Largest city in Australia
With its population of over 4.8 million, Sydney is Australia’s largest city, accounting for about 20% of the country’s population. It is also home to a diverse range of nationalities and is one of the most multicultural cities in the world.
Apart from its favourable climate and beautiful beaches, Sydney is home to many iconic attractions such as The Sydney Opera House and The Sydney Harbour Bridge. It was recently ranked seventh in the recent Economist Intelligence Unit’ Global Liveability Index and came in third for quality of life in Knight Frank’s Global Cities Survey.
The property landscape
Sydney’s house prices have surged 30% over the last two years. Established home prices in Sydney rose 12.8% in 2014, following a 16% increase in 2013, and a 4.4% increase in 2012. Apartment prices have recorded a growth of 13.2% over the past year (Source: CoreLogic RPData), while the median capital value of an apartment in the metropolitan regions of Sydney at AU$568,500 (Source: Knight Frank).
Rental yields are attractive, currently sitting at a strong 4%. The weekly rent for a typical Sydney property has been on the upward trend. Rents in the past year have gone up by 5.4% and weekly rental rates for a house and unit have consistently risen to the current averages of $700 and $500 respectively.
Prices in the city have stabilised after the spikes over the past few years. According to UBS’ economist Scott Haslem, the bank sees a moderation of strength in the Sydney market.
Reliable transport system
Australia’s largest public transport system is in Sydney, with the highest rate of public transport use among Australian capital cities. It has many regular and reliable public transport options to help you get around the city.
Good selection of established homes
Sydney offers a good selection of established homes for both families and singles. Suburbs, such as Dulwich Hill, that sit within the 10 kilometre radius of the CBD, offer good housing. The suburb lies close to the trendy Marrickville and is bordered by the Cooks River, with the area providing a blend of leafy wide streets around established homes as well as apartment complexes.
Good selection of schools
Australia has always been a preferred destination for international students and Sydney has scored among the top five cities in terms of affordability, desirability, academic standards and job prospects in a survey by higher education data experts QS.