Although expert commentators are confirming that Sydney’s booming property market is starting to slow down after five years of red-hot prices, expectations are that property demand and prices will remain steady. The main contributors to the anticipated settling period are the tightening of lending conditions, new tax regulations and a slowdown in foreign investment in the local real estate market.
According to real estate agent Graham Ball, Principal of Graham Ball Estate Agents, powered by Ozway Realty, recent changes announced in the federal budget are expected to put a dampener on the market through to the end of the year, which will allow the market to take a breather and consolidate. These measures include a 50 percent cap on foreign investors buying apartments in a single building and a tax for investors whose properties are unoccupied.
Graham adds that the surge in the median price of Sydney homes for sale to close to $1 million has caused some despair among first home buyers. However, a slightly cooler market – together with a continuing rise in supply – should start to see the market become more balanced over time, which is good news for those wanting to enter the property market.
He points to a recent announcement that local property developer and businessman, Bob Ell, is pursuing the purchase of a major portfolio of industrial properties in Western Sydney as an indicator as to how keen interest remains in his neck of the woods, Western Sydney’s Wetherill Park and Fairfield.
“Although Mr Ell is targeting industrial properties, advice has confirmed that Wetherill Park and adjoining suburbs all have great access to the M4 and M7 and there is a lot of public investment confirmed in NSW road, rail and airport infrastructure. These all help to keep interest in residential real estate, plus commercial and industrial properties in Wetherill Park high.”
Graham explains that Western Sydney is increasingly becoming a hub for growth and development in the region. He points to another recent announcement that a six-storey hotel in Wetherill Park could be open as early as May next year. The $22 million complex in Victoria St will include hotel and motel accommodation, conference facilities, a medical centre and retail space and serve as a hub for a new airport planned for Badgerys Creek.
He adds that UFC Gyms opened the first of five franchises planned across Sydney in the local area in February, providing UFC enthusiasts with a place to train and spectate the sport. Based in Greenway Plaza and Homemaker Greenway, the centre has some ambitious targets, including helping target childhood obesity.
“Wetherill Park and its surrounding suburbs are a vibrant part of the Western Sydney community,” says Graham. “It’s a fantastic place to raise kids, do business and enjoy everything that life has to offer.”
After servicing the local real estate market for over two decades, Graham and business Director, Rivan Bahno, have a great reputation, with many repeat customers. They present houses for sale in Wetherill Park. They also offer rental properties.
For anybody looking to buy or sell real estate in Wetherill Park, Fairfield or surrounding areas, get in touch with Graham Ball, Director Rivan Bahno, or any of the team.
Their office is at Greenway Plaza, Suite 1, 1183 The Horsley Drive, Wetherill Park.
Or you can call them on +61 2 9609 1177 or visit www.ozwayrealty.com.au/wetherillpark