To say that Sydney’s rental market has exploded in recent years is an understatement.
Demand remains high, despite the number of rental properties increasing by over 800 percent since 2010—which would normally prompt prices to drop.
But what’s the real reason behind Sydney’s ability to defy the laws of real estate supply and demand?
Sydney and Melbourne (and precisely in this order) are leading the recovery of the Australian property market. Capital city home value growth, many thanks to them, has shown a combined hike of 7.9% over the last year.
This however is not a barometer for the entire country and the super performance of Sydney alone has masked the snail-pace growth in many major areas. Canberra remains in doldrums and Perth and Brisbane are flattering to deceive most of the times. So to cut the story short, Sydney it is at the helm of the affairs.
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The rental growth bandwagon for Sydney’s Eastern Suburbs has come to a bit of a decline. However, the overall growth rate of 0.8% cannot be thought of as portentous because it does not have to do with any fundamental deficit. Jonathan Chancellor for the Property Observer explains the conundrum.
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Overseas Investors Continue to Focus On Sydney’s Eastern Suburbs
“Location, location, location” may be the undisputed mantra of real estate everywhere. But if Carolyn Cummins’ piece on the state of Sydney’s market is anything to go by, “timing, timing, timing” is equally appropriate.
In her recent report for MSN.com, she points out that “The appreciating dollar and new taxes have not deterred overseas investors buying up luxury homes in Melbourne and Sydney.”
And this is why, if you’re thinking of buying real estate in Sydney’s Eastern Suburbs, the time may be right now.
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