“Once you are in the Sydney housing market, you are pretty well set then for the rest of your life.”
Earlier this year, Housing Minister Anthony Roberts made the above sweeping statement regarding Sydney’s property market.
This rather impressive quote is backed up by the figures, which continue to support Sydney as a gold plated investment prospect. With house prices doubling, on average, every eight years, those foot draggers who have been waiting for a dip in the market will be rueing their reticence.
In fact, in 2016 alone, reports suggest Sydney’s real estate market increased 50 percent faster than Australia’s capital city average.
So, why does Sydney remain a timelessly alluring flame, attracting investors, first home buyers and families of all sizes to compete for properties?
NSW’s average salary is higher than states such as Victoria, Queensland and South Australia and there are greater employment opportunities.
However, unlike other states where regional and local jobs account for a substantial part of the workforce, Sydneys workforce is heavily concentrated in the CBD. The result is a higher demand for property located within easy travel to the city.
These issues are not the sole domain of Sydney, with capital cities such as New York and London dogged by similar affordability problems.
Thinking outside the (city) square
For this reason, savvy buyers are turning their eyes further afield and considering up and coming areas with unlimited potential, have strong transport networks and which boast established infrastructure, amenities and prospects for ample capital growth.
Whilst inner-Sydney will always hold a strong attraction to buyers and investors, these as yet unexploited suburbs may hold the key for greater growth for those searching for substantial, luxury properties which are still within reach of the average family or investor.
All this may sound like good news for investors and owners, however, the health of Sydney’s market does not spread evenly across the board. Unit and apartment prices which have recently struggled are predicted to continue this trend. It is suggested that oversupply, size issues and changes to investor lending may be contributing factors.
Safety in numbers
So what is the formula for those looking to invest their money in a golden future? Distance to CBD + transport + infrastructure + quality home. Get this balance right and you are well on your way to success.
Sleeper suburbs with strong growth potential should be at the top of every serious investors inspection list. We are seeing a trend towards owners with inner-city properties, selling up and moving a little further out to capitalise on their property windfall.
Many older residents are moving from tired inner-city properties which require substantial maintenance into our contemporary, designer homes with not a cent to spend. The result is enabling them to retain tidy nest eggs while boosting their quality of life.
It is an exciting time for Wisdom Homes, as we are in prime position to offer affordable, stunning homes to all sectors of the market.
We have a range of properties to suit first time buyers ready to take advantage of Sydney’s hot market, repeat buyers looking to upscale or find some space and investors wanting to take capitalise on the infrastructure, positioning and quality, our homes have to offer.
We have hand picked suburbs which are ideally sited to provide maximum potential– combining amenities, transport and easy access to the CBD.
If you are ready to invest in Sydney’s real estate market, why not take a walk through one of Wisdom Homes sumptuous Display Homes today and discover the key to affordable luxury living.