Looking to buy a new apartment in Sydney City? Speak to an iBuyNew Property Consultant today.
Sydney City and surrounding suburbs has 9 parks covering nearly 20% of total area. The population of Sydney City in 2006 was 14,691 people. By 2011 the population was 14,306 showing a population decline of 2% in the area during that time, although the greater area covered by the municipal council and which includes Waterloo, Darlinghurst, Glebe is much larger at 191,918. The predominant age group in Sydney is 25-34 years. Both Fort Street High and Sydney High Schools service the area.
New apartment activity is located across Sydney city with Dawes Point, Haymarket, Millers Point, Darlinghurst, Pyrmont, Ultimo and Woolloomooloo, the areas where new activity is predominate, especially the development of new apartments. Established stock in proximity of harbour view attracts high prices while you can find more affordable stock without views, especially when buying an off the plan New Apartment in Sydney City. In some locations such as Elizabeth Street, penthouse apartments sold off the plan are attracting record-prices in excess of $10 million.
Access to city is through bus, train and freeways points in all direction. The under-city tunnel offers rapid access to eastern suburbs as well as inner west suburbs such as Leichardt, Ashfield, Haberfield and Balmain.
With two major Universities in or at the gate of Sydney city – The University of Sydney and the University of Technology, the demand for rental accommodation is extremely strong although undergraduate student accommodation is mainly centred around the southern end of the city in more affordable, high-rise apartments. The development on Broadway has become a major attraction from an architectural point of view with several thousand new apartments being sold many off-the-plan. Again, from a purely architectural perspective the new Business School being built on the grounds of UTS presents an architectural masterpiece designed by the famous US architect Frank Gehry.
Households in Sydney are primarily childless couples and are likely to be repaying between $1800 - $2400 per month on mortgage repayments. In general, people in Sydney work in a Professional occupation. In 2006, 32.9% of the homes in Sydney were owner-occupied compared with 33.9% in 2011. Many new apartments in Sydney City sold off the plan are being purchased by ‘down-shifters’, people may be living for example on the North Shore who sell their larger homes as children leave ‘the nest’.
Buying new apartments in Sydney City off the plan requires a careful, considered approach, with good research and a long term approach to your investment. New apartments bought off the plan can be extremely advantageous should the suburb experience strong price growth form the time a purchase decision is made and occupation. However, there are always risks associated with buying new apartments off the plan. If you are looking to buy new apartments in Sydney, then you need to get the most out of your purchase by buying an off the plan apartment. If you aren’t sure about buying a new apartment in Sydney then speak to somebody who knows the area well so they can help guide you.
If you are considering buying a new apartment for sale off the plan in Sydney City or our surrounding suburbs, please give the team at iBuyNew a call to discuss your buying options and compare what’s currently available in the local Sydney City and surrounding markets. The best contact number for you to call is 1300 123 463.