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Market Report September 2016

By Ian Campbell

Our Sydney’s Growing Pains

With Sydney’s population set to soar in the near future, the question many are asking is whether we should expand by going up, out, or by taking a fresh look at development in our existing suburbs.

The answer may be a combination of all three. Figures released recently show the city’s population is expected to leap by more than 2.1 million people in the next 20 years – about 170,000 more than predicted only two years ago.

“These are the growing pains of a global city,” NSW Planning Minister Rob Stokes told Fairfax Media recently, adding one solution could see several terrace like homes built on a site that would normally accommodate only one home.

While locals in our area obviously enjoy high-density living, it doesn’t appeal to everyone including groups like Save Our Suburbs who are campaigning to halt the spread of Sydney high rise living.

But Mr Stokes says a new study “Making Great Places: Density Done Well” points to cities where high density living has worked well including New York, Paris, Venice, Barcelona and even Sydney where they cite Potts Point as a shining example.

Lock Out Laws Review

While local debate continues over the controversial 2014 Kings Cross lockout laws, many agree with the cautious approach taken by retired High Court justice Ian Callinan who recently recommended the laws be slightly relaxed during a two year trial period.

Mr Callinan suggested live music venues should be allowed to stay open until 3.30am, up from the current 3am and lockouts relaxed from 1.30am to 2am.

He also recommended no change to precinct boundaries and for bottle shop sales to be relaxed from 10pm to 11pm.

While not everyone is a fan of the lockout laws, there is no doubt the 32 per cent drop in Kings Cross assaults is a welcome result for all.

Spring in Property Market’s Step

The beginning of Spring has brought a much welcome rise in the number of listings on the market, however the increase is certainly no flood, but rather a trickle.

Demand is still strong with Sydney prices rising 2.8 per cent over the three months to June with experts expecting the market to remain firm.

NAB chief economist Alan Oster told Fairfax Media the market is now “accelerating quite a bit in Sydney and Melbourne … there’s still more to come”.

With this in mind, now is an ideal time to contact our sales team on 9331 9600 to find out how we can help you achieve an outstanding price for your property.

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