Why now is the time to invest in Sydney

A-new-airport-could-continue-to-enhance-Sydneys-reputation-as-a-strong-investment-market_157_68374_0_14099797_300Sydney has been a strong market for investors for a while, and continues to show it’s the right market for prospective buyers.

Recent research from RP Data’s March Hedonic Home Value Index results showed the region continues to experience strong growth. Its month-over-month change in dwelling values rose 2.8 per cent in March, pushing its quarter-over-quarter rise to 4.4 per cent. With the median dwelling price now at $630,000, year-over-year values have skyrocketed to 15.6 per cent.

“Sydney dwelling values are now 15.8 per cent higher than their previous peak, substantially more than Melbourne where swelling values are 4.7 per cent higher than their previous peak,” said Tim Lawless, research director with RP Data.

“Perth and Canberra values have risen to be 2.9 and 1.2 per cent higher than their previous high point, respectively.”

This growth in Sydney may only be furthered by a recently announced plan to construct a new airport in Western Sydney.

Prime Minister Tony Abbot’s office released a statement projecting the initial construction project will create 4,000 jobs. This number will rise to 35,000 in 2035¬†and eventually peak at 60,000 jobs, meaning the long-term demand for housing could increase as workers move into the area and more infrastructure develops.

Additional roads and rail lines will need to connect the new airport to the rest of the area, which could fuel further growth and encourage people to move into Western Sydney.

According to the media release, the population of Western Sydney is projected to grow by 1 million people in the next 20 years – from 2 million to 3 million – which will provide additional opportunities to those who wish to rent out their investment properties in the area.

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