Australian real estate has been in an unexpected place over the past 12 months, with property investment options in 2019 looking completely different than they did even a few short years ago. These changes have meant great things for those looking to enter the Melbourne market, as house prices have started to stagnate and drop after spikes in 2017.
However, while investment hopefuls have a lot to be happy about entering the new year, this new real estate landscape has made it difficult for said buyers to make informed investment decisions. So, to help you make the right choices with your property purchases, let’s take a look at some of the best property investment options in 2019.
Understanding the State of Property Investment Options in 2019
As we discussed in a previous article, recent months have seen an unexpected lull in price rises across Melbourne and Sydney. However, while Sydney’s median house price is expected to fall by a generous 5.6%, Melbourne is expected to have the biggest drop. Current estimates have suggested that Melbourne’s median house prices could drop by up to 7%, making for the largest estimated drop of all the Australian cities.
For those that have been keeping up with Australian property news, this drop has been framed as both a blessing and a curse, depending on the publication. On one hand, current investors are understandably concerned about the possibility of their properties losing value. However, for those that are looking into Melbourne property investment options in 2019, this news couldn’t come as more of a pleasant surprise.
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So, Which Suburbs Offer the Best Property Investment Options in 2019?
One suburb that has been considered an investment opportunity for 2019 is the ever-cultured Brunswick. Whilst it hasn’t been hit quite as hard with price drops as some other suburbs in Victoria, it also hasn’t been immune. For the first time in recent memory, a homebuyer is expected to be able to purchase a 2-bedroom house in the area for under $1 million. While there are other areas that will certainly be more affordable, few can be expected to retain and increase value to the same extent as Brunswick.
Other areas that are expected to be great property investment options in 2019 follow a similar blueprint of high-price suburbs that have been mildly impacted by the price drop.
Historically, these “blue chip” areas tend to be the ones to see a quick return in regard to rising house prices. When projected out to regional Victoria, this list also includes Ballarat and Bendigo. This is due to dropping house prices, coupled with an increase in rental prices compared to similar areas around the state.
There’s a lot for new home buyers and investors in Melbourne to get excited about in 2019. However, all of this is still up in the air, especially as experts speculate that changes to credit policy could mitigate some of the expected drops. For more information on changes to the Melbourne real estate landscape in early 2019, visit our blog, or contact us today to discuss how we can improve your property management.