What’s driving the hot real estate market in Sydney’s North-West suburbs?

According to an article on Domain.com.au, the north-west market of Sydney is expected to reach double digits in real estate growth in the coming year. The fact that people want to buy property is resulting in record numbers of open house attendees.

What is causing this real estate market phenomenon?

This phenomenon is believed to be occurring due to lower interest rates and the construction of the new north-west rail link. It’s nearing completion, which is driving more people to buy in this area. Two areas that are expected to outperform this year include Cherrybrook and Castle Hill as they are right alongside the new rail link.

The median 2014 price for Cherrybook real estate is at $1,020,000, up by 19.3 per cent from 2013. That trend is expected to grow by at least 4.9 per cent this year. Castle Hill numbers were at $867,000 in 2013 and experienced an increase of 20 per cent in 2014 with median house prices at $1,040,000 which is predicted to grow over 5 per cent this year.

Now that you know why this area is so hot in the market right now, you need to know how to go about finding your piece of real estate so you can enjoy the benefits of it.

5 tips for buying real estate in Syndey’s north-west suburbs

Watch prices – While it may appear to be a buyer’s market now, the competition in this climate could turn into a seller’s market since prices are rising. If you plan to buy in the north-west suburbs, now is a good time to get in before affordable real estate is less common.
Interest rates – There is a lot of competition in low interest rates right now due to the hot market. Make sure to talk to recommended Sydney mortgage brokers about the current interest rates before you decide to buy.
Property size – Concede the size of the home and the property before you settle. If you need a family sized home, don’t look at small, starter homes.
Building inspections – Remember that before buying a house, pest and building inspections are necessary. You need to know that the structure is sound and that there are no harmful pests making the house a habitat.
Property features – Everyone has their own idea of what they want from a house. This is where you decide what you can afford, what you can live without, and what you refuse to sacrifice before making a home purchase.