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NSW Property Market Update

There is a level of optimism returning to the NSW property market, as evident in this quick review on the NSW market by our member, Carrington Group.

Agents, auctioneers, analysts and researchers are predicting a different market in 2007, with buyers returning to the fold.

The top end of the market is expected to remain strong with the same drivers influencing the market: a strong equity market, the resources boom, strong company profits, dividends, share market profits and bonuses.

There is still uncertainty in terms of what the Reserve Bank of Australia (RBA) will do with interest rates at the next RBA board meeting. A fall, no matter how small, would be a major boost for the property market

Rents in Sydney are set to rise by as much as 20 per cent this year as investors sell property and pour money into superannuation. The number of new homes approved in NSW fell by 10.6 per cent to 2,496 in November, adding to the pressure on the rental market. This compares to 6,000 in late 2002, in the middle of the property market boom.

- sydney, market, growth, update

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