Why Property Investing in Sydney is a Great Move
Most Australians have set their sights on Sydney for their dream property investment. I say ‘dream,’ because not everyone can afford it.
For many years now, property prices in Sydney have been steadily growing. Even many investors struggle to save up for their deposits. But still, I encourage people to not give up on their dream of investing in a property in Sydney. Here are three important reasons why investing in Sydney property is a great idea:
Sydney property values go up so fast.
Since 1996, Australia has experienced a nationwide boom in housing prices, with real and quality-adjusted prices rising by 121 per cent in 2014, “the largest and most persistent price growth since records began in 1880.” According to CoreLogic data, in just five years, the house prices in Sydney are up a whopping 46.9 per cent and apartment units have increased by an eye-watering 40.4 per cent. By the end of 2015, the median house price in Sydney was $1,013,258, an increase over the previous 12 months of 14.8 per cent. What’s so impressive is that the high property values in Sydney also boosted the property values across the combined capital cities of Australia by 1.6 per cent.
The market is competitive.
Experts say that more than 1.3 million Australian households are looking for a property investment, with most of them eyeing a house or apartment in Sydney. This huge demand is sure to increase the price of any existing property. Potential investors, however, should be warned that having a competitor might push them go make emotionally charged bids and end up overpaying by thousands of dollars just because they have to get the property. This is one of the reasons I became a buyers agent – to make sure home buyers like you get the property they want, at a price tag that is reasonable and right.
Sydney is the undisputed tourism capital of Australia.
Sydney gets twice the number of international and domestic visitors than any other Australian city. This is an important fact particularly those looking to buy a property in the eastern suburbs, because real estate forecasts say that there will be an increase in casual holiday letting. With the growing popularity of Airbnb and other property rental platforms, it can be a great move to buy a future retirement home and holiday let it out (for now). For travellers on a budget, Airbnb have increasingly become the go-to accommodation website listing in Sydney, featuring spare rooms to whole houses or even quirkier options like canal boats and tree houses.