05 Jan Buying a Home in Sydney and Surrounding Suburbs.
Buying a home will probably be the most expensive thing you ever do. So it is important to understand the buying process and have a mortgage broker in Sydney to guide you through all the steps, making sure you are well informed about the property market.
Although Sydney house prices are currently at a record high, there is great appeal for those in the property market. Whether purchasing an owner occupied or investment property people are choosing Sydney for many reasons.
Bordered by harbour, beautiful parks and dotted with restaurants Sydney is a great city to live. Most people who live in Central Business District (CBD) are professionals and office workers who walk to work. The city is a cultural hot-spot, everyone here is from somewhere else. Very easy access for so many beautiful places and all kind of activities. Economically Sydney is also driving and leading growth versus other state capitals in a post mining boom period.
Whether you are after a penthouse, simple apartment or studio, there is something for you here. Apartments tend to be within glittering sky-scrapers, or hotels. If you are keen to be close to work, or love nightlife, this is the place for you. If you want to drive anywhere in a hurry or hunger for a village atmosphere, perhaps try a neighbouring suburb. Living in the Sydney city is not as common as in some other cities, so people often look for homes in surrounding suburbs rather than in the city itself.
Estimate Purchase And Rental Prices
Sydney house prices are clearly the most expensive, and back above $1 million, renting price around $1,200 per week. With a median unit price of $765,000, North Sydney for example is higher than New South Wales’ median unit price of $669,830. When it comes to renting, the North Sydney median unit rental price per week is $565 which makes renting more expensive than New South Wales’ average of $480 as well.
It is also interesting to note that 73% of Non-Sydney, NSW buyers think that now is a good time to buy in Sydney, making them far more optimistic than their Sydney cousins. Looks like a good time to be a vendor.
Although it is tempting to think that prices will rise when demand is strong, Perth tells a slightly different story. Prices remain subdued. Perhaps demand is only high when prices are low? This would seem the case as seller confidence is at a low of 20%. In Perth, higher unemployment rates are having a significant dampening impact on buyer confidence.
In the NSW office of state revenue numbers show a 12% drop in the number of property sales since July. Perhaps prices are continuing to rise because supply is falling faster than demand is falling
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