Tips for Investing in the Sydney Real Estate Market
The property industry in Australia has exploded over the past few years and with buyers from both national and international locations hoping to purchase a new home and reap the rewards of their investment in the future; there’s never been a better time than now to make a purchase. According to buyers agents AuctionWiz, in 2016, Sydney underwent a rapid increase in the cost of properties and this offered fantastic selling potential for those that already owned property – but for people hoping to pay, they were required to invest a little more in order to obtain their home.
How do things look this 2017?
Experts have predicted that by the middle of 2017, house prices look set to climb even higher, with an estimated increase of 6%. With the average home costing $750,000 (up 9% in 2016), a further increase could spell up to an additional $50,000 being required by the end of 2017. But what is expected to happen then?
Well, as with all markets, a fluctuation is expected from time to time. In late 2017 to early 2018 – this time it could well be for the better
When is the right time to buy?
For those hoping to take advantage of potential drops in property values, then it might well be worth waiting until early 2018 before making a purchase. For people with the financial capabilities to purchase a home in Sydney in 2017 there isn’t any reason why they shouldn’t buy a house, but they may have to wait at least two years for property values to increase back to how they stand right now; or for them to climb even higher.
Fortunately the Australian government is consistently pumping funding into the region and this means that new properties can be developed – with an estimated 10,000 new homes being constructed in Australia each year. Of that amount, it’s estimated that Sydney plays host to no fewer than 3,500 of these new properties.
Investing in the Sydney real estate market can be of great benefit to those with the financial potential to do so. By planning on acting in the next 12 months many experts are stating that just ten years down the line the cost of homes could almost double, making the average property worth an estimated $1.4 million.
There’s no definitive way to predict the condition of the property market in the future, but it’s fairly safe to say that Sydney is currently one of the market leaders where growth and expansion are concerned. As far as future potential goes, this region certainly looks set to rival some of the world’s most expensive regions to live in – including London, New York and Dubai.