3 Things That Have Improved Sydney’s Property Market
The Sydney property market has changed immensely over the last decade, with several developments making Sydney and the wider Australian property markets better both in terms of value and in the way buyers and sellers engage with real estate.
Let’s take a look at some of the forces that have shaped the market.
Who could have predicted that in 2016, we’d be able to pull out our phones and see all nearby properties?
1. New technology
We live in an age of incredible technological devices. Who could have predicted that in 2016, we’d be able to pull out our phones and see all nearby properties on the market? That is emblematic of the ways that new technology have revolutionised the buying and selling processes. Whether it’s the ability to view detailed images and even video tours of properties open for inspection, or information sources like this very blog, we’re better informed and more aware than ever of the value associated with owning real estate. This has lead to smarter investments and a far greater potential for buyers and sellers to really get invested in the process, which is what we like here at Laing+Simmons!
2. Zoning changes and new infrastructure
Sydney is growing. Like a lot of other big cities, there is a huge attraction to working and living in the urban metropolis, and while this is great for a vibrant culture, it can put stress on the existing layout of a region. That’s why it’s so positive that Sydney has anticipated the growth and made some hugely important changes to best accommodate them. From the brand new metro line that is set to be one of the country’s standout examples of public transport to rezoning that will allow more people to live closer to the CBD in apartments, the market is flexible and has shown an ability to adapt to whatever challenges development may bring.
3. Recovery from the GFC
While the Global Financial Crisis of 2007-09 certainly wasn’t positive, a lot of pride can be taken from the way Australia’s capitals – and Sydney in particular – have bounced back from such a devastating period.
Lower interest rates and a timely resource boom have seen the nation surge back to prosperity.
While we were in the depths of the global crisis the market slowed considerably, but lower interest rates and a timely resource boom saw the nation surge back to prosperity. In fact, from December 2008 to July 2016, Sydney’s average property value has risen from $539,242 to well over a million dollars, according to data from the Domain Group.
Of course, there are still hurdles to be overcome, including affordability- which is a byproduct of the market’s success. Even so, there are new developments and projects in place that should result in plenty more positives to celebrate in the years to come.
For more information on all things Sydney property, contact Laing+Simmons today.