It has been interesting to see the recently released visions for the future City of Sydney.
http://www.cityofsydney.nsw.gov.au/vision
High density living is becoming the replacement of the quarter acre block vision we all used to have. With that comes convenience and flexibility.. but what does it represent for city real estate?
As we have witnessed, demand for city residential property has increased substantially since Sydney hosted the Olympics in 2000 and it seems like the vision for the future of Sydney CBD is for even more inner city residential living precincts.
I like the idea of more people and less cars supported by an excellent public transport system (if it is able to deliver on all expectations). I especially like the thought of suburbs without cars like some European countries, if that is what we are gearing towards.
I understand some will worry at the potential impact of increased urban density and potential apartment oversupply but there is definitely the capacity to absorb more residents and residential developments without impacting the overall value of city properties in a negative capacity.
When it comes to the Sydney CBD and new developments, we have evidenced clearly that if you build it, the buyers will come.
The appeal of living close to the main business hub of Australia and within proximity to the most beautiful harbour in the world should never lose its appeal. I don’t believe inner city property should ever lose its value.
Clients have been afraid to pull the trigger on purchasing property because of the low returns in this area of Sydney due to soaring competition and pricing, but with corporate demand soaring, there’s never been a better time to furnish an investment and get that extra yield if your’e not looking to live in it straight away.
As always, come and have a chat about your options, we are always available to assist.