Sydney apartments are set to be back in favour come the new year, according to Sydney agent Adrian Wilson.
As the founder of Ayre Real Estate, Mr Wilson has worked in the apartment space for more than 20 years, and notes he is expecting the city to be back in the spotlight, with apartment sales on the rise, investment properties on the radar, and rents on the increase.
“Buyer confidence will continue to grow, which has already been evident during the current spring market,” Mr Wilson said.
“We’re predicting a better flow of new listings, in turn with an increase of buyer activity due to being freely able to go out and view properties, thanks to the easing of restrictions.”
Despite the recent introduction of tougher lending conditions, Mr Wilson also believes applications for investment loans will likely surge as rental yields continue to improve.
“We’re also predicting that the trend of suburban homes will continue however we believe the pendulum of buyer interest will swing back to centre as the Sydney city precincts and shopping areas re-open,” he said.
He attributes this to many buyers who fled to rural or outer suburbs deciding they still want a piece of the action and need a place in town for work, entertainment and connection to Australia’s economic and cultural hub.
Mr Wilson said he expects both family homes in the $3 million to $5 million range and larger apartments in great locations with views or amenities suiting downsizers will be the hottest property categories for 2022.
“As the market sets into the new year, and our community adapts to the new post-covid way of life, I’m expecting the see auction rates stabilise around the 70 per cent mark,” Mr Wilson said.