About Sydney Property
Sydney is a multicultural city with a population of just over four million and a lifestyle that makes it one of the most desirable cities in which to live. It also has some of the best real estate available anywhere in the world. Sydney’s property market is keenly sought-after by home buyers, investors and developers. It boasts a resilient economy, a stable political environment, abundant natural resources and a highly educated workforce, while a spectacular harbour, stunning surf beaches and breathtaking skyline combine to define the city as a major international destination for those who wish to visit or move/invest here permanently.
The value of Sydney property has traditionally doubled every 7-10 years over the last century. The median price for houses is now $580,000 (as at Nov 2012), with 25 suburbs commanding a median price in excess of $1 million. Leading economic forecasters, BIS Shrapnel, predicts prices will continue to rise 21% over the next three years and further over the long term.
While the last property boom was in 2003, Sydney is experiencing a new property growth cycle with a situation of continuous under-supply. This is evidenced by rental vacancies which have fallen to a record level of around 1.0%, healthy auction clearance rates and price increases in high demand locations.
The Sydney property market can be divided into nine major zones: Eastern Suburbs and CBD, Northern Beaches, Lower North Shore, Upper North Shore, Northern Districts, Hills District, Inner West, Southern Suburbs and Western Suburbs. Identifying the hot spots of capital growth requires strong market knowledge and analysis. PK Property closely monitors the Sydney market and can advise international clients on areas that are likely to provide significant long term capital growth.
Call one of our Buyer’s Agents now on (+ 612) 9960 1066 or email us today to obtain a fixed price quote or obligation-free property consultation on securing your slice of Sydney today.