If you’re looking to buy property in Sydney CBD, you’re looking in the right place. Despite the recent Coronavirus pandemic and subsequent economic uncertainty, the Sydney property market has so far remained relatively stable.
In fact, if we look at long-term trends, the median house price in Sydney is still 11.1% higher than it was this time last year. While the Sydney housing market won’t remain utterly immune to the effects of the Coronavirus pandemic in all suburbs, there are certain areas in Sydney that are more likely to present a stable investment over the years than others.
Why You Should Buy Property in Sydney CBD
If you’re looking to buy property in Sydney to live in, you couldn’t ask for a more beautiful harbourside city. The city centre and surrounds offer a multitude of pleasant walks by the harbour or through garden paths. It has a buzzing dining scene as well as plenty of shopping, gyms and other amenities.
Sydney is a global city with a rich, multicultural history and is accepting of a wide variety of cultures. Properties in Sydney’s inner-city suburbs vary from apartments to small townhouses. Transport infrastructure in the city and surrounding suburbs is robust. Sydney has a network of buses, trains, light rail and ride-sharing services all around the city.
Living in Sydney’s CBD is desirable to a wide range of buyers, so any property you purchase in this area won’t be difficult to rent or re-sell in the future. Sydney’s inner-city suburbs can be appealing to all kinds of buyers or renters, from couples to single professionals to travelling business people or even small groups of friends living together.
Sydney’s inner-city suburbs, as well as its inner eastern suburbs like Potts Point and Darlinghurst and out to the suburbs of the inner west such as Marrickville, are densely populated areas, with limited property stock. The finite amount of residential space available to buy in Sydney’s CBD areas means demand will remain high, ensuring the value of your investment property in Sydney.
A study by the Australian Housing and Urban Research Institute found that suburbs within 5 to 15 kilometres of the CBD have a level of capital growth that consistently outperforms the suburbs. The lack of availability of properties deep in Sydney’s inner-city also means that when you buy property in Sydney CBD, it will hold its value for a long time.
A rapidly-growing market
Sydney has been growing at an astounding capacity since the 1970s. Overall, Sydney’s population has grown by 1.6% over the past year, which is in-line with the national rate of growth. Australia’s population growth, in general, is high in comparison with other countries; one of the highest in the world, in fact.
The NSW Government has planned several major transport infrastructure projects in order to support this growth, with new motorway development plans in place to ease congestion from the city out to the suburbs.
Wide variety of dwellings
Sydney CBD isn’t just full of modern, up-scale apartments. It also has a range of older apartments that can present opportunities for renovation or improvement. There are a wide variety of dwellings available, from heritage-listed, single floor terrace houses in Glebe and older townhouses in Surry Hills to more modern residences in the inner city. There truly is something for everyone in Sydney’s CBD and surrounds.
Now is the perfect time to buy property in Sydney, particularly in the CBD and inner-city suburbs, as these areas are likely to present a secure long-term investment. These areas also represent a fantastic area to live in, with tremendous offerings in terms of amenities and culture.
If you’re ready to buy property in Sydney, you’ve come to the right place. Boutique Property Agents specialise in Sydney’s CBD and surrounds.
We have a strong knowledge of the inner-city Sydney suburbs. We can provide you with information about the best suburb to buy property in Sydney that suit your needs and your budget. Contact us for more information or to start the journey of buying your next home or investment property.
Or, discover more tips on property investment by browsing our property investing blogs to learn more.