“Outer Space ‘Far flung suburbs and their performance’”
· These buyers are willing to deal with time spent travelling in search of affordable living in Pakenham, Officer, Cranbourne East and Clyde North
· Many purchasers are trade or manufacturing related who work in the south-east.
· The area is currently being developed with low density, affordable living in mind.
· These properties are being purchased mainly by owner-occupiers who are taking advantage of relatively low interest rates along with developer/builder incentives that are on offer.
· The developers are aiming to reduce holding costs and move stock, so the enticing incentives that are being offered are promoting sales in the region
· There is a range of choices available for homebuyers as there is currently a multitude of land estates and builders within this outer south eastern area
· The market in this area is likely to remain static as the impacts from the government’s withdrawal of the first home buyers’ grant is being felt.
· Developers and builders are offering incentives such as cash rebates upon settlement to stimulate the market but this will take time as buyer confidence is slow in recovering and job security is becoming a concern.
· As the urban sprawl continues and inner city house prices/affordability continues to rise these areas will quickly develop and median house prices within the area can be expected to rise over the medium to long term.
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Thanks to Therese Oneill from Alphabroker Mentoring