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One thing we will make clear is that, don’t focus so much on noise in the media and around you, first try to reach out to your property buyers agent sydney, real estate agent, or your buyers advocate in whatever way they are to you. To find out the market situation and how to profit from it.
Understanding Sydney’s Population Metrics
Without a doubt, Sydney has more people living in it than any other city in Australia or the rest of Oceania combined. Statistics from the Australian Bureau of Statistics (ABS) show that by the end of June 2021, the total population of Greater Sydney—which includes the Blue Mountains and Central Coast—had risen to 5,259,764.
Meanwhile, by March of 2022, the total population of New South Wales had risen to 8.13 million. The population of New South Wales as a whole increased by 224,500 (8.6%) between 2011 and 2021, with Greater Sydney growing by (14%) during that time.
This metrics shows a lot of potential for investment property for the real estate industry.
Top growth areas include:
- Schofields – East (increased by 960%)
- Locations in Sydney’s far north-west, including North Kellyville (880%)
- Outer south-west Sydney’s Denham Court – Bardia (810%)
It’s not surprising for two reasons: first, Sydney is a truly remarkable metropolis, and second, the city’s labour market is very healthy.
Sydney is the only global city in Australia and a significant hub in the Asia-Pacific. The current population of Greater Sydney is predicted to be around 5.25 million.
Sydney is the most multiethnic and linguistically diverse city in the world, with over 250 different languages being spoken by its residents.
In fact, 47,095 people have settled in Sydney in the past year alone, making it the primary destination for newcomers from outside of Australia.
Greater Sydney had a younger age distribution than the rest of NSW, according to the 2021 Census, which reflects the trend of young adults moving to major cities for higher education and employment opportunities.
Sydney has changed tremendously since its early days as a colony metropolis, and now features different regions of fashionable, contemporary neighbourhoods. Previously rundown residential areas, constructed initially for labourers, are being revitalised and modernised, increasing their appeal for those seeking a contemporary urban lifestyle.
The Plan of Sydney City
The metropolitan region, which includes one of the world’s largest cities, stretches for around 70 kilometres to the west, 40 kilometres to the north, and 60 kilometres to the south.
The central business district of Sydney is concentrated on its world-famous harbour, although the city itself stretches from the coast in the east to the foothills of the Blue Mountains.
Inner Sydney, where many Sydneysiders live, is located south of the harbour, and it is home to several of the city’s most popular beaches, most notably Bondi.
The North Shore, which includes the Upper and Lower North Shores, is home to some of Sydney’s wealthiest suburbs and is connected to the central business district via the Sydney Harbour Bridge and tunnel.
The bulk of Sydney resides in the western district, hence there are plans to construct a freeway link to connect the more expensive eastern districts with it.
As large corporations relocate to smaller communities like Parramatta, homebuyers may follow in search of lower prices and more job possibilities.
Developers saw this coming, but as is typical, they went too far, and now there is a glut of unsold and under-construction condos in Parramatta.
Important Facilities in Sydney to Consider for Investment Factor
It is easy to see why Sydney is often regarded as one of Australia’s most attractive places to call home: it is home to some of the country’s best and most prestigious educational institutions, retail areas, and monuments.
Sydney, a metropolis that was built around the world’s biggest natural harbour, provides convenient access to the city’s outer suburbs and the rest of the globe through road, train, and ferry.
Commute times of more than an hour each way to and from work are the standard in Sydney, as any local can tell you.
However, this might soon change with the introduction of light rail that would allow for rapid travel within Sydney’s central business district.
There are plans to extend the light rail system to the Eastern suburbs, and work is now ongoing to connect distant communities to existing train lines.
Sydney Airport, the busiest in Australia, links directly to 100 locations around the world and services over 35 million people annually from its convenient location just 8 km from the city centre.
Investment returns can be helped or hurt by a property’s proximity to important transportation hubs; thus, this factor should not be ignored.
Understanding Sydney’s Economy
Sydney, formerly a centre of manufacturing, is now a major centre for the business and financial services industries, giving it the distinction of economic hub for the Asia-Pacific region.
The property market is supported by the fact that more people are living in the area as a result of the increase in employment opportunities and general sense of well-being. The average weekly pay for a worker in Sydney is $1,300, compared to $1,249 statewide in New South Wales.
The ABS recent data, however, shows that the economy is booming.
While the latest data only reflects the June quarter, it shows that as soon as Australians were no longer restricted in their spending, the economy expanded vigorously as a result of increased consumer spending.
However, the Reserve Bank has subsequently hiked interest rates and is expected to do so again, prompting concerns about the impact on the economy and real estate prices.
GDP estimates for the second quarter reveal that economic growth in Australia is solid, continuing a trend of outperformance.
While the expansion was broad-based across spending, income, and output, most of it was due to consumers spending their savings. Going forwards, much depends on the consumer and whether families will continue to spend as rate increases are absorbed in their budgets.
The RBA has resumed its cycle of rate hikes with an increase in the cash rate at its October meeting. RBA governor Philip Lowe has stated that the board is dedicated to tackling the problem of high inflation and maintaining credibility in regards to their 2-3% inflation objective.
However, despite recent dips, prices are still far above their pre-pandemic levels. This is despite the fact that the cash rate has recently risen by the most rapid amount since 1994, which has had a negative impact on housing values across the country.
Sydney and Melbourne, two of the most expensive markets in the world, are seeing the largest price drops as a result of purchasers’ reduced spending power and credit restrictions.
Before the epidemic, Sydney’s economy was responsible for over 30 percent of Australia’s GDP (over $138 billion in 2019).
Sydney’s economy plays a crucial part in propelling Australia towards a more secure future and recovering inflation as the country’s global gateway.
The Rate of Sydney’s Expansion
Both Sydney and Melbourne have added 1.7 million citizens since the 1970s, making them the two fastest-growing major cities in the world.
The Australian Bureau of Statistics estimates that 66.0% of the country’s population resides in its capital cities, making Australia’s growth rate among the highest in the world.
According to the most recent figures from the Australian Bureau of Statistics, Australia’s population rose by 0.9% in the year leading up to March 2022. (ABS).
For the first time in two years, international migration has been a major factor in Australia’s population expansion, accounting for over half of the increase in the year leading up to March 2022.
Overseas arrivals rose sharply (by 183% from the previous year to 320,000), driving the growth in net overseas migration, while departures remained relatively stable (up 1.5 per cent to 210,400).
While this is an improvement over the outbound migration rate in the year ending in March 2021 (-94,300), it is still lower than the yearly rates seen before the pandemic, which ranged from 238,000 to 260,000.
New freeway expansions will provide an unbroken connection from the south to the north of Sydney, and considerable road construction is planned to reduce city congestion, both of which are part of the state government’s strategy to accommodate future growth.
Suburbs on the outskirts, including Parramatta and Liverpool, are expanding into regional cities; as a result, there is likely to be substantial population increase in these places further from the CBD as they benefit from the upcoming improvements to their infrastructure.
The Sydney Culture
Sydney is genuinely a global metropolis, with people of many different cultures and backgrounds living side by side.
Sydney is the most dynamic and culturally diverse metropolis in the world since over half of its residents were born in other countries.
Sydney’s citizens get together once a year for a month-long celebration called Living in Harmony to honour the city’s rich cultural diversity and encourage mutual respect.
Tenants seeking for housing in the city centre are likely to be searching for places with the following amenities: Location, Safety, Storage, and Amenities, Such as Balconies
Since street noise is unavoidable in urban areas, savvy renters opt for amenities like double-paned windows to drown it out.
Climate control, which is especially important in the summertime Modern conveniences like reliable cell phone reception, speedy Wi-Fi, and an abundance of electrical outlets are also appreciated.
Conclusion
To know the best timing for the right property in the Sydney property market, and when to take the best opportunity in property purchase, our buyer’s agent recommends that you follow the right approach for your dream property. Contact the best Sydney buyers agent for the best results.
At buyers agency Sydney, we always have the interest of our clients at the centre of our operations. Working with our experts at Buyers Agency Sydney, you can be rest assured you are getting the best deals.
More to read: Important Tips for Purchasing a Sydney Investment Property
