The Property Market in Sydney – It’s An Australian Thing

The real estate market in Australia is on the up and in particular the stunning city of Sydney.

Sydney is the largest financial and corporate center in Australia.The city is home to more than half of Australia’s top corporations as well as five hundred multinational corporations. There are also ninety bank headquarters located in Sydney. The tourism industry is a large part of the city and there are approximately 2.5 million tourists annually. Attractions such as ‘walking’ the Sydney Harbour Bridge are booked up months in advance. The city is buzzing with activity and a visit will reveal that the high rise office blocks are full of big business.

Property in Sydney is a valued commodity, as they have the highest median house price of any Australian city. International property investors would be able to compare the cost in housing to that of California in the United States. Australia also has the Western World’s highest property prices when measured against rental prices.

The value of Sydney property market has traditionally doubled in value every 7-10 years over the last 100 years. Sydney’s current median price for houses is now over $565,000 and leading economic forecasters BIS Shrapnel and Residex predict house prices will continue to rise over the long term.

The city is rich in arts and entertainment and many of the visitors and citizens of the city are interested or involved in this area in some way. Fox Studios Australia opened in 1998 and many famous movies have been produced here including Moulin Rouge, Star Wars Episodes II and III, Superman Returns, and The Matrix. Sydney’s Opera House is capable of hosting various styles of opera in its five theaters. The opera house is home to Opera Australia, which is the third busiest opera company in the world. These attractions draw a large number of aspiring actors and actresses as well as tourists. Those looking to invest in oversea property would be keen to invest in property that can be rented out to those in these areas.

Sydney also hosts numerous sporting events.Sydney Harbour has been used for recreational yachting as well Dragon Boat racing. The harbour is also famous for the Sydney to Hobart Yacht Race. The headquarters of the Australian Rugby League is also located in Sydney and the National Rugby League Grand Final is held in Telstra Stadium. Famous beaches in the area include Bondi Beach, Manly Beach, Palm Beach and Cronulla Beach.

The property along these beaches is some of the best real estate in the city. Suburbs such as Manly or Mosman are in high demand. Australia offers investment property in the form city apartments that are easily let to city workers.

My advice is to seek out a reliable Australian real estate agent after all Sydney property is an Australian thing.