Leading Australian developer Crown Group forecasts Sydney property prices will continue to grow by single digit percentage.
With APRA’s supervisory measure and tighter credit standards, Sydney’s housing market is becoming even healthier and property value is expected to increase with single digit percentage over the next few years, according to Crown Group Chairman and Group CEO Iwan Sunito.
“Apartment prices in Sydney will hold up better and better in the years ahead since the economy is overall healthy in Australia,” said Mr. Sunito.
“Population continues to grow, unemployment and interest rates remains relatively low and stable, a strong labour market and rising incomes will all drive Sydney property prices growth.”
Mr. Sunito also pointed out that APRA’s supervisory measures and tighter credit standards are having some positive impact on national housing market as a whole.
“It’s good to see that APRA’s action helps to reduce borrowing risks and to remain our property market even healthier.”
“These changes predominantly targeted at property investors; due to this, we’ve started to see a new trend – first-home buyers are more active in current Sydney’s property market, who are enjoying government grants and stamp duty concessions in New South Wales.”
According to recent data from CoreLogic, the percentage of first-home buyer has been seen doubled from 7.5 per cent in early 2017 to almost 15 per cent by the end of last year.
“The current market is becoming more favorable to first home buyers and upgraders who could find it much easier to make their first move to purchase their own properties in a stable and a healthy property market.”
On the other hand, according to the latest ABS housing finance data, investors are “still active in the market”. Despite tougher serviceability criteria and higher mortgage rate, investor still accounts for 51 per cent of new mortgage demand, well above the long run average of 37 per cent.
“We predict that with a stable property market, apartment values are forecasted to rise by single digit percentage for Sydney over the next few years,” said Mr. Sunito.
Crown Group’s newest and largest development Eastlakes Live aims to set a new standard for retail excellence with two major supermarkets offering fresh food, reflecting the diversity of the neighbourhood, a restaurant promenade, street cafes, a medical centre, as well as densely-landscaped gardens and children’s play areas.
The highly-anticipated $1 billion development is designed by internationally acclaimed architects Francis-Jones Morehen Thorp (fjmt) and was recently announced the winners of the 2018 Melbourne Design Awards in the category of “Graphic Design – Identity and Branding – Lifestyle”.
Stage one of Eastlakes Live will include 134 luxury apartments ranging from one-bedroom apartments to penthouses and 15 retail outlets below. Resort-style health and fitness facilities including a resort-style 25m swimming pool, state-of-the-art gymnasium, barbeque facilities, function rooms, water feature, landscaped gardens, rooftop lounge and entertainment facilities. Stage two will complete the new town centre with a mix of residential and retail components, with details still to come.
The construction of Eastlakes Live by Crown Group is scheduled for completion in 2021.
A premium range of apartments is now available for sale starting from $663,000. Buyers can now secure their luxury apartments with just 5% deposit while remaining 5% payable in November 2018.
The display centre is now open daily from 10am to 4pm, located at 19a Evans Avenue, Eastlakes.
For more information, please visit www.crowngroup.com.au/eastlakes or call 1800 853 162.