Projects Newsletter – July 2013
The Sydney residential market is currently in a period of heightened activity which has not been seen in Sydney for many years. Projects are receiving renewed levels of interest with products priced in the $450,000 to $600,000 range selling very quickly. It is believed that a mixture of pent up demand from owner occupiers and first home buyers as well as a buoyant investment market is driving this activity across the Sydney region. Interestingly this market confidence appears at odds with any uncertainty relating to the looming federal election and a stuttering national economic performance.
Looking further north it is also interesting to observe that the the dearth of cranes on the Gold Coast is about to come to an end. Both local and International developers have now committed to some large projects including both apartment buildings and residential subdivisions. This new confidence will no doubt encourage others to take advantage of the momentum.
The press is now starting to focus more heavily on the downsizer and empty nester markets across the country. Although in some instances these terms may be considered slightly off putting, the case remains that as older couples realise that the large family home is no longer practical they are looking for better lifestyle alternatives. This has been occurring for some time but is gathering momentum and apartments and townhouses close to amenities and other family members are becoming more attractive alternatives. Often these people wrestle with the decision to sell the family home and in many cases it is a decision that has implications for the wider family, however it is becoming more evident that the opportunity to enjoy the benefits of the greater security and reduced maintenance of townhouse and apartment living is being more widely accepted across the community and developers are resonding to this demand.