When it comes to the Australian housing market it is safe to say that it has been one of the best investments for international investors in recent years. There are some impressive real estate figures coming out of Sydney and the reason is down to the fact that Australia recently went through a housing boom. The situation has slowed down slightly now but prices and demand for Australian housing, especially in the Sydney area has remained strong according to news reports in the Sydney Morning Herald.
The aspect of the Australian housing market that is overshadowing everything else at the moment however is the rental market. Increased mortgage rates meant less investment in buy-to-let, which resulted in less availability and proportionally higher demand, resulting in higher rents and subsequently a higher cost of living. This doesn’t however mean that people have stopped or are going to stop purchasing property in the Sydney area, especially as interest rates are on the way down again.
Even though in recent years the overall housing market in Australia, and the rest of the world, has experienced some bleak times; there is little doubt that it has a strong future. This is because people will always need somewhere to live and Sydney, as I have previously mentioned, is one of the most in demand areas when it comes to the Australian real estate market.
The real estate within Sydney is diverse and the population is quite spread out, even though it is one of the most densely populated cities in Australia. It is an extremely desirable place for people to purchase property and currently some of the most popular buying opportunities in the property market revolve around inner city Sydney apartments. This is because these properties are considered to be significantly undervalued when they are compared to the surrounding suburbs.
Even though Sydney real estate is now considered to be the most expensive of all the Australian capital cities, according to a 2008 Global Property Guide report; you can still pick up a comparative bargain, such as the inner city apartments mentioned above.
Property values in the Sydney area have shown little in the way of growth over the past five years but the one thing Sydney is demonstrating is some fantastic buying opportunities. This is true whether you are a first time buyer or an experienced buyer.