SYDNEY’S CAPITAL GAINS DRIVE NATIONAL RISE HIGHER IN AUGUST
An Australian property developer has today highlighted the continued strength of Sydney’s property market which has reached 9.4 per cent annual growth after recording an August growth rate above the national average.
The home value index of Australian cities month released this month by CoreLogic revealed Sydney dwelling values increased 1.4 percent month to month in August versus a national average of 1.1 per cent.
Sydney-based developer Crown Group CEO, Iwan Sunito said a number of economic fundamentals were behind the continued strength of Sydney’s property market. “Sydney possesses a number of contributing factors which keep its property market buoyant and continue to drive strong demand for housing,” Mr Sunito said.
“Compared with many global cities, Sydney offers stronger growth prospects for property owners; backed by a stable government, strong education market and a demand for housing which outstrips supply. “A new record low on interest rates has helped many local buyers come ‘out of the wood work’,” he added. CoreLogic’s latest demographic indicators also revealed a significant gap of approximately 20 000 dwellings nationwide; between housing demand and supply.
Crown Group Global Head of Sales & Marketing, Julian Sedgwick said the housing shortage was clearly evident in Sydney.
Crown Group is currently developing five major projects in Sydney; Infinity by Crown Group in Green Square, V by Crown Group in Parramatta, Skye by Crown Group in North Sydney, Oasis by Crown Group in Ashfield and a 22-storey residential tower Arc by Crown Group in the heart of Sydney’s CBD.
“The demand for our existing and upcoming developments is very strong with the majority of sales coming from the local market; in other words, Australian citizens and residents,” Mr Sedgwick said. Capital gains in Sydney remained stronger compared with other capitals and contributed significantly to the national rise; the report also showed.
Canberra and Hobart recorded increases in dwelling values of 7.6 percent and 6.5 percent respectively in the past twelve months, however these markets still trail well behind Sydney, Mr Sedgwick said. Mr Sedgwick also revealed Crown Group’s upcoming project Waterfall by Crown Group would be launched in 2017.
Designed with innovative use of green space, Waterfall by Crown Group located in the Sydney-suburb of Waterloo is set to become a benchmark in high-rise residential design. “To date we’ve had strong interest in Waterfall by Crown Group; with a high number of enquiries many of whom are repeat and loyal clients of Crown Group here in Sydney,” Julian added.