Sydney’s inner west outperforms the market
Sydney’s inner west outperforms the market
Posted on Tuesday, June 24 2014 at 9:24 AM
Sydney’s inner west has had a better start to the year than most other areas in the city, according to a Knight Frank report.
The Knight Frank Asia Pacific Residential Review
June 2014 discusses booming areas around the Asia Pacific regions,
and lists the inner west as one of them.
It attributes improving
transport and a growing population as the main reasons for rising property
prices.
Knight Frank associate
director of residential research Michelle Ciesielski says the area is now much
more accessible, with the light rail network adding nine new stops between
Lilyfield and Dulwich Hill, connecting train and bus routes to Sydney’s inner
west.
“In the three months leading
to the maiden journey in March 2014, apartment prices in the suburbs of
Leichhardt, Haberfield, Summer Hill and Dulwich Hill averaged capital growth of
3.6 per cent, trending about the 2.3 per cent experienced across Sydney,” she
says.
“While airports, national
rail networks and interstate highways are all indispensable elements of
transport infrastructure, urban mass transit systems within a city’s boundaries
have a more obvious impact on a local residential level.”
The report adds the decision
by the Reserve Bank of Australia to leave the cash rate unchanged at 2.5 per
cent over the past few months has allowed Sydney’s property market to continue
to perform well, along with other cities around the country.
“As at Q1 2014, prices
across the eight state capital cities increased on average by 10.9 per cent
year-on-year,” the report says.
“The government, meanwhile,
has ordered a review of regulations surrounding foreign buyers into the
Australian market, with concerns surrounding the significant amount of Asian
buyers active in the new build sector.”
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