Everything Happening in Residential Property for Sale in Sydney

Residential Property Sydney

The Residential Property market in Sydney is constantly changing, with new suburbs and regions popping up as hotspots, and others declining in popularity. The after-effects of the global pandemic, international borders reopening and increases to the mortgage interest rate are some of the factors affecting the housing market.

Sydney is one of the most popular destinations in Australia for people looking to buy a property. The city offers great opportunities for work and recreation and for those who want to invest in real estate, with new developments and infrastructure projects always underway. Whether you’re a first-time buyer or an experienced investor, Sydney has something to offer everyone.

This article will review the property market in Sydney and NSW. We’ll look at Sydney suburbs and how certain city regions may suit one demographic over another. Finally, we’ll look ahead to 2023 and beyond.

Standout Suburbs

The Sydney property market is constantly changing, with different suburbs and regions becoming popular or falling out of favour. At the moment, there are a few areas doing especially well. The CBD and surrounding inner-city suburbs are always in demand, as people are looking for easy access to work, shopping and leisure facilities. Paddington, Surry Hills and Redfern are among the most popular areas at the moment. Further out, seaside suburbs like Manly, Bondi, Maroubra and Cronulla are also selling well.

On the other hand, some areas have seen a slowdown. The outer western suburbs like Blacktown and Campbelltown are not as popular as they once were, as people are increasingly looking for properties closer to the city.

Suburbs to Suit Your Lifestyle

When considering where to live in Sydney, think about your lifestyle and what you’re looking for in a suburb. If you’re looking for a lively and vibrant area with lots of nightlife and entertainment options, then the inner city is probably the best place for you. If you’re after something a bit more laid-back, then the northern beaches or eastern suburbs might be more up your alley.

Families might want to look for properties in suburbs with good schools and plenty of green space. And if you’re looking for an affordable option, then the western suburbs could be worth considering.

The Benefits of Living in Sydney

living in Sydney

Overall, the city population will continue to increase as long as there is work available. Sydney is one of the most desirable cities with most of our metropolitan suburbs offering in-demand lifestyle needs, such as

  • Restaurants and cafes
  • Shopping centres
  • Cinemas and theatres
  • Beaches, parks and recreational facilities
  • Cultural sites, museums, art galleries
  • Schools
  • Public transport links

Many suburbs are also close to major hospitals, universities and employment hubs, making them ideal for most people.

Since the Coronavirus pandemic gripped the world in 2020, we have been reluctant to return to long commutes every day. In conjunction with workers seeking to live closer to their place of employment, business owners realise how productive a content workforce can be.

With the inner city suburbs within reasonable travelling distance of work for most, Sydney again offers an improvement to lifestyle or work/life balance.

Living close to work has many benefits, including

  • Reduced commuting time
  • Easier access to amenities and services
  • More time to relax and enjoy life outside of work
  • Reduced stress levels

All of these benefits can lead to a more productive and happier workforce. In addition, many companies are now offering incentives such as subsidised transport or flexible working arrangements to employees who choose to live close to their place of work.

The CBD and Inner-City Suburbs Are Popular With Office Workers

office in Sydney

With the opening of international borders it is expected Sydney, in particular, will experience population growth, with experienced resources seeking well-paid jobs and the NSW lifestyle.

Many of these will want to work in and live near the CBD. This will probably mean moving into a unit and not a house. Some considerations include

  • The size of the apartment – Ideally, your apartment will be not too small. You should aim for comfort without being too cramped.
  • The location of the apartment – Find an apartment located in a desirable neighbourhood. This will ensure the apartment will retain its value over time.
  • The price of the apartment – You should aim to find an affordable apartment without stretching your budget too thin. Remember your home loan repayments are likely to increase, at least in the short term in line with the RBA’s interest rate rises.
  • Living in the CBD or inner-city has its pros and cons:
    • The pros of living in the CBD or inner-city include easy access to public transport and work, shops, restaurants and other amenities.
    • The cons of living in the CBD or inner-city include high property prices and a lack of green space.
  • Overall, the pros of living in the CBD or inner-city outweigh the cons, plus, let’s face it, in Sydney, nobody is ever far from water, for exercise or merely to relax and enjoy. Office workers should consider living in these areas when looking for an apartment to buy.

Research Your Chosen Suburb Before Making Any Decisions

When you have decided on a place to call home, talk to people who already live in the area and get their opinion on what it’s like to live there. This will give you a better idea of what the suburb is like and whether it is suitable for your needs.

Some things to consider when talking to locals include

  • The cost of living in the suburb
  • The availability of public transport, schools, hospitals, and other amenities
  • The distance from the CBD and other major hubs
  • The type of housing available in the suburb
  • The climate and weather in the area
  • The culture and lifestyle in the suburb

What’s Happening in the Housing Market in Sydney Today?

The Sydney housing market is in a state of flux right now. The eastern suburbs and the CBD are still selling well, but regions like the Sutherland Shire and the Hills District are seeing declining demand. This is largely due to population growth rates in these areas stagnating, while Sydney as a whole is expecting significant population growth in the next few years.

This growth will have a major effect on the Sydney housing market. It is likely to push up prices in desirable areas like the CBD and the eastern suburbs while making it more difficult for people to find affordable housing in other parts of Sydney.

There are still some areas where a certain demographic should consider living. Families should look at settling in the Sutherland Shire and the Hills District, while young professionals should consider inner-city areas like Surry Hills and Glebe.

Expected Population Growth and the Effect on Housing in NSW

There is expected to be a significant amount of population growth in Sydney over the next few years, which is likely to have a big impact on the residential property market. The influx of new residents will put pressure on the already tight housing supply, driving up prices.

This is especially true for inner-city suburbs, where demand is already high. Areas like Parramatta and Liverpool are also expected to see strong population growth, these could be areas to watch if you’re thinking of investing in Residential Property For Sale In Sydney.

The Situation With the Latest Mortgage Interest Rate Increase

Attempting to curb high inflation, The Reserve Bank of Australia has increased the mortgage interest rate to the highest it has been in over 7 years, with more hikes in the interest rate forecast into 2023. This is likely to have a significant impact on the property market, with buyers and sellers already feeling the squeeze.

For buyers, an interest rate increase means it’s becoming increasingly more expensive to borrow money. This could lead to a slowdown in the market as people are priced out of their dream homes. Sellers may also find it harder to sell their properties, as buyers are able to afford less.

Conversely, those unable to buy property for the first time are seeking to rent, driving up rental rates across the country. This may be a great time to consider purchasing an investment property, with few competitors and a guaranteed rental income from day one!

Likely Trends in Sydney Housing

Over the next 5 years, Sydney’s population is expected to grow by around 1 million people. This is going to have a huge impact on the housing market, with prices and demand continuing to rise.

If you’re thinking of buying a property in Sydney in the near future, it’s important to do your research and find an area likely to grow in value. There are many great suburbs set to experience rapid population growth in the next few years, it’s worth looking into them.

For example, if you’re a young family, Blacktown and Liverpool are both great options. These areas are experiencing significant population growth and are predicted to see significant increases in property values in the next few years.

If you’re looking for an investment property, Parramatta or Canterbury-Bankstown may be a good choice. Both of these areas are predicted to see high levels of population growth and stable or increasing property values.

Suburbs as far as Mascot, with transport links to the CBD and access to the beaches, shopping and great sports facilities will be in demand, too.

MGM MARTIN – Sydney Property Experts

Finally, when you are considering buying, selling or moving home within Sydney, get the best advice available.

At MGM MARTIN, we are proud to be Sydney property experts. We have years of experience plus we live, work, eat, drink, swim, walk and shop locally. Discuss your housing needs and your lifestyle choices and we can help you pick the perfect suburb.

Our team is dedicated to helping you find or sell your dream home. Whether it’s a primary residence or investment opportunity property we have the knowledge and expertise to sell your property or help you find the home of your dreams.

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