5 Factors to look for when buying a property in Sydney

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Sydney is probably the first city that comes to your mind when you hear Australia. By far, it is the most iconic of them, with its charming seaside locality, fun beaches, the magnificent Sydney Opera House, and the lot. It is a global tourist hotspot, with December 2019 figures showing 44.9 M visitors spending $22.8 Billion.

If you plan on buying a property of your own there, buyers’ agents in Sydney will provide all the help you need. They are experienced professionals who know the city’s minutiae and will help you secure the best property deal.

Factors to Account For When Buying

Sydney is a large city spread over 12,368 sq.km. It has all types of neighbourhoods to choose from, with varying degrees of factors that influence their residents’ quality of life. Buyers’ agents in Sydney will have intricate knowledge of the city’s property market. Their help will be necessary when getting to know those factors.



Prevailing Market Rates

Sydney has always been a sought-after property market due to its big tourist income and other big economy drivers there. With a population of over 5.3 million, it is a happening place. Not to mention the trade due to it being a port city as well.

While the pandemic and subsequent recession have had a strong negative impact, the market has been relatively resilient. The median house price in 2020 has been at 11.1% higher compared to the same time last year. April saw a drop of 39% in property listings compared to the previous year, but it is recovering as of June.

The Best Area

Some areas are performing better than others from the slump. For example, June figures for Ryde saw a quarterly increase of 2.1%, the biggest rise. The median value there is $1,375,631. At the same time, North Sydney and Hornsby fell by 2.2%, but its median value is still around $1,376,503.

The lowest-priced area is Outer South West, which saw no change in percentage and stood at $611,809. An agent will understand your needs and select the best area for you accordingly.



Safety

Sydney is a relatively safe city, but it has its share of crime as with any city. It has a crime index of 33.46, which is on the lower side. The previous 3 years have only seen a moderate increase in crime. It has a high daytime safety record at 80.3 on the index. Property-related crimes, too, are moderate at best (or worst) at 40.54 of the index.

Some neighbourhoods are safer than others. Your Sydney buyers agent will know the inside details of each of them and help you procure property in the city’s safer parts.

Property Quality and Cost

It is easy to get sidetracked since buying property is an emotional endeavour too. But you must be aware of any problems it might have regarding its integrity, history, legality, condition, etc.

Once decided, be sure to negotiate the best price that you think it’s worth. Don’t hesitate to walk out if it goes above budget, or you find it’s not worth it for the quoted price. Your agent can be of great service to you in this regard.

Sydney is a dream destination for many, and a buyers’ agent in Sydney can help you get your dream property there to go with it.



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