Sydney real estate market has seen some bit of ups and downs in the last couple of years.
Property investment in SydneyAustralian mining industry, which happened to be one of country’s dominant industries, has been experiencing downturns since mid-2013. This has broadly changed the overall property market structure of Sydney. It traditionally remained one of the hottest property markets in Australia with nationally the highest home prices, has seen a mining plunge in recent times and that caused decline in jobs and exodus of workforce especially from Perth. This has caused not only pile of unoccupied dwellings but also home prices and rents have gone down. In some places, the prices of houses have reduced by more than 25%. While the market is facing a downside risks, the good news is that there are still ample opportunities in the area. The area is still in demand and has a strong growth potential, hence buying a property when prices are low is the right deal that one can ever opt for. This also indicates a low risk situation at the moment in which you are buying a moderately priced property which holds strong potential for future increases in rates. Sydney, which used to offer traditionally the most expensive houses in the past, has more affordable projects which everyone can opt for.
Another important aspect of the entire Western Australia is that the population growth is still leading the nation which is close to 3% now. Sydney property investment market is still favourable to future growth and the economy is still very sound. Albeit the jobs declined last year, the unemployment rate is not that low –its still 5% which is lower compared to NSW and Victoria. There are a lot of infrastructure projects going on at the moment. Building of highways and street ways, expansion of airport, shopping units are on rise. In order to decide on property purchases, one should do extensive research on different markets before making investment in order to avoid mistakes and should always try to look for properties that hold promise for future. Often the first time investors end up concentrating in areas that are heavily marketed and naturally are priced high in the short run, but ignore the fringe areas which are the suburbs holding much promise and humungous future growth potential.
In and around also with Perth, areas like Joondalup area and other fringe areas like South Perth, Victoria Park and Swan are expected to perform strongly due to cooling down of the core city is expected to give boost to the suburbs. Belmont is another area which is gaining a lot of popularity and rent is on rise in this area with a lot of link roads, parks, new schools and its closeness to the airport.  Overall, the short run proves to be a tough market to make an property investment in Perth, but there are a lot of buying opportunities present within itself.