Sydney, Perth, Brisbane and Melbourne.
Meanwhile, those looking to think seriously about their future may focus on building up the equity in their existing property and purchasing a secondary dwelling as an investment.
Those wondering where to purchase should pay attention to the results of the survey. Close to half (48.3 per cent) of the respondents suggested they would invest in Brisbane, with 17.2 per cent focusing on Sydney, 14.5 per cent looking at the Melbourne market, 9.6 per cent considering Perth and 6.2 per cent looking to Adelaide.