Market Update

Stock remains low - gain access to the huge number of off-market properties where opportunities do exist

Sydneysiders Getting Attracted To Inner City Living

inner city livingThere is an undeniable movement towards inner city living and cafe lifestyle. The trend that had picked up in all major international cities quite a while ago has come to Sydney a trifle late. The trend, nevertheless, is there to stay, writes Carlie Ziri for the Property Observer.

Rich residents inclined towards cosmopolitan living

The inner-most city area is flush with rich residents who are inclined towards cosmopolitan living. To cater to them, Sydney has a wide repertoire of posh real estate locations. Such areas have a resplendent view, 5-star amenities and are invariably close to the major consumer hubs of the city.

Apartment approvals on an up

As if to validate the argument further, ABS numbers report that housing approvals for apartments are at their peak whereas the same is at their ebb for detached dwellings or stand-along houses.

Concept of “old word charm” fading

Sydneysiders have clearly moved ahead. They do not see much sense in the suburban “delusion of grandeur”- big homes with sea view and so on. They are quite happy to live around the inner city pad, writes Ziri.

What appeals to Sydneysiders today is the rush and vitality of the cosmopolitan crowd, the flavour of cafe lifestyle and the proximity of consumer destinations, healthcare services and transport system.

“1-2 bedroom apartments in convenient location” has become our theme song today. Median city prices in and around Sydney are expected to rise 2%-3% in 2013. It is not long before Sydney becomes the mirror image of London or New York, Ziri opines.

You can read the original article here.

In my opinion, Sydney is more likely to resemble a thriving Asian city in times to come. It may incorporate street culture- roadside eateries and live music- in the truly Asian style.

Gap between approval and project completion should be worked on

House approvals are at its peak for apartments. What is likely to follow is an intense housing demand which is a tell-tale sign of the property phase Sydney is in- transactions rise and demand rises along with it.

This kind of demand might necessitate quick builder action. The interim period between approvals and constructions should not be compromised by red tape, compliance constraints and vested interests of builders.

Which one appeals to you more- sea and sand or inner city pleasures?