How to find a new home in Sydney, Australia
New residents of Sydney have a lot of questions about the housing market, and the city’s rental market is among them.
The city is one of Australia’s most expensive cities for housing, with Sydney’s average rental price set to exceed $1 million in the next 12 months, according to the Real Estate Institute of Australia (REIA).
Sydney has a high unemployment rate, but is also a hotspot for people looking to buy a home.
The median price for a home in the city is currently $1.2 million, which makes Sydney the most expensive Australian city to buy in the past 12 months.
While Sydney is the most affordable city in Australia, many other cities are also pricey.
The top five most expensive housing markets in Australia according to REIA are Melbourne ($1.26 million), Sydney ($1 million), Adelaide ($1,000), Brisbane ($1 000) and Canberra ($800).
The top 10 least expensive cities according to this ranking are Melbourne, Sydney, Brisbane, Adelaide, Perth, Canberra, and Darwin.
Sydney has the most people per square kilometre, but only a fraction of the housing stock.
In comparison, Brisbane has more than twice as many people per kilometre as Sydney, and Perth is home to nearly four times as many as Sydney.
Sydney is a city of contrasts.
Many residents consider Sydney to be an exciting place to live, but the reality is that the real estate market is not what it used to be.
“When I first arrived in Sydney in 2013, I was impressed with the housing affordability,” said Matthew Rolfe, a property consultant.
“The prices were much more reasonable.
There was no one to buy them.”
But in 2015, the realtors association found the average price of a Sydney house was $2.8 million, and it is expected to go higher in the coming years.
“We’ve seen some very aggressive house price increases, and we are seeing prices that are beyond what anyone would be willing to pay in the real world,” said Rolfo.
“Sydney is a great city, but we still need to build our economy and our society back up and it’s going to take a long time.”
Rolfi said there are many reasons why Sydney is not a desirable place to buy.
“One of the biggest issues is that there are not enough homes in the CBD.
There are too many empty houses in the inner city, and many of those empty homes are on the fringe of the CBD,” he said.
“In the CBD there are only about 40,000 people.
So you have to build an outer suburban development on top of those very few existing homes.
You have to pay $5 million to $10 million to do that.”
Many of Sydney’s biggest and best-known buildings were built before the global financial crisis, but many are now in a state of disrepair.
A lack of infrastructure and affordable housing means many of the city are still in an area of relative poverty.
Sydney’s unemployment rate is around 12 per cent, and according to Sydney’s mayor, Tom Tate, Sydney has one of the highest rates of unemployment in the world.
But while many residents are frustrated by the housing situation, there is one bright spot: a new population of people moving into Sydney.
The number of new residents has increased dramatically over the past decade.
The average number of households in the City of Sydney is now just over 400 people, and this figure is projected to increase to 1,400 people by 2030.
In the next 15 years, the population is projected in Sydney to reach 7,000, which is just over one million people.
“As we get older, the number of people in the housing industry that we’re able to attract is going to be more and more important to the city,” Rolfes said.
As well as building new homes, some other things are working to encourage new residents to stay.
“I think there are lots of things going on,” Ralfe said.
For one, there are no big-box stores like there used to, and there is now no requirement for retailers to carry a certain number of products.
“There are still a lot fewer chains and retailers that have to have a certain kind of store, but if you’re a retailer, you can still sell to a lot more people,” Rlfe said, adding that many retailers are also using digital marketing.
“They’re using digital to target and get their customers, and I think that’s the biggest benefit.”
According to the Australian Bureau of Statistics, Australia’s population has increased by 9.3 per cent in the last 12 months and is expected by 2020 to reach 18.6 million.
While the city of Sydney may be experiencing some of the worst housing affordability in the country, the city may be more affordable than it has ever been.
In Sydney, the average house price is just $1,200, compared to the national median price of $1m.