The Sydney property market is booming and all indicators show that things are not likely to slow down anytime soon. In fact, with demand so high and vacancy rates low, owning a property in this most attractive city in Australia is going to offer much financial benefit. So what is it that makes Sydney such a popular area and what is the best way to capitalise on this hot market?
Why the world loves to buy property in Sydney
The whole world has a love affair with Sydney. It truly offers something for everyone and proudly boasts iconic attractions including the Harbour Bridge and Opera House.
Let’s not forget what else this city has on offer including the fun of Luna Park, the culture seen in the art galleries, the amazing Taronga Zoo and of course parks, gardens and beaches in Bondi.
It is a buzzing city, home to a diverse range of people including youth, families, and those older generations who would never think of living anywhere else.
There are so many aspects to this area that are contributing to the unprecedented growth we are seeing today. It’s not just a famous tourism destination, it is also a key financial hub in Australia, is enjoying an increase in population and with infrastructure improving, growth in real estate is following suit. In fact, the Sydney property market is not just booming, it is hot!
What does the future hold for the hot property market?
Ask any real estate expert and they will all confidently report that median house prices in Sydney continue to rise and vacancy rates are extraordinarily low. This high rate of growth and the continual demand are signs that property owners will thrive on. In fact, this strong local economy, coupled an ongoing low supply of property driving prices up and up.
The wealthier suburbs are proving to continue to be the most popular, including Surry Hills and Drummoyne. The highest prices being recorded are in areas of Mosman and Paddington where a significant lack of supply and strong demand are the contributors.
The thing to note about Sydney however is that it is a very large city. This means there are lots and lots of different areas to consider, and each suburb is experiencing its own levels of growth rather than Sydney as a whole experiencing one blanket-wide level of demand.
Is the secret to finding pockets of untouched potential to follow the trail of infrastructure developments, and not simply because they are close to the airports but because they are close to roads and rail that did not previously exist?
How to capitalise on this market growth
When it comes to pinpointing the ‘right’ suburb to look at more closely, it’s important to be aware that the most expensive areas in Sydney are in the north and to the east. Finding land to build on there is relatively far and few between and where an opportunity does arise, it will come with a hefty price tag.
However with transportation plentiful, moving out of the city centre, even 20 kilometres will improve your chances of finding land as not so ridiculous prices.
Living in Sydney is not cheap; in fact it’s quite expensive. Not only is it expensive to buy, it is also very expensive to rent, so what are your options?
The good news is that buying a brand new home , purchasing off the plan or building on your own block of land are affordable options and available right now! Suburbs in the inner west are the most attractive for many given their affordability, however it won’t last long.
What is exciting however is that suburbs in and around Sydney that previously were considered the much cheaper areas are significantly increasing in value. For those that own properties there, this is fantastic news.
Building a new home with a reputable building company such as Dixon Homes is going to be a win-win situation. Not only will you be able to move into a brand new property that is designed exactly how you want it to be, but it will be an investment into the future. If you prefer buying off the plan, you’ll receive even more financial benefits by enjoying savings in stamp duty and know that you are receiving a home that is quality guaranteed.
With supply low and demand hot, building a brand new home in Sydney is going to offer you long term financial gain and better still, you’ll be living in a brand new home in a area of Australia with such enormous benefits and lifestyle choices.