With its spectacular beaches and inner-city cultural delights, Sydney is one of the most attractive and liveable cities in the world. While it shouldn’t come as a surprise that housing affordability is high, this doesn’t mean it’s impossible to break into the market.
Apartm…
With its spectacular beaches and inner-city cultural delights, Sydney is one of the most attractive and liveable cities in the world. While it shouldn’t come as a surprise that housing affordability is high, this doesn’t mean it’s impossible to break into the market.
Apartm…
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With its spectacular beaches and inner-city cultural delights, Sydney is one of the most attractive and liveable cities in the world. While it shouldn’t come as a surprise that housing affordability is high, this doesn’t mean it’s impossible to break into the market.
Apartment living is on the rise. It’s not just an affordable way of buying close to the inner city, it’s also an increasingly wise property investment choice. In a city as vibrant as Sydney, people want to be closer to work, closer to their friends and closer to attractions.
Here are some handy tips for buying an investment apartment in Sydney, and why it could be the right option for you.
Do your research
This goes without saying - to give you a breakdown, here are some of the common questions you need to ask:
- What properties are in demand, or will be in demand in future?
- What location do you want to buy in and why?
- What will the rental return be like?
- What is the expected capital growth for the area?
- Is the apartment near public transport and other conveniences?
- Is the apartment near a university?
- Are there any future developments in store for the area?
- What is the community like inside and outside the apartment?
- Is the property worth its price tag?
- Can I realistically afford this apartment?
- Do I have my finances in order?
If you’re looking at new property developments, you should also research the developer and the builder to learn what other projects they’ve done. There’s no harm in actually visiting the apartments and chatting with the owners or the tenants living there.
Think about community
Investing in an apartment means you’ll be part of the owners' corporation for that building. This means you have certain rights, responsibilities and decision-making powers.
Being part of this community can be really rewarding. It gives you a chance to get involved with the running of the building and create the kind of environment that people want to enjoy and spend their lives in.
However, before you buy into an apartment, it’s important to do your research into the owner corporation and how it will impact your property ownership. Get a Strata inspection report done to get a full picture of the state of the building, financial position, the cost of levies, and any previous problems or disputes with owners.
Focus on apartment-specific features
As a general rule, well-designed and functional apartments are more likely to enjoy capital growth and a solid rental return. But in Sydney, not all apartments are created equal. Here are some appealing features to look out for:
- Natural light and ideally north-facing windows.
- Good views from the balcony and outdoor areas.
- Plenty of space in the apartment.
- Secure owner and visitor parking.
- Financially strong body corporate.
- Affordable Strata levies.
- Appealing lobbies and exteriors.
- Good position within the building – ideally not on the bottom floor.
Look for uniqueness
Keep your eye out for an apartment with an element of exclusivity. What does it have that differentiates it from other apartments, or provides the property with unique value?
This doesn’t always mean investing in properties with historical charm, such as art deco apartments. It often means buying places with nice open spaces, sweeping views, modern features and excellent security.
In new property developments, swimming pools, lifts, community gardens, eco-friendly design and onsite gyms are all appealing features that can enhance your investment. Plus, there’s no need to carry out expensive renovations.
Get solid advice
Whether this is your first property investment or your fifth, it still pays to get solid advice from people who know exactly what they’re doing – from lawyers and financial advisors to property investment experts.
Sydney’s housing market is constantly evolving, and it takes time and expertise to not only keep on top of trends but also understand how to analyse them. Hiring a professional can take a lot of the hard work out.
Investing in an apartment in Sydney is a smart move. If you do your research and play your cards right, it’s also an affordable one – even if you’re looking into new property developments.
Take into account the above tips and you’ll be on your way to making a wise investment in one of the greatest cities in the world.
