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The average price of property in Sydney increased by $80,000 dollars since the start of 2015. This was largely due to low interest rates, and currently the boom is said to have reached a peak level and may not rise any further.
For a bit of perspective, let’s compare the yearly change on house prices between some of Australia’s major capital cities.
In the last year, house prices in Darwin fell by 2.90%. They also fell in Perth, but by less (0.90%).
The smaller cities of Canberra, Adelaide and Brisbane have shown some growth (between 2.40 – 3.50%). However, this growth can be reasonably considered as small change when compared to Melbourne and Sydney.
Melbourne, recently voted the world’s most liveable city, has seen a property value rise of a little over 10.00% in the last year.
And then we have the Harbour city, Sydney which saw a staggering rise this year of 16.2%.
The demand for house valuation in Sydney has increased in line with the property boom, as buyers and sellers seek the knowledge and experience of independent property valuers to confirm the value of their investments. There has been some debate about exactly why the property boom came about. Some people have pointed the finger at overseas investors. A penthouse suite apartment in Sydney sold for a huge $16.2 million dollars this year by an international buyer!
However, there are so many other factors at play aside from overseas involvement that it wouldn’t be fair or politically correct to cite wealthy international investors.
Australian national investors have been buying up just as much property, either already existing or in off-the plan apartment schemes. A decrease in national interest rates has certainly helped things along too.
If you own a property in Sydney, then you are indeed in luck!
With the big rise in the cost of housing, it is definitely a seller’s market at the moment. Put very simply, if you decide to sell now you are likely to reap the benefits. If you’ve purchased an investment property you are guaranteed a tidy sum for your ROI. See more information about commercial property valuation.
For whatever reason you are looking to sell in Sydney, a house valuation by an independent property valuer will guarantee that your property will be correctly assessed by an accredited professional who is not looking for a commission on the sale.
You will be able to determine an accurate figure based on the current boom market and other factors like the condition of your property, location and market factors.
Independent Property Valuations are accredited professionals who have a combined experience of over a century. We can provide an accurate and objective assessment of the current value of your property.
Please call on 02 9659 5446 or shoot us an email to find out more about how we can help you profit from the housing boom.