New opportunities identified in stunning Sydney

The-luxury-property-market-is-ripe-with-opportunities-for-Sydney-buyers_157_67310_0_14098887_300New opportunities for homeowners and investors have been identified in the Sydney property market by Real Estate Institute of New South Wales (REINSW) President Malcolm Gunning in an April article.

While there has been a boom market across entry-level properties, there are also opportunities for smart buyers in particular property sectors.

Sydney’s strength

It’s clear that on the whole, Sydney has a booming property market.

The interest in “entry level” homes is pushing many first home buyers out of the market in the capital’s metropolitan area, noted Mr Gunning.

Recent figures found the median house price in Sydney in 2013’s final quarter soared to $763,169. This represents a 6 per cent quarterly increase, according to figures from Australian Property Monitor’s House Price Report: December Quarter 2013.

The national stratified median house price paled in comparison, with a figure of $597,556. This shows just how much interest is circling in Sydney property circles, as existing homeowners, investors, first home buyers and foreign buyers all attempt to edge in on popular inner-city and middle-ring suburbs.

Property developments in outer suburbs are also attracting attention, particularly those with strong transport links. The South East Light Rail link is just one initiative that’s connecting suburbs further out with the CBD.

Luxury potential

Despite the 6 per cent quarterly increase in Sydney house prices and 15.1 per cent year-on-year growth, some areas of the market are growing slightly slower.

This opens up opportunities for certain buyers. One area that’s bursting with opportunities is the prestige market, according to Mr Gunning.

“Properties in the affordable prestige market, starting at around $2 million, are only now beginning to see signs of recovery,” Mr Gunning explained.

“A lot of the sales are at or below the prices of six years ago and this represents great value for those who can afford the property.”

However, given that business confidence is on the rise and the “green shoots” of the state economy are sprouting, entering this sector may be a viable prospect for a range of buyers.

Those with ample finance options who are considering their next purchase may look to luxury properties in Sydney.

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