Sydney Property Market Gets A ‘Spring’ In Its Stride
The Sydney property market is flush with a rare kind of enthusiasm in anticipation of a bumper spring ahead. Toby Johnstone for the Domain writes that this spring season might witness the maximum number of property sales in recent memory. Low interest rates have brought in a real turnout of buyers from all hierarchies.
There is no dearth of First Home Buyers willing to pounce on less strategic properties for a moderate cost (helped at large by FHB grants). A great example, cites Johnstone, is the Lalor Park area where homes are available for $362,500. After all, the whole Lalor Park zone is evolving and many properties are being demolished to accommodate for new housing projects.
Market on a buying high despite lack of Federal incentives
Sydney witnessed mammoth spring sale in 2009 but that was mostly due to a bounteous government proposing various Federal incentives. This time, people do not even need incentives to flow with the property tide.
All kinds of property hunters active
House hunters are crazily looking for options, often getting frustrated by the speed at which properties keep vanishing. This spring, with a very large number of listings available, the FHBs, Next home buyers, owner-occupiers and investors (including foreign investors and expats) hope to get lucky.
A few smart buying options
Freshwater, Curl Curl, Surry Hills and Wahroonga are among the “solid buying options’ for those waiting to grab a deal around Sydney.
An overriding fear
Yes the fear of seller’s market can’t be discounted either. The seller fraternity has shied away from biting their pie till now, waiting for the property prices to spike artificially during spring. Analysts say that price growth by Christmas could range close to 10%.
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In my opinion, no one wants to miss out on the Sydney air, quite willing to settle someplace near to it if they fail to find a home in Sydney itself. Sydney property prices have gone through a correction phase (unlike Melbourne) and are still going strong.
Sydney: the property dreamland
Sydney is fast moving towards being the hub of Asia-Pacific. Already, its properties have shot past London, Paris and Manhattan in terms of prices.
A tide of overseas migration is helping Sydney consolidate its fiscal position.
Very high auction clearance rates point towards the renaissance of the Prestige Market and this means a lot greater foreign buying activity too. Overall! It’s all set daintily for Sydney.
Which would you prefer more- apartment living in Sydney’s CBD area or a waterfront property?