What Sydney Property Buyers Want in 2016
With a bit of a slow end to 2015 reports indicate that the Sydney property market is on the increase in 2016 with auction clearance rates now sitting pretty, in the mid to high 70% range.
We spoke to three of our valued real estate clients to see what and who is driving demand in Sydney in 2016. Our agents reported that lifestyle and location are the key drivers for buyers this year. In particular, close proximity to good schools and public transport are very favourable.
Mark Connor from Cunninghams Real Estate, located on the northern beaches, believes most buyers in his area are, “strongly motivated by the lifestyle of the beaches and the harbour,” but says that buyers still want easy access to the city and quality schools.
This sentiment was echoed by suburban agent, Sally Dodd based in Sydney’s north-western suburb of Hornsby. “The key things buyers are looking for (in my market) are; the bush aspect, usable land for their kids to play in, proximity to schools and the bus service and a double garage or carport with storage,” says Dodd from McGrath Estate Agents, Hornsby.
Inner city agent, Max Klimenko from Belle Property in Surry Hills offered similar feedback to our suburban agents, naming, “distance to schools and universities, public transport and shops/cafes,” as the most desirable features of properties in his core market. “Buyers are more choosy in respect to where they search to buy, and are willing to comprise on size and parking to be closer to the city and public transport,” says Klimenko.
Our agents’ reports on buyer demographics indicated a variety of groups are currently in the market, with no one buyer group dominating. Investors, first home buyers and young executives are buying in 2016, with a range of buyer types from families to couples active in both the suburbs and inner city.
As for the future of the Sydney market, our agents all noted that demand for Sydney property in 2016 is far stronger than at the end of 2015 already. “There are a lot of new buyers who have come on to the market in 2016, along with a lot of buyers who delayed purchasing at the end of last year in the hope that prices may go down further. This has not happened, as there is more competition for each property now,” says Dodd.
Across the board, the general consensus was that the Sydney property market will remain steady for the remainder of 2016. Mark Connor says that a more stable market means, “this is an ideal time for people to do upgrades or downgrades.”
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