 Growth is apparent in Sydney property market
Housing costs in Sydney is increasing rapidly than expected. This is due to factors such as migration and influx of high income purchasers, according to Justin Smirk, chief economist for St. George Bank.
Experts and economists who gathered at the WBP Property Group's annual breakfast discussion have shared a common view that Sydney property market is now stuck by affordability issues.
On the other hand, WBP Sydney residential property valuer Chrsi Lackey confirmed there has been strong growth across the board in the last 12 months.
“The Sydney market has seen growth in excess of 14% since the beginning of 2009. Commencing initially at the bottom end of the market, the trend in rising values led to a recovery in the city’s prestige markets despite reduced activity levels from cautious buyers,” says Lackey.
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