Sydney Property Market and Real Estate Guide
(Sydney, New South Wales - NSW, Australia)
Sydney is Australia's largest and most expensive city and real estate prices here are far higher than anywhere else in the country. Price levels of mortgages and rentals in Sydney range from at least half to double the price of similar housing in other Australian state capital cities like Melbourne
, while Sydney's prestige suburbs contain some of the world's most expensive private properties.
The city's steep rental market has pushed weekly rents on apartments and houses to up to three times the national average in recent years. The persistent influx of international students and young immigrant families means that even properties in traditional working class suburbs are now out of the budget of many people.
Only the most well-heeled renter or buyer could consider property in the eastern suburbs of Darling Point, Bellevue Hill or Double Bay, but inner-west suburbs like Summer Hill, Drummoyne and Rozelle are close to the water and offer good value and proximity to downtown Sydney. The north and northwestern suburban sprawl contain the cheapest real estate, but necessitate arduous daily commutes.
Renting Serviced Apartments
Sydney stages regular spectacles on the water and as a result, all suburbs near the sea are ringed with serviced apartment blocks. Availability can be scarce since repeat holiday makers often book the same apartment each year, years in advance, while other apartments are owned by corporations that rent them to internal staff and company guests only.
Serviced apartments are typically well-facilitated with modern conveniences like wireless internet, cable TV, cleaning service, kitchen, linen, private bathroom and parking. Stays of one month or more usually incur a discount, while nightly and weekly stays are charged at premium rates.
Prices for serviced apartments anywhere near the water are at least double the price of similar accommodations located deeper in Sydney's suburban sprawl, but these better-value serviced apartments are usually well-located near important conference and event venues, such as the Olympic Stadium.
Buying Apartments and Houses
Non-Australian citizens in the country on any kind of long-stay visa are permitted to buy property or take a lease on a rental property for the duration of their visa. Properties need to be resold and leases terminated at the expiration of the visa or residency / work permit.
Large freestanding homes with undercover parking and swimming pools can be found in all Sydney suburbs, as can compact apartments and tower blocks. Price is what differentiates the different areas of the Sydney metropolitan area. The eastern suburbs are the most expensive, while the far west suburbs are cheapest but furthest away from the centre of the city and the airport.
Real Estate Agents
There are thousands of real estate agencies in Sydney and each suburb has at least one or two independent realtors, as well as outlets of all the large national chains. All charge similar rates for commissions and fees. In certain suburbs agents will be multi-lingual but in general, business is conducted in English.
Check out the following Sydney realtors and real estate agents:
Raine and Horne Newtown
Address: 123 King St, Newtown, 2042, NSW, Australia
Tel: +61 2 8596 3555
Raine and Horne Newtown are one of the many real estate agents servicing the vibrant and eclectic inner western suburb of Newtown, which is adjacent to Sydney University.
LJ Hooker Bondi Beach
Address: 74 Hall Street, Bondi Beach, 2026, NSW, Australia
Tel: +61 2 9130 1346
LJ Hooker Bondi Beach offers sales and rental properties on and around Australia's most legendary beach.
Merrick Estate Agents
Address: Suite 3, 108 Penshurst Street, Willoughby, 2068, NSW, Australia
Tel: +61 2 9958 4055
Sydney's enormous Chinese community is based in Chatswood and this realtor offers multi-lingual staff and a good range of sale and rental properties in the district.