Sydney seems to be bucking the current world economic trend and the city”’’s property market is going from strength to strength. International investors interested in Australia would be happy to note that prices of and demand for houses for sale in Sydney has been continuously rising.
Talking to the Sydney Morning Herald, Shane Lee, Director of Economic and Market Analysis at Citigroup informed that the city will continue to record increases in house prices as well as demand for the next few years. In his opinion, the increases will be across the board and not just in the top end properties.
“The lower end of the Sydney property market is likely to outperform the top and middle ends of the market over the next few quarters,” he said, and predicted that prices will increase by two percent in 2009 and by seven percent in 2010.
Mr. Lee”’’s predictions should come as welcome news for investors who are interested in property investments in Australia but have been hesitant owing to the gloomy outlook presented. The reduction in interest rates announced by the Australian Reserve Bank last month should also provide a major boost to investment activities in the country.