Sydney

Since 1992, Australia has enjoyed uninterrupted economic growth, averaging 3.3 percent a year. The country’s sterling economic performance has made Australia a draw amongst foreign buyers looking to invest in properties, particularly in popular destinations like Sydney, Perth, Melbourne and the Gold Coast.

However, Australia’s 17 years of economic growth is now under threat due to the sub-prime crisis, rising food and fuel prices. Inflation has now climbed to 4 percent, well above the 3 percent limit maintained since the mid 1990s. This has prompted the International Monetary Fund (IMF) to cut Australia’s economic forecast in April 2008 to 3.2 percent and 3.1 percent for 2008 and 2009 respectively.

While affluent Sydney is dotted with pricey houses and imposing condominiums, it’s a different story altogether on the city’s westside where the majority of the city’s six million residents are struggling to get by. Many have been hit by rising inflation, falling house prices of between 20 to 50 percent, plus a 12-year high mortgage interest rate of 9.5 percent (as of August 2008). However, neither Sydney or Australia have been affected to the extent seen in countries such as the US, UK or Singapore. As a result, both are still seen as a comparatively attractive investment destination.

Condos in Sydney
A number of attractive condominium projects have currently been released onto the market in Sydney recently, among them, the Pavilions on the Park in St Leonards development. The project is located alongside the green expanse of Newlands Park on the Lower North Shore. The Lower North Shore is amongst Sydney’s most exclusive residential areas and is located 5 km north-west of the Sydney’s central business district. Here, buyers have a choice of one, two or three-bedroom apartments. More on buying condos in Sydney.

Houses and land in Sydney
As with elsewhere in the country, the Australian government requires all foreigners intending to acquire real estate in Sydney to seek prior approval from the government through the Foreign Investment Review Board (FIRB) unless specifically exempted by the Foreign Acquisitions and Takeovers Regulations. More on buying houses and land in Sydney.

Renovating
Foreign nationals are only permitted to purchase new properties, which means renovation is not an option under normal circumstances.

Top tips for Sydney property
Guide to buying condos in Sydney
Guide to buying houses and land in Sydney