As Singapore’s property market continues to show signs of cooling, investors are increasingly looking elsewhere. One city that is worth looking at is Sydney, Australia’s largest city. According to PricewaterhouseCoopers’ (PwC) annual Cities of Opportunity study, released last month, Sydney was ranked world’s most liveable city. The study compared 30 global cities on social and economic factors. To rank Sydney first for liveability, PwC measured global urban centres across six variables – cultural vibrancy, quality of living, working age population, traffic congestion, ease of commute, and relocation attractiveness.
Sydney is also ranked first for its natural environment and sustainability, and second for health, safety and security - not a simple feat for a population numbering close to five million that is growing organically. What this means is that the opportunity for good returns on the right property investment in the city is high, as evidenced by a dwelling shortage of 50,000, according to the NSW government – with an additional 18,000 dwellings per year to keep up thereafter.
“Sydney is the most exciting city in the world to live in for countless reasons,” said Iwan Sunito, CEO of Sydney-based property developer Crown Group. “Although still a relatively young city by global standards, Sydney is capturing the attention of the world, taking its place among cities like New York, Tokyo and London.”
Crown Group is an example of a property developer who has made great inroads into the Sydney residential market. The group has four major projects, Top Ryde City Living, a seven-tower development in Top Ryde, Viking by Crown, a 10-story residential complex in Waterloo, V by Crown, a 27-story residential tower in Parramatta, and Skye by Crown, a 20-story development in North Sydney, and are currently developing three more – Sydney by Crown, Crown Ashfield and Crown Green Square.
The PwC report highlighted the good quality of life Sydney affords its inhabitants, stating “(Sydney's) good quality of life has a powerful pull, perhaps made even more seductive by beautiful beaches and a sophisticated culture.” The various world-class attractions such as the Sydney Opera House, the Sydney Harbour Bridge, Bondi Beach, among others, makes Sydney an iconic city and a city where people want to work, live and play.
“International investors and global funds are increasingly recognising the potential of Sydney, Sunito explained. “It is not surprising Sydney property values are experiencing strong growth with this expansion projected to continue.”
With prices starting at AUD$488,000 for one of Crown Groups apartments, some of which feature infinity-edge rooftop swimming pools, the property market in Sydney offers a value proposition more positive than other first world Pacific coastal countries such as Singapore and Hong Kong and its steady growth makes it a long term investment worth making, whether it be for financial gains or a potential lifestyle change.