on 12 April 2011
What a see-sawing year we are having in the Sydney real estate market. Despite many economic uncertainties, local and international disasters and the demolition of the Labor Government at the recent NSW State election, the real estate market is very buoyant indeed and recent sales have been most satisfying.
The Sydney real estate market has been setting record after record – and there is now much attention being directed at the inner-west.
According to Australian Property Monitors chief economist Andrew Wilson, the inner-west and inner-south-west are showcasing strong buying opportunities for investors. Wilson reckons the struggle to get closer to the CBD, to commute, is becoming more profound for Sydney-siders and any areas that still remain within a reasonably affordable band are a good opportunity for investors.
A recent feature in Sydney’s Sunday Telegraph pin-pointed the inner-west as a prime and fast growing area, with sales of homes in Marrickville showing remarkable results.
At the same time, auction clearances are on the improve, with more than 62 percent of properties being cleared in late March, a clear jump over the 58.5 percent clearance rate of only the previous week.
Add to the strong demand the recent decision by the Reserve Bank to keep interest rates on hold, and there is every indication that the local market will continue its very strong growth.