Sydney, Australia’s premier city, is a hub of economic prowess and global significance. As the economic engine of the nation, Sydney’s growth and development significantly impact the entire country, particularly in terms of job creation and economic prosperity. By 2031, Sydney’s economic output is projected to nearly double, reaching a staggering $565 billion per year, with the addition of 689,000 new jobs.
Population growth is another key factor, with an expected influx of 1.6 million people in the next 20 years, including 900,000 in Western Sydney alone. This remarkable growth makes Sydney a magnet for businesses and residents alike.
CoreLogic records a median house price of $1.39 million and a median unit price of $832,222, Sydney’s property market continues to be one of the most sought-after and highly competitive in the world. The city’s strong economic growth, coupled with its limited supply of housing, has contributed to the ever-increasing property prices. This presents an opportunity for savvy investors to capitalise on high rental yields and strong capital growth.
Here are the other key drivers that makes Sydney a promising property investment destination:
- Thriving economy and infrastructure:
Sydney’s future economic growth is expected to be boosted by the development of major infrastructure projects such as Aerotropolis, Sydney Metro, and the Western Harbour Tunnel. These projects will create thousands of jobs and attract more businesses to the city. Not only will they improve transportation and connectivity, but they also contribute to the overall liveability and attractiveness of Sydney.
Sydney Metro
- Strong employment opportunities:
As one of the major financial hubs in the Asia-Pacific region, Sydney offers a diverse range of job opportunities across various sectors such as finance, tourism, and healthcare. The city is home to several global corporations, including multinational banks and tech giants, providing a stable job market for its residents.
With an increasing population and limited housing supply, rental demand in Sydney remains high. This creates a stable and lucrative rental market for investors, with the potential for high rental yields.
Sydney’s world-class transport system is undergoing major improvements, ensuring efficient and sustainable travel options for its residents. Trains, buses, and a well-developed road network make commuting easy and convenient. Additionally, Sydney leads the way in tertiary education, with top universities like the University of Sydney, the University of New South Wales (UNSW), and the University of Technology Sydney (UTS).
University of Sydney
The MyCity Sydney Property Report 2024 is your key to unlocking the potential of this remarkable city’s property market. Whether you’re a property investor or a prospective homeowner, this report offers invaluable insights to help you navigate the dynamic Sydney property landscape. Download the report and embark on your journey to discover the opportunities and prospects that await you in the vibrant and globally significant city of Sydney.
