Good investment opportunities in Sydney – WBP

Thursday the 13th of August, 2009 5 Comments »

Posted by Iden Money .

The Sydney property market has shown “marked improvement” and now offers good investment opportunities, according to valuation and property services firm, WBP Property Group.

Speaking at today’s Sydney Property Outlook breakfast, Chris Lackey, WBP, NSW state manager, noted a slight drop in the number of first home buyers as a percentage of total borrowers this month, an indication that activity in this segment may have begun to cool.But he said interest rates remained the fundamental motivator of most purchasing decisions with the firm expecting property values in NSW to return to 2008 levels.

Lackey listed prestige suburbs such as Mosman as currently offer good opportunity for owner-occupiers looking to upgrade. He said this was due to values dropping by as much as 30% in these areas.

Dr. Nigel Stapledon, associate head of economics, UNSW, predicted a positive outlook for Sydney, suggesting it is likely to fair better than some other capital cities, particularly those dependent on more volatile market drivers.

Comparing Australia’s property market with other international markets, Stapledon commented, “Good fiscal policy and record low interest rates have set Australia apart from other nations such as the US, who have experienced severe downturn.”

In Parramatta, Iden Money director Brian Rowe said that good opportunities to buy residential property with high long term capital growth prospects were available now. The latest Residex Budget Suburbs Report highlighted 26 suburbs in Western Sydney that would achieve a minimum of 50% appreciation in the next eight years.