For the past 6 months I have been very bullish on the Sydney property market as I believe it offers great opportunity as a reverse cycle purchase.
Recent figures released by the Australian Bearau of Statistics, showed that the Sydney market grew 1.2% for the June Quarter, which could well be the evidence of the start of the next positive cycle in Sydney.
This is not a huge growth rate, particularly when compared to the dynamic result in Western Australia, but is one of the most important signs of returning confidence and stability.
Despite the negative press and poor statistics that has plagued Sydney over the past two years, anyone looking for quality property in good suburbs would be all to aware that these areas have remained in positive growth and demand remained strong.
The removal of the State Governments Vendor Tax late last year was a important part of the recovery phase, as I believe this was one of the key components in flattening the local market and removing confidence.
The fundamental dynamics in this sector of the market remain a compelling argument to invest in Australia’s largest city including:
- Acute shortage of premium property availability,
- Softening of prices ensuring maximum value,
- Ongoing inflow of highest migrant population of any Australian State,
- Low level expansion of property supply base.
We may well look back at this time and consider it to have been the best time to buy property in Sydney.
My advise to any considering Sydney as a purchase option, is to start looking and be in a position of readiness. It is definitely Sydney’s time to shine in the near future.
