Sydney is one of the most iconic cities in Australia, home to spectacular landmarks and stunning scenery. As such, the property market has long been buoyant, with buyers looking to secure themselves a piece of this attractive and exciting city.
The fallout from the COVID-19 pandemic has caused some issues with the housing market as it has with virtually every industry in the world. However, in Sydney, demand is bouncing back and prices are increasing accordingly. Michael Akkawi is a property developer renowned for facing challenges head-on and delivering lifestyle solutions that are as artistic as they are practical.
Buyers Seeking Sea Views
One of the biggest trends to emerge on the Sydney property market in 2020 has been an increase in popularity of properties near the ocean. People who have spent long periods confined to their homes for all but the most essential activities are seeking moves to properties that will offer them better aesthetics and better access to nearby outdoor hotspots.
As such, regions across the upper north shore of Sydney are selling fast, and for prices as much as 15% higher than similar properties sold as recently as April 2020. Demand is far outstripping supply in the north of Sydney, so potential buyers can expect to get less for their money.
In September 2020, one buyer reportedly paid $95 million for a waterfront property with its own private jetty, terraces, and tennis court, making it the second-most valuable property in Australia. While this may not be typical, house prices are escalating rapidly in the northern areas.
Investor Confidence in the Property Market
Data from 2020 across Australia shows that the property market as a whole is robust and growing in revenue. Demand is high and the economy is improving faster than predicted. Consumer confidence and business confidence are also improving rapidly, and banks are keen to accept new business. All of these factors are positive ones for potential property investors looking to capitalise on an industry in which demand is far outweighing supply.
Sydney’s Most Expensive Suburbs
The suburbs are known for offering families the best of both worlds – somewhere peaceful and idyllic to raise their children, with easy access to the hustle and bustle of the city. Many of Sydney’s suburbs are in high demand in terms of property, with sale prices out of reach for all but the wealthiest families. The highly desirable suburb of Darling Point currently has a median house price of $7.7 million. Not far behind are Bellevue Hill at $6.4 million and Vaucluse at $5.84 million.
These may be extremes, but people searching for new property in increasingly desirable areas of Sydney, which include Bayview, St Ives, West Pennant Hills, and Avalon, can expect to experience above-average growth in house prices throughout 2021 and beyond.
Michael Akkawi donates a portion of all profits from his property development business to The Victoria Cross Foundation, the Australian charity that he established.