It may be experiencing softening unemployment and rental returns, but a closer look at the stats reveals why investors in the nation’s capital should not be deterred.
The ACT unemployment rate rose by just 0.1% to 3.9% in July; however, this has become the highest unemployment rate since 4% was recorded by the ABS last year.
Moreover, Canberra Business Council chief executive Chris Faulks has warned that the full impact of the Federal Government’s public service cuts has yet to hit the ACT.
At the same time, the weekly rent for houses has fallen by 6.3% to $450, according to the latest figures released by Australian Property Monitors (APM). And the average weekly rent for units in Canberra dropped by 6.1% to $385, which means units in the nation’s capital went from being the third most expensive in the country in April to among the cheapest.
This is probably due to restrained housing conditions which may continue to exist for some time, says Andrew Wilson, senior economist at APM.
“There’s a consistency about the fall over the year for both houses and units, and I do think it’s just generally a lack of demand for rental properties in Canberra,” he says.
And despite there being some major engineering projects underway, there isn’t a strong pipeline beyond 2016, according to the latest Deloitte Access Economics Investment Monitor report.
This could be made worse if the ACT government abandons plans for the $600m Capital Metro light rail project, which is proposed to provide some support for engineering construction beyond 2016. The doubt comes as the 12km train line – the largest-ever capital works program in the ACT – is at risk of time delays and mounting costs.
Light at the end of the tunnel
Despite the testing conditions, the ACT’s unemployment rate is still the lowest trend in the country and remains well below the national average. Additionally, the state’s exporters appear to be doing very well, including the e-commerce digital market, which focuses on markets outside of Canberra.
According to the latest Herron Todd White report, the Canberra property market is still experiencing a steady period of supply and demand, which is producing relatively stable market activity. It recommends that a safe strategy would be to target relatively affordable standard residential property in central locations that are in line with the current median house price of $540,000.
“The current market conditions are predicted to provide good capital growth above standard market growth over the longer five year plus period,” the report says.
One of the suburbs that investors should watch out for is Narrabundah, which the report identifies as being the perennial sleeper suburb in Canberra’s inner south.
The Kingston Foreshore, in particular, is undergoing extensive development, and some of the pockets in the lower Narrabundah have property prices that are not too expensive, but they are close to major thoroughfares and social hotspots.
“Over time we expect the dated dwellings through this locale to be improved, enhancing appeal for surrounding properties,” the report says.
Sydney is becoming increasingly attractive to Chinese investors, and, in turn, demand is rising for new inner-city apartments. So what suburbs are set to boom and how will this affect the market over the next few years?
China is the primary leader in foreign investment in Australia, and Sydney is proving to be the city of choice.
The latest Herron Todd White report identifies a number of areas in Sydney that are set to boom over the next five years – thanks in part to Chinese investors – with an abundance of multistorey unit developments hitting the market. These include the fringe CBD locations of Haymarket and Chippendale, former inner-city industrial areas such as Zetland and Waterloo, and regional centres such as the Parramatta CBD.
Furthermore, about 5,800 apartments are currently under construction in inner Sydney, with additional projects expected to result in 11,500 new apartments being completed over the next three years, BIS Shrapnel predicts.
They estimate the demand from overseas buyers to remain strong in the present climate. In particular, Chinese investors are attracted to the stable economic and political environment of Australia, not to mention the transparent property market, says BIS Shrapnel’s Angie Zigomanis.
There are also strict measures that have been put in place to cool the property market in China, which in turn are enticing Chinese investors to consider looking at Sydney.
There were suggestions that Chinese buyers could be hit with extra stamp duties or fees in an effort to address general housing affordability.
However, the Herron Todd White report warns that if the government incentives for international (or local) purchasers were to be changed, prices of new housing could be affected.
This could result in weaker demand for new property (especially units in Sydney), and even produce a potential oversupply.
Strong off-the-plan sales set to continue
Despite the risks associated with buying off the plan, they don’t seem to be deterring buyers. In the latest Inner Sydney Apartments 2014 to 2021 report, BIS Shrapnel says the high levels of off-the-plan sales in the next year or two will continue, and drive further rises in new inner Sydney apartment completions to a historic peak by 2017.
“To some extent, the inner Sydney apartment market is playing ‘catch up’ after almost a decade of weak demand for new apartments and limited price growth,” says Zigomanis.
“However, the current surge in off-the-plan demand is likely to see the market get ahead of itself again as pre-sold new apartment projects commence and progressively work their way through to completion.”
Investors looking at Sydney should seek independent advice before buying off the plan, according to the latest Herron Todd White report.
“Historical market evidence would suggest that if the market is flooded with stock over a short period of time then premiums paid on new units can quickly be washed away.
“This could potentially leave owners sitting on a property for many years to recover their initial expenditure or selling for a loss,” says the report.
Western Sydney going from strength to strength
Western Sydney has taken off over the past 10 years and growth only looks set to continue, according to research by PRD nationwide.
The population is expected to increase by a massive 30% across the region by 2031. And each Western Sydney LGA has, on average, a $6.7bn project pipeline, with a mix of residential, commercial, industrial and public infrastructure projects.
Once the $8.3bn North West Rail Link is completed in 2019, it will greatly ease access to jobs in Westmead, Parramatta City Centre and Macquarie Park, as well as to the University of Western Sydney and Macquarie University. The $3.5bn Badgerys Creek Airport upgrade is also expected to be a big bonus for the Western Sydney economy.
Current price growth is attributed to investment in satellite cities such Parramatta and Penrith, which are being fuelled by both public and privately funded developments.
Buyers can choose from a wide variety of properties, from modern apartments to large houses, townhouses and semi-rural properties. But surely the best drawcard for investors is the area’s affordability. Indeed, quality houses in Liverpool, Blacktown and Penrith can be bought for around $500,000.
Darwin’s market may currently be going through a slightly quieter period, but investors shouldn’t be hasty to write off the Top End’s capital just yet.
Balmy, tropical Darwin is known for its relaxed, laid-back atmosphere. And right now the city’s property market is reflecting that, with some quieter trends. But while the market may no longer be blazing ahead full throttle, it would be wrong to write it off.
According to the latest RP Data CoreLogic Home Value Index results, Darwin recorded a modest drop of -0.6% in dwelling values over the winter months. However, it is worth noting that its year-on-year result was growth of 5.4%.
Real Estate Institute of NT (REINT) CEO Quentin Kilian says there is a fair bit of stock on market at the moment and days on market figures have also drifted up. “So the market is exhibiting some quieter trends. But there is nothing to say this is a long-term trend here to stay, or that the market has softened dramatically.”
The fact that a recent ‘mega auction’ event, which featured 50 auctions in one night, resulted in over half of the properties being sold under the hammer indicates a high level of interest remains.
However, Kilian says sellers have had a good run of undersupply for some time.
This means sellers have been able to achieve high returns on their properties.
“Now, with more stock on market, buyers are being more astute about pricing because they have more choice in what is available to them. This means that sellers have to price their properties more appropriately for the current marketplace.”
The city’s rental market is also softer than it has been for some time. In the most recent quarter, there was a slight spike in the house vacancy rate. Rents are also down slightly and, while yields are softer, REINT data shows they are sitting around the 5.5% mark, which means they remain the strongest yields in Australia.
Kilian says these softer market trends could continue over the next couple of quarters. “I think we are unlikely to see an upswing before the end of the year, or until early next year … And, if the Reserve Bank indicates that they might increase interest rates, that could spark a buying surge.”
Strong economic climate
Darwin’s strong economic climate lends support to the future of its property market. According to the recent CommSec State of the States report, the NT has the leading economy in Australia. It now ranks number one in four out of the five indicators.
Kilian says there is a lot happening in the NT at the moment. Inpex is still rocketing along; there are major potential oil discoveries underway; the mining sector is still active; and a huge new oil and gas service base is nearing completion. Further, the Federal Government recently announced an agreement with the US that will see more US forces based in Darwin for training.
There is even chatter about some of the majors now looking to Darwin as a base for their Asia-Pacific operations, Kilian continues. “This means there is currently momentum and real vibrancy in Darwin, and this means ongoing population and economic growth.”
Brisbane’s market continues to post stellar results indicating ongoing growth, but the future is still clouded by broader economic uncertainties.
Dazzling golden days are the hallmark of the Sunshine State, and now, as the years of wintery economic discontent start to recede, it seems they are lighting up the capital city’s property market too.
In recent times, a host of forecasts have been heralding good times for Brisbane. The city is benefiting from its affordability compared to the hyped-up markets of Sydney and Melbourne, along with state infrastructure spending and development.
For Brisbane this has translated to a median house price increase of 1.9% in the June quarter and 6.6% over the last 12 months, according to the Real Estate Institute of Queensland’s (REIQ’s) latest Housing Market Review. Further, average vendor discounting is down to 5.6%, compared to 8.9% in June 2013, while average days on market have fallen from 90 to 59.
REIQ acting CEO Antonia Mercorella says generally the review reflects increased buyer confidence and a sense of optimism about Queensland’s prospects for growth. They are seeing growth centred around the Gold and Sunshine Coasts as well as Brisbane, she says. But it is the Brisbane market that looks particularly strong, thanks to a combination of rising values, quicker selling times and lower discounting.
It is worth noting that while the latest RP Data Core Logic Home Value Index results also show growth in Brisbane, they indicate that this is a little slower. They record a 1.3% increase in dwelling values over the three months ending 31 August 2014, and a year-on-year increase of 5.4%.
Market breakdown
Australian Property Monitors senior economist Andrew Wilson says there is no doubt that, overall, the Brisbane market has improved over the last 12 months, after a lengthy quiet period. In his view, to get the true picture it is necessary to divide Brisbane up into the markets defined by its LGAs.
Doing so shows that the Brisbane LGA is at the epicentre of the market’s recovery. Within that, houses in the middle to upper price range in the inner- to mid-ring suburbs are in high demand.
On the other hand, the Logan and Ipswich LGAs remain pretty quiet, as do the northern suburbs of Brisbane, although they do seem to be attracting more buyers, Wilson says. Further, in the budget price range there has been only modest growth at best.
There is also a big surge of new apartments being built in areas like New Farm. He says there are valid questions about whether the underlying demand for them exists.
“With large-scale development comes the big upside of job creation and economic growth … But, much like in the Melbourne CBD and on the Gold Coast too, I think there is the potential for an oversupply situation to emerge here.” However, investors are starting to look at Brisbane again because yields are high and prices are growing (at a rate of 5–7% over the financial year), he adds.
“There are opportunities for investors to get in early. Established houses have a good upside for growth. Even on the fringes there is potential for solid mid- to long-term growth.”
It’s all about the economy
Inevitably, the future of the market will depend on how the Brisbane economy goes. Wilson feels that, despite signs of improvement, it hasn’t picked up the level of expectations and still has some way to go.
The unemployment rate, which is now around 6%, is a particular worry. Workforce participation could be the issue though, he says. “Confidence is up, so while there has been job growth, there are more people looking for jobs.
Taking a broader perspective, according to the recent Deloitte Queensland Index 2014, the state’s economic situation is bright. It says Queensland’s economy is performing better than its residents realise. In fact, it predicts that Queensland will outperform NSW and Victoria over the coming years in terms of population growth (2.2% per annum), employment growth (2.5% over the next five years) and overall economic growth.
Chris Richardson, from Deloitte Access Economics, says that, with a well-spaced LNG project pipeline, resource export volumes picking up, and tourism numbers increasing, Queenslanders have a lot to feel positive about.
Investor caution urged
Meanwhile, the latest Herron Todd White report notes that, while Brisbane isn’t the market to avoid this year, there are some market sectors that investors should exercise caution in. These market sectors are:
Adelaide’s market is growing slowly but steadily. However, the state’s broader economic woes continue to hold back the pace
Even in the interconnected, busy world of the 21st century, life slows down over the chill of winter. And, traditionally, so too does the property market.
For Adelaide’s already sedate market, this certainly seems to have been the case this winter. According to the latest RP Data Core Logic Home Value Index results, the city posted only moderate growth of 1.5% over the three months ending 31 August 2014.
However, its year-on-year result shows growth of 5.9%, which is the third-highest result of the capital cities (after Sydney and Melbourne). This would seem to indicate that growth in the Adelaide market is occurring, albeit in a slow and steady fashion.
RP Data senior research analyst Cameron Kusher says property values across SA will continue to rise, but the pace of these increases will be quite moderate.
“Sales volumes are likely to lift further as interest rates remain low,” he says. “However, I don’t see enough competition or confidence to result in any significant acceleration in value increases.”
The pick-up in sales activity and dwelling approvals is noteworthy in itself, but Kusher says it is unusual that, despite the low mortgage rates, there has not been much in the way of capital growth. This is likely to be due to the wider economic conditions of the state.
SA continues to experience weaker overall economic conditions compared to most other states, he explains. Retail spending growth is slower, population growth is comparatively minimal, and unemployment is higher.
“These economic factors will most likely continue to act as a drag on consumer sentiment and, as a result, will also curtail any substantial growth in home values.”
A further issue for Adelaide, and SA, is that investors don’t appear to be targeting rental returns, Kusher says. Instead they have a focus on capital growth, and that is just not there in SA at the moment.
“Most investors prefer inner-city units and Adelaide simply doesn’t have an abundance of new inner-city unit development taking place, nor is there much of a pipeline currently.”
In Kusher’s view, anyone looking to invest in SA needs to do so with a long-term timeframe. Economic conditions are not as strong in SA as they are in other states, and therefore he anticipates that value growth will remain quite moderate over the coming few years.
Taking a careful view
The latest Herron Todd White report also describes the Adelaide market’s it paints a slightly brighter picture. It notes that sales transactions are increasing, excess stock is being absorbed, days on the market are decreasing and vendor discounting is reducing.
The report also notes that the median price has improved by approximately 3% over the last year and it predicts that capital growth of between 2% and 4% per annum will continue in the short term.
While the market is still largely favourable for buyers, the report highlights a number of market sectors that investors might want to approach with caution. These are house and land packages in the city’s outer northern suburbs; suburban multilevel apartments; and inner-city apartments purpose built for student accommodation.
Property sector’s role in state growth
Meanwhile, in a bid to tackle SA’s economic woes, the state government recently announced a new 10-point plan. As part of its drive to facilitate economic growth and create jobs, the government is offering businesses financial guarantees worth a total of $50m.
Property Council South Australia acting executive director Lino Iacomella says the government’s plan is a good one because it will create demand for building construction to house the extra jobs.
“Hopefully, it will also generate positive migration into South Australia that will, in turn, boost demand for housing construction,” he says.
The property sector is a huge part of the state’s economy and should contribute to growing SA through property investment and development, Iacomella says. Adoption of the planning reforms proposed by the state’s Expert Panel on Planning Reform would further help this.
Property industry data continues to show improved results, and business confidence appears to be building, but the Apple Isle still faces some economic struggles ahead.
Even the most passionate of Tasmanians must feel frustrated by the ‘one step forward, two steps back’ progress of the state’s fragile recovery. Of late, media reports of improved job growth and development projects have been mixed with the grimmer news of mine closures and public sector cuts.
In these up-and-down times, it has been the property industry that has provided some consistent flickers of hope. The most recent Real Estate Institute of Tasmania (REIT) quarterly report shows that house sales are at their highest level for three years and the median price has increased by 2%.
However, the latest RP Data CoreLogic Home Value Index results show that Hobart’s dwelling values fell by -0.8% over the three months ending August 2014. This could be due to a seasonal slowdown. More positively, the city recorded a year-on-year increase of 2.8%.
PRDnationwide Hobart proprietor Tony Collidge believes there has never been a better time to buy real estate in Tasmania. Due to several years of dormant prices, Tasmania now has the most affordable houses of anywhere in Australia.
In particular, Hobart’s marketplace has some of the best opportunities for capital gains in Australia, he says. “On the clock, Hobart is sitting between 6 and 7, so there is still a way to go and it is a good time for investors to look. Although some may have been smart enough to buy already, REIT data indicates that 15–20% of recent sales have been to mainland investors.”
Further, he adds that rents and yields are better in Hobart than in most of the other major cities. The vacancy rate is lower than 2%, so there is strong demand for rental properties and the rental market is healthy.
The most recent Herron Todd White report backs this up, noting that Tasmania has some appealing investment opportunities. This is because the market is coming off historic lows, has a good variety of stock and a relatively strong rental market, and historically low interest rates.
It states that, for investors, these elements are the ingredients for a recipe yielding good gross returns, with the added potential for capital growth.
Growing confidence
Sounding a more cautionary note, Collidge, who is also vice president of REIT, says the future of the market will be dictated by the economy, which remains the lowest-performing economy in the country.
The new Liberal Government is a majority government, which is generating greater economic confidence, he continues.
“People are feeling more positive. And we are starting to see the results of that in the real estate market. For example, sales transactions over the last three months have been considerably higher than in the last three years.”
While the state still needs more economic drivers and more job opportunities, with increased economic confidence comes investment in projects and employment opportunities, Collidge says.
Fortunately, according to the most recent National Australia Bank Monthly Business Survey, business conditions in Tasmania have improved. The NAB survey also indicates that business confidence has grown at the second-fastest rate in the country.
On top of this, there are a number of major projects underway in Hobart (the $100m Parliament Square redevelopment, the $100m Myer redevelopment, and the $456m Royal Hobart Hospital redevelopment) which should create significant employment opportunities.
In Collidge’s view, these economic improvements should increase the demand for property and, as there is no oversupply, this will push prices up. “Besides, interest rates couldn’t get much lower and the lending environment is good. So it is the right environment for growth in the property market.”
Be wary in the northwest
However, while this state of affairs spells brighter times for the Hobart market, other markets in the Apple Isle are not so lucky.
The northwest of the state continues to be hard hit by economic issues and decreasing employment opportunities. Hard on the heels of the recent closure of the Mount Lyell copper mine comes news that financial results are making closure of the Henty gold mine ever more likely.
Shrinking employment opportunities are helping to cause a decline in capital growth, according to the Herron Todd White report. It suggests approaching the area with caution.
Collidge says that, while the situation in the northwest is hard, things are starting to pick up slightly.
“Because prices are depressed, there might be some good opportunities. For investors, it might be good to get in now and buy at the bottom of that market.”
Investors looking for a safe investment may find better deals outside the Melbourne CBD, for a few reasons
The classic TV show Green Acres may have been on to something. Indeed, there may be more opportunities for a better life outside the immediate city.
However, unlike the lead characters Oliver and Lisa, Aussie investors can remain living in their homes and take advantage of the present market conditions without even having to look at rural country farms. It might just be a matter of looking about 25km outside the Melbourne CBD.
According to the latest RP Data figures, in Victoria investors have been mostly concentrated across the Melbourne apartment markets where capital gains have been strong but yields have been pushed very low.
In Melbourne, where rental yields are even lower than in Sydney, gross yields have fallen by 32 basis points over the year to reach 3.2% gross.
There are potentially better investment returns away from the large capital cities, in places where the growth trend is less mature and yields are also healthier, says RP Data’s research director Tim Lawless.
The latest Herron Todd White report agrees, adding that investors searching for a safe option may want to look outside Melbourne’s CBD.
This is because the recent increase in demand for new apartments has seen developers flood the market, meaning that in some areas supply will be greater than demand.
Exploring other options
The Bayside area of south Melbourne is one place where buyer activity has begun heating up, in suburbs such as Mentone, Cherrybrook and Parkdale.
In particular, the education options are attracting an increasing number of families, says Simon Wendt, sales manager at Hockingstuart Mentone.
“We are finding that one of the main drivers has been the private and public schools, which provide just as good an education as schools in the more expensive suburbs closer to the CBD,” he says.
Furthermore, proximity to the beach, parks and shopping centres is another reason why this area appeals to both adults and their kids.
Wendt says buyers in his market are increasingly looking to move away from the CBD, as prices are getting too high in the likes of Blackrock, Sandringham and Hampton. He also says a good number of investors are looking at the area, with some buying multiple properties.
“They know they are going to get a good balance of capital growth, and there’s also every likelihood they are going to get a good tenant.” Now would be an especially good time to buy because interest rates are low and it’s still affordable, says Wendt. Buying now would also allow plenty of time to purchase, wait for settlement, and find a tenant before the next school year.
The world’s most liveable city
It may be getting increasingly expensive and be in danger of an oversupply of apartments, but perhaps there are still good reasons for investors to stick to the city.
For one, Melbourne has just topped the Economist Intelligence Unit’s Global Liveability Index for the fourth year running, achieving perfect scores of 100 for healthcare, education, infrastructure, and in the subcategory of sport.
“Our low crime rates, great health system, harmonious multicultural community, excellent education system and road and rail network all played a part in our great city taking out this coveted award again,” says Premier Dennis Napthine.
The tourism industry is also getting a kick out of Melbourne’s outstanding reputation. The number of international travellers using Melbourne Airport has risen from 587,000 in July 2012 to 725,000 in July 2014.
Melbourne also won the Condé Nast Traveller magazine’s 2014 award for world’s friendliest city, and Victoria overall was named Australia’s most litter-free state in the Keep Australia Beautiful National Litter Index.
First home buyers get a boost
On 1 September 2014 Victoria’s stamp duty concession for first home buyers rose to 50%, and this should save about 26,000 Victorians around $200m over the next year.
Eligible first home owners will save up to $15,535 in stamp duty on dwellings valued up to $600,000.
Almost 60,000 eligible first home buyers have benefited from the stamp duty concession in Victoria since it was first introduced in 2011.
In addition to the stamp duty concession, the $10,000 First Home Owner Grant is available for newly constructed homes, which is particularly good news for young Victorians buying their first home.
Despite going through a rough patch, investors would be wise not to dismiss the pockets of potential in the WA market.
For the first time since 1996, Moody’s Investors Service has stripped WA of its AAA credit rating, and the state now shares the same rating as Tasmania.
The rating downgrade was triggered by the rapidly falling iron ore prices, which have already plunged by 30% this year alone. This also follows Standard & Poor’s move to downgrade the state’s AAA credit rating last September.
Nevertheless, mining royalties are continuing to soar and are forecast to rise over the next four years as the state transitions from an investment boom to a production boom.
In fact, Colin Barnett’s government has been on a bit of a spending spree lately (thanks largely to the royalties), with billions spent on a new sports stadium, hospitals, schools and the city waterfront, and plans to build a $2bn airport railway.
In addition, the recent repeal of the mining tax has lifted sentiment in the resources sector amid falling iron ore prices and rising competition from other energy-rich countries. There are also a number of mining projects still underway which should help the state cope with its pressures, according to the latest Deloitte Access Economics Investment Monitor report. These include:
Heading for oversupply?
As the mining boom continues to unwind at the same time as population growth slows, some pundits are starting to worry that the current rate of building construction may lead to an oversupply of apartments in Perth. There are a significant number of apartments being built, which were originally planned during healthier economic times and may not necessarily be taken up.
“The risk of oversupply in the foreseeable future by 2015–16 is a real possibility as new supply is completed but demand, particularly for rental stock, is falling as population growth slows,” says Stewart Darby, executive manager, research, of the Real Estate Institute of WA.
“This, in turn, will limit demand for rental property at a time when rental markets across WA are haemorrhaging.”
Looking elsewhere for jobs
The latest ABS figures show that WA’s unemployment rate has increased from 5% to 5.2% and that population growth peaked in September 2012. This might have something to do with job growth slowing in the resources sector; however, over the coming years employment in other industries looks very promising.
Indeed, some 300,000 workers in WA will have to be found in farming, teaching and nursing over the next decade, according to a recent report by the Bankwest Curtin Economics Centre. The farming sector in particular is predicted to grow faster than the mining sector, which is credited to the rising demand for WA food products.
These new jobs are most likely to be filled predominantly by West Australians, rather than interstate or international migrants.
Searching for capital growth
Pockets of Southwest WA look like good options for long-term capital growth, according to the latest Herron Todd White report.
Busselton
Specifically, investors should keep an eye on the coastal strip on the northern side of the Bussell Highway, including the suburbs of Busselton, West Busselton, Broadwater and Abbey.
“As the city of Busselton continues to grow at a strong rate, this well-located section of land will continue to grow in desirability and affluence as the urban sprawl continues to be pushed further away from the coastline,” says the report.
Consequently, the population growth will increase and there will be stronger demand for properties in an area which has limited scope to increase supply. Even though properties there don’t generally have fantastic rental returns, the medium- to long-term capital growth prospects should make up for it.
Bunbury
The Bunbury region is 50km north of the city of Busselton and is set to benefit from zoning changes that are leading to a higher rate of development in the area. This means that land of 700–900sqm which was previously zoned for single residential now has duplex or triplex potential.
As the zoning changes are filtering through, property values are starting to gain momentum, meaning investors who buy now and hold could be in for medium- to long-term capital growth.
Dunsborough
Further west of Busselton is Dunsborough, a popular coastal town on the edge of Geographe Bay that attracts a high number of tourists thanks to its beaches and proximity to the world-renowned Margaret River wine region. In particular, the coastal strip which runs from the north of Caves Road to the beach has potential for investors. This area includes good-sized lots, ranging from 800sqm plus and in close proximity to the ocean, which are currently in high demand.
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