Sydney Properties Surpass Prices Prevailing In Global Lifestyle Hubs
Sydney may have some distance to travel before it beats the Manhattan skyline but it has already gone past the inner-city property prices for Manhattan. For good measure, it has also surpassed the prices prevailing in Hong Kong, London and Paris. Kirsten Craze for the website news.com.au says that even homes in the Inner West are fetching in the vicinity of $800,000.
A few local listings available at $13,000 per square metre easily sail above the global lifestyle hubs. Despite its relatively tiny population, Sydney has come to be regarded among the top 10 residential cities of the world.
International buyers reckon Sydney’s time has come
In only a decade, it has become a lifestyle city for many of the international residents who have the right kind of money to scuff out. The international buyers, already having resided in select cities of the world, know how the prices might be for what is clearly a worthy property market.
Couple of notable points that Craze points out
Sydney properties not listed by square metres
Sydney market is not listed by square metres unlike the other global markets. This way, the buyers or the sellers do not exactly know what the worth of a property in metres may be. In absence of a concrete figure, they land on abstractions and do not mind paying higher.
The logic behind high auction clearance rates
The location and lifestyle on offer in the city is second to none. This is why auction clearance rates are recording very high numbers for the Sydney properties. Those who come to buy in auctions have a figure in mind but the breathtaking view of water can change all that in the human heart.
No wonder many of the buyers end up buying well beyond their stipulated budgets in Sydney auctions.
Newtown property fetches $800,000
Sydney’s performance can be measured by the fact that a squalid construction in Newtown was readily lapped up at $800,000. Despite the rotten rugs and fissured ceilings, it brought in about $150,000 more than the listing.
You can read the original article here.
Foreign investors and tourists shifting focus
In my opinion, there is no shortage of reasons for the growth of Sydney as a global force to reckon with. Matters are also helped when you find out that the international buyers and eager tourist cum investors are looking for the inner-city homes rather than the traditional suburban homes by the seaside. This represents a big change in the mindset.
Australia placed 2nd on the Human Development Index
Also, it would help to know that Australia has been voted 2nd by the Human Development Index Report in terms of the quality of life the country has to offer and the news would definitely create the right impression in the minds of foreign investors.
Just so you know, the proceeds of the Newtown sale went to the RSPCA, an animal welfare group. Why only humans then, now we will have animals lobbying for the Sydney real estate too.
