If you are in the market for a new home in Australia, where do you want to live? Whether it is an original home or new to your house, you probably want to be in the Sydney area.
How did Sydney become so popular for homebuyers in Australia? There are quite a few reasons why.
Keep reading to discover the top five reasons Sydney became so desirable to Australian homebuyers.
Supply & demand
One of the critical reasons Sydney became so desirable was due to supply and demand. People were flocking to display homes in the Sydney area to check out the new development and see what kind of suburb they could get into. New buyers are looking for both affordability as well as suitability when looking for somewhere to lay roots. People want to make sure there are excellent schools for the kids as well as like-minded individuals in the area.
Another key player in why Sydney has become a destination city is due to cost. Banks and lenders are making the market attractive for property investors meaning there is less competition in the market. This drives down price instead of inflating it. With a lower price point, more people can afford the area and therefore makes it more desirable in the eyes of Aussies.
The third explanation in why Sydney is desirable is due to popularity. When an area becomes popular, it has exponential growth. People come from everywhere to get a small slice of the pie so to speak. What happens though is that there is not enough property for everyone who is looking to purchase. When there are multiple buyers, it makes it easy for the seller to select the highest bidder, which makes the price of the properties increase. This keeps occurring until building developers have a chance to increase the supply of properties with new build houses. Once this happens, the prices stabilise, but the popularity remains.
Another primary reason why Sydney is so beneficial is due to the water views it provides. Whether you live near the Bondi-Bronte Coastal Walk or in the Manly Wine area, they both have views to die for. Who wouldn’t want to wake up every morning and view the beautiful Sydney Harbour?
However, to get those water views, you are going to have to pay a pretty penny. Unfortunately, you are not the only one who thinks the view is worth it and those who can afford it have driven up the price near the water substantially. Therefore, if you are one who does not have the finances to buy near the water, you may want to save up even more before purchasing your new home, or look a little farther out from the sea.
Landmarks & the Weather
The last reason Sydney is a favourite place to live is due to the iconic landmarks of the area. Not only do you have the Sydney Harbour Bridge, but you also have the iconic Sydney Opera House. People love to view beautiful spaces and places, and famous landmarks such as the Rocks with the winding streets of sandstone as well as Bear Island draw people in and make them want to stay, as they cannot live without the picturesque motif. In addition, the weather in Australia is beautiful all the time. There are clear blue skies almost every day with very mild winters. Who wouldn’t want to live here?
Why it is Vital to Live Where Your Heart Is
If you have ever visited an area and just cannot get it out of your mind, then you were meant to be there. Do not deny your heart. Whether you want to move to Sydney due to popularity, price, for the water, for the beautiful weather, or to see the iconic landmarks, make sure you follow your heart and live where it takes you. You do not want to miss an opportunity or have any regrets in life!