For decades, Sydney has maintained its position as an international city that is popular worldwide for its thriving economy, modern infrastructure, and work/business opportunities. The city is a hot-spot of Australia that attracts people not only from other states but also countries around the globe.
It is reckoned for its liveability and a great standard of lifestyle, which is why it is not surprising that people want to live here and buy or rent a property. Therefore, if you are interested in investing in real estate for sale or rent in Sydney, here is your complete guide outlining various insights into the Sydney property market analysis.
Understand the real estate scenario of the city to make an informed decision before you start looking for a home, start packing, hire removalists in Sydney, and go through with your move.
The Impact of COVID-19 Pandemic on Sydney’s Property Market
Naturally, you should be concerned about the impact the pandemic had on Sydney’s property market that had been strong and stable for over four decades. The COVID-19 outbreak was especially severe in New South Wales, but the good news is that although the city’s real estate market witnessed a dip of -2.9%, it has bounced back encouraged by the unwavering confidence of buyers and sellers. It also helps that the NSW government offers a First Home Owner’s Grant of $10,000 to people who meet the eligibility for buying or building their first home.
2020 was a challenging year for most buyers, renters and sellers. However, the current scenario is looking good, as most investors are back in the market. Thus, if you are planning a move, now is a good time as you will be able to find a suitable property, hire professional removalists in Sydney and manage to move with fewer challenges.
Sydney’s Housing Supply
As detailed in Sydney’s housing supply forecast by the NSW government, it is predicted that from 2020-2025 about 132,500 to 171,200 new houses could be structured. It is an excellent forecast, especially if you are planning to buy your first home in Sydney. What’s more, no dearth of new homes means renters will have more housing options in Sydney hopefully at affordable rates.
Other vital predictions for the housing supply of Sydney are mentioned as follows.
• Despite the COVID-19 pandemic and its impact, the city’s population will grow, and the housing demand will remain steady. Thus, the appreciation value and rental yield of real estate here will be good.
• Each of the five districts of Sydney will witness infrastructural development. However, major growth is predicted in the Central City and Western City districts.
• The plan for building other forms of housing such as secondary dwellings, student accommodations, boarding houses, group homes etc., is not as definitive as the construction of houses. However, there is potential for 5,490 units within 136 developments.
Median Property Prices
Sydney is the number one choice for most people when they are planning a domestic or overseas move. Many factors influence their decision such as abundant opportunities for work/business, good education, high standard of living, a stable economy etc. If you are planning to move here, it is imperative to know whether you can afford a house or unit here.
The median price for houses in Sydney is about $872,000, which is currently less than its record high of around 1 million. The median unit price in Sydney is $1,055,000 as there is more demand for houses than units in the city.
For those considering renting a house here, the median rent is $675 per week whereas the median rent for a unit is $620 per week. To know if you can get houses or unit in your budget in Sydney, it would be prudent to do your research adequately.
How to Manage Your Move?
Once your decision is final and you have found a house/unit to buy or rent in Sydney, the next step should be to prepare for the move. Here are tips by professionals on how to manage your relocation without any stress or hassle.
• Follow a moving checklist to streamline your work and get everything done within the stipulated time. You can refer to moving checklists available online or create one using MS Excel or a mobile application.
• Only pack things you want to take to your new home as long-distance moves can cost more than local moves. Declutter your home to get rid of items that are broken, obsolete, or haven’t been used for over six months.
• Besides discarding unwanted belongings, you can consider donating or reselling items in good condition. Look for local centres where you can drop items for giving. For selling items, you can hold a garage sale online or offline.
• Start packing your belongings early to have everything ready for transportation on the moving day.
• Don’t procrastinate to book removalists in Sydney, especially if you are moving during summer, which is the peak season for relocation. By making bookings early, you can choose the moving dates without any hassle, and you may even get an early-bird discount.
• Buy furniture, appliances, utensils, and other necessary items after you have moved because buying these things before shifting will add to the handling and moving load for your hired removalists in Sydney.
• If you are a tenant, make sure you book reliable end of lease cleaners before moving out to deep clean the rental property without any issues.
• Pack an essential kit for the moving day. This kit should have medicines, change of clothes, snacks, water, first aid, and other essential items.
The Bottom Line
Sydney is an international city where hundreds of people move from different parts of Australia and the world. Therefore, if you are planning to move to this wonderful city, then it is essential to know the property market insights shared above to make informed decisions. Use this guide to plan your move to Sydney without it getting overwhelming or confusing.
GET YOUR FREE QUOTE