Is now a good time to invest in Sydney property?
The Sydney property market has been shoring up the national average for a few years now. As house prices stagnate in other major Australian cities, and even reverse direction in some locations, the boom time in Sydney kept the arrow firmly pointed in the up direction for the nation’s average as a whole.
Many different factors have fuelled the rising tide in the Sydney property market. Low-interest rates, a growing population, a strong economy, and rising employment rates proved to be a strong foundation for property growth. However, times are changing, and Sydney is starting to witness a slowing market, and even downturns in some areas. So, what’s in store for Sydney property owners or those looking to buy in 2019?
Ignore the negative press about an imminent property crash
Property values always follow a cycle and signs that Sydney was facing a downturn first became apparent as far back as 2017. The continued softening of prices may lead to opportunities for perceptive investors willing to embrace the risk, negligible as it is.
Property prices have plateaued in many areas of Sydney and taken a slight downturn in others, but after the last five years of explosive growth, most property owners will still be in positive position equity wise. The good news is that declining property prices create more affordable housing for those who have been ready to take the plunge, but were holding off for the right conditions.
For those property owners who have been waiting for an opportunity to add value to their portfolio, now might be a good time to consider taking advantage of the increased equity through a renovation or two.
Sydney’s population growth
From 1971 to 2,000 Sydney’s population expanded from 3 million to 4 million. However, since that time it has piled on another million people, which is about half the time it took for the previous increase. The current population of Sydney has been put at close to 5.6 million and is expected to reach almost 10 million by 2036.
Is now a good time to buy real estate in Sydney?
Whether now is a good time for you to buy will depend on your circumstances and whether you are an investor or a home buyer.
Sydney is currently enjoying a strong economy and an influx of employment seekers looking for the cosmopolitan lifestyle, with most of them preferring single person dwellings close to the city.
The shift in demographics has led to upward swings in medium density areas for housing close to the CBD. Families with children are favouring locations that have plenty of public transport options and good quality schools. Local government also have upgrades planned for many suburbs that have previously suffered from a lack of adequate infrastructure.
Connecting with recommended Sydney property experts
Whether you are an investor on the hunt for your next property acquisition, or a homebuyer looking for a place to settle your real estate dealings will require that you connect with professionals.
Get help right here with the best local businesses in your Sydney area
Whether you plan to rent, buy or sell, the support of good local business expertise can make all the difference.
Tradebusters Connect has a Top 3 Local Business Pick list of recommended trade, finance and property professionals in your local area to help you navigate the process.