As Sydney slowly recovers from the effects of the pandemic, many buyers are beginning to re-evaluate their real estate options. A recent report from PropTrack shows that many buyers are now turning away from the pandemic preference for space and greenery, and are instead looking to units in some of the most densely populated parts of the city. This shift is expected to result in a growth of unit prices in these hotspot suburbs next year.
In the past year, house prices across all of Sydney have dropped due to the economic downturn caused by the pandemic. However, according to PropTrack, unit prices in some of the city’s most densely populated suburbs have stayed relatively stable or even grown.
This trend is being seen in suburbs such as Pyrmont, Surry Hills, and Potts Point, and is likely due to a combination of factors. One of these is the increasing demand for units in these areas due to the fact that they are close to the city’s major attractions and amenities.
Adrian Wilson, the founder of Ayre Real Estate, stated that luxury apartments in Sydney’s CBD had seen positive results in 2022 due to a lack of penthouses and expansive dwellings.
“At present, the availability of prime real estate is very limited, primarily because of the resumption of cross-border travel and workers returning to the central business district of Sydney,” he said.
“In the next year or two, the trend of limited availability is expected to remain prevalent, largely due to the backlog of projects caused by the Covid-19 pandemic in urban centers.”
