A lot of observations regarding the Sydney market have been made over time — from first home buyers' decreasing demand due to surging prices, to higher levels of investor ownership because of a slowdown in home ownership.
While these might be baffling or get too overwhelming for some people, My Housing Market Chief Economist Dr. Andrew Wilson has just the right words to describe what is happening to Sydney. He said that New South Wales’ capital is becoming an apartment city (modelled on New York), or can easily be called the "New York of the Southern Hemisphere."
In a chat with Dr. Wilson, he emphasised that now is the great time to buy a Sydney unit, specifically in areas with good infrastructure such as Badgery’s Creek. In addition, one can explore Parramatta, which is envisioned by all three levels of government as Sydney's second CBD. In fact, its potentials of becoming a breakaway city entity have been recently noticed by more people.
Sydney currently has the strongest economic migrants. Adding to this are other strong points of the city, including developers in the city that are ready to do deals, the unchanged strong demand, and the increased unit living, which are now preferred by the younger people.
When asked about places that investors should avoid, Dr. Wilson noted that this will depend on one's agenda. He mentioned though that higher priced Central, Eastern, Inner East, Inner West have a lower potential for growth.
Finally, he also highlighted that downsizing into a unit can be a good move, noting that the practice no longer signals the end of one’s property and wealth creation journey.
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