You are probably wondering what 2016 has in store for the Sydney property market? Sydney’s biggest property boom in history may be petering off, but that certainly doesn’t mean property prices are dropping any time soon, in fact according to Elliott Placks Director at Ray White Double Bay “Property prices will continue growing at a modest pace until at least the end of 2016.”
He went on to say “Especially in the Eastern suburbs there is a shortage of supply, supply and demand will always be a catalyst in driving the market prices up.”
It’s good news all round with the latest research showing that Sydney’s median house price will continue to grow at least 6 percent this year.
Elliott believes that the challenges in this robust market is affordability considering the average Joe is putting between 40% to 50% of their income into a mortgage.
Brian White, Chairman at Ray White said Sydney’s Eastern Suburbs are the pick of investment for long term growth in 2016, along with the Gold Coast and Melbourne’s bay-side suburbs. He said “The appeal of the inner city areas over the last decade has transformed real estate markets. There is little evidence suggest this trend will not continue into 2016 and beyond. The eastern suburbs are continuing to set remarkable prices. But the entire ‘ring’ around Sydney Harbour is predicted to retain strong popularity.”
So there you have it, another strong year ahead in property.