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Devonport bucking the trend

There were a couple of events last week that have firmed some people’s view that another rate hike tomorrow is on the cards.

Firstly, the historic 5.75% wage increase for roughly one quarter of the nation’s workers and then, inflation exceeding market expectations at 6.8%, largely due to an increase in fuel, and house prices, up 2.8% since February. Not surprisingly, most families are tightening their belts with national chains like Bunnings and Kmart reporting shoppers are heading for the cheaper brands and retail stocks like JB High Fi and Temple and Webster being shorted on the share market.

Some good news perhaps that our local market is still performing strongly according to the REIT property report for April.  Here is the headline data:

  • Devonport is leading the NW Coast in sales at 36 for the month
  • 80% of rentals being let in 1-2 weeks
  • Moving annual median house price $484,146, representing an annual change of 10.8%
  • Vacancy rates pretty stable over the year at 1.5%
  • 54 properties let with a median rent of $385

For our clients who are thinking of adding to their property portfolio, with tight vacancy rates and continued low unemployment, Devonport presents really good buying opportunities. With an economy linked to key industries such as agriculture and mining, a development pipeline including Stoney Rise Village Shopping Centre and more residential subdivisions on the horizon,  we see Devonport continuing to out perform its sister cities along the coast and provide some great investment opportunities over the coming 6 months.

 

Stacey Sheehan - 05.06.2023