Sydney has been one of the best performers in the property market. Houses that are sold under the hammer for the past several months have been hovering above the 80% mark in clearance rates. Sydney has been leading all capital cities in terms of property values, leading all cities with an 11.4% increase from September last year.
Even with these numbers, Sydney still has a lot of potential up its sleeve. Apart from new homes, Sydney is also leading in apartment approvals, in fact – apartments are outperforming houses, where 2620 apartments were approved compared to 1684 homes, according to the Australian Bureau of Statistics. This is a growing and expected trend by the ABS, where it can happen nationwide by 2050.
Apartment living is a great alternative to rising home values, as it is often affordable. Most apartments are strategically located where it can cater to essential services and transportation. The demand for apartments are not wavering and as of this writing, 25,000 apartments have been approved and in the process of approval.
Read more about this on the Financial Review website.