Despite some predictions to the contrary, Sydney’s property market has continued to shine over the past three months. Latest CoreLogic Hedonic Home Value data showing properties in the harbour city increased 2.2 percent in June bringing its total growth to 12.2 percent over the past twelve months.
Sydney residential prices are on track to finish 2017 somewhere between 10 – 15 percent higher, according to SQM Research. New rules from July 1 mean those purchasing their first home in NSW won’t pay stamp duty on properties under $650,000 and are eligible for discounted stamp duty for properties up to $800 000.
As part of the new changes, foreign investor stamp-duty surcharge in NSW increased from 4 to 8 percent from July 1, however as housing supply continues to fall short of meeting the demand of Sydney’s growing population, increasing by about 90,000 annually, Sydney remains firmly in place as one of the most attractive cities to invest worldwide.
The measures are expected to raise almost $2 billion over the next four years to help first-home buyers. SQM Lead researcher Louis Christopher this quarter pointed out the scale of the shortage of properties in Sydney can be seen in the number of homes for sale, highlighting that Sydney has fewer homes for sale than Brisbane, a city less than half its size.
Fundamentally, the market pace at creating new residences cannot keep up with the adding demand every year, directly influencing values to move upwards overall. Sydney’s attractiveness also lies in its solid economic outlook, government investment in infrastructure and strong education and tourism markets.
It has been a memorable three months for Crown Group with the unveiling of their latest project Waterfall by Crown Group in May. The evening was a celebration of innovation and design and attracted more than 2000 guests including City of Sydney Lord Mayor Clover Moore, Prince of Malaysia HRH Tunku Naquiyuddin, Princess of Malaysia HRH Tunku Hayati, Event MC Sandra Sully and a surprise performance by ARIA-award winning, Australian songstress and Jessica Mauboy.
In June Crown Group successfully launched Waterfall by Crown Group globally, selling more than $300- million in one day, after releasing an additional $100 million of apartments to cater to demand. The result is another milestone for Crown Group as they continue to commit to providing the best resort-style apartments in Sydney. For those who missed out on the day Crown Group is now offering a selection of premium apartments for sale at Waterfall by Crown Group.
For more information visit www.crowngroup.com.au.