Originally posted by @Kelly O'Quinn:
Hi @Chad Ziegler! Although I live in California, I've been interested in the Australian market for a while now. Would love to connect with you to discuss your local economy and real estate market. What kinds of properties have you been investing in so far?
Hello @Kelly O'Quinn! Nice to receive your msg. The Aussie market is a bit of interesting mix at the moment. Perth is now in full transition from a long running strong growth market to (driven by a ~12 year resource commodity boom) to now being the only capital city in Australia seeing a negative slide in the median house prices. Sydney is on fire (23% this year), median house price (excluding apt.'s) now $1M. All talk is about a mostly Chinese investor driven property bubble. Melbourne is a mixed bag from what I have been told of late. Strong growth overall but oversupply of new condo's in certain key areas while supposedly still opportunities with housing in other areas. Brisbane is reporting good growth with maybe some legs left in the right areas. The secondary markets outside of Brisbane (in Queensland state) and Victoria state are probably the most promising from what I have learned. Overall the Oz economy has slowed significantly (mostly due to the oil and mining slowdown) but relatively low interest rates (nothing as low as US or CDN) are driving those investors that can, to invest (plus our currency is now much cheaper than just 1 - 1.5 yr ago).
I have a rental in Perth and an owner occupied house here. I have other overseas real estate holdings or investments but nothing else in Australia. I was looking at a development investment in a mining town in Western Australia (WA) (structured and managed by a 3rd pty) but held off last year as job security was somewhat uncertain and had a little one (now arrived) on the way. The dust has settled a bit now so I am back looking again (although the job market is no better). I missed the boat on the WA one but looking and learning about other potential opportunities. More interested in other states now anyways.
Hopefully that gives you a flavour for the Australian market. I am no expert but I've been recently asking questions of those who are experienced/prof. and I'm willing to share what I learn. I can also maybe point you to those who do know if I don't.
