Demand for homes in Sydney grows

Monday, March 21, 2011

Demand for homes in Sydney grows

A growing number of properties in Sydney, Australia, are being sold, thanks to an improvement in general housing affordability.
While Sydney property prices remain stable, wages continue to grow at a rate above inflation, which is encouraging more people to buy a home in Sydney.
According to Australia property research firm RP Data, Sydney property sales last year were 20 per cent below average. But so far this year, it says property sales are improving, with further improvements anticipated.
"Importantly, any improvement will be relative to the weakest year for sales activity in more than a decade," RP Data says in its latest Property Pulse report.
The Sydney property market is currently perceived as a buyers' market, with little room for growth in property prices in the short term.
However, there are some good rental returns achievable in the city, with areas such as Top Ryde, Meadowbank, Hornsby and Waitara all tipped as good places to invest in buy-to-let property by Australia property group Herron Todd.

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A Place In The Sun