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Competition ramps up in the Sydney property market

Samantha Menzies
Competition ramps up in the Sydney property market

Aussie property prices saw continued growth for the first six months of the year, despite concerns around oversupply and wavering buyer demand, but interest in some of Sydney’s top suburbs has barely wavered.

Sydney’s number one real estate agent for Ray White group Gavin Rubinstein said that he is seeing an upward trend of property prices and shorter days on the market.

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In fact, he suggests that those looking to get into the property market have their finances ready and make offers aggressively to secure a property given the choices are minimal and competition will becoming increasingly fierce.

“This is underpinned by a shortage of stock and historically low interest rates – we’re certainly in the midst of a property boom,” he said.

And the hotspots for growth?

Bellevue Hill, Rose Bay and Bondi continue to be highly sought after locations.

“It’s their proximity to the CBD, private schools, the beach and harbour foreshore that makes these areas a desirable place to live,” Rubinstein said.

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“These suburbs in particular have experienced significant capital growth over the past 5-6 years.”

“Vaucluse is also becoming a new favourite after a few years of despair as it is now starting represent serious value for the lifestyle that is on offer, with the views and close proximity to private and harbour beaches.”

And it’s more than just the location that is coming under demand from buyers, as property buyers also veer towards a new style of property.

“Some buyers only want a more traditional character home whereas others only want a modern contemporary style,” Rubinstein said.

“I’d say there has been a trend towards a fusion of styles whereby old meets new.”

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“In terms of a home’s layout, there is definitely a trend towards casual living space over formal living space,” he added.

“The master bedroom has also become an important room in the home; modern buyers are wanting significant walk-in wardrobes and well finished en-suites.”