It’s the time of the year when forecasts are being made for our property markets in 2017.
And just like this time last year, there are those who are suggesting Sydney property market is in for a correction.
After all it’s been booming for almost 5 years and must be way above it’s intrinsic value.
Prices are too high and can’t keep going up.
Or can they?
Personally, I see another good year ahead underpinned by a strong local economy, population growth and owner occupiers feeling wealthy as their homes have increased in value wanting to upgrade their homes.
But…if you put things into perspective maybe you shouldn’t be worried about the future of the Sydney property market.
Our Property Markets performance over the last 16 years
Recently the ABS released it’s Residential Property Price Indexes (across eight capital cities) since its inception in 2003.
Peter Wargent kindly graphed them for us in a recent blog.
Looking at these figures Sydney hasn’t done so well – has it?
In fact it’s just playing catch up.
Here are the price gains for detached houses each capital city 2003:
- Darwin – 157% ,
- Melbourne – 120%,
- Perth – 199%
- Sydney – 87%,
- Hobart – 85%,
- Brisbane – 85%
- Adelaide – 82%,
- Canberra – 66%
Want to take advantage of the Sydney Property Market in 2017?
Clearly there is not one Sydney property market.
In fact this year, more than for many years, correct property selection will be critical.
If you’re looking for independent advice on investing in Sydney, or in fact anywhere in Australia, no one can help you quite like the independent property investment strategists at Metropole.
Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.
Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.
Please click here to organise a time for a chat. Or call us on 1300 20 30 30.
When you attend our offices in Melbourne, Sydney or Brisbane you will receive a free copy of my latest 2 x DVD program Building Wealth through Property Investment in the new Economy valued at $49.