Join our investing community

Sydney on the way up?

Discussion in 'Real Estate' started by Jacque, 29th Jan, 2007.

  1. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    Interesting that, now the media is reporting Sydney's lowest vacany rate for many years (now under 1.5%) investors appear to be reconsidering the market. Or is it home owners as well?

    Being a bit of a fan of statistics I regularly go and look at the no. of sales in any given year, according to the info released from the Land Titles Dept here in NSW. On [aff=MRPDDL1]RPData[/aff] the no. of sales is listed for a given year, as well as the median price. In the areas that I work in for my clients, I've noticed that 2005 appears to have been the bottom for many suburbs here on the Northside. With the least no. of sales and a lower median, perhaps it was the "gloomiest" year for Sydney. Perhaps it's too early to yet tell, but 2006 saw increasing prices and sheer volume of sales. Will 2007 follow suit?

    I do know, however, that interest in some areas is definitely on the increase, with more enquiries this January than there has been for some time. One REA in the Potts Point area sold five properties in the last 9 days- an all time record for his agency. Enquiries are strong, particularly in the lower end of the market from first home owners who have decided now may just be the time to buy. Despite three interest rate rises over the last year or so, it appears that enthusiasm for some hasn't been dampened.

    Could the tide have turned now in 2007?
     
    Last edited by a moderator: 29th Jan, 2007