Dubbed the tiger of the Sydney property market; the inner west is holding its ground far better than most other areas around Sydney, according to inner west real estate expert Ian Comyns.
(prHWY.com) November 4, 2011 - Camperdown, Australia -- Dubbed the tiger of the Sydney property market; the inner west is holding its ground far better than most other areas around Sydney, according to inner west real estate expert Ian Comyns.
It appears the Sydney Morning Herald's agrees. Its Spring Property Guide was released recently and it heralded good news for inner west owners.
"While most other regions tracked backwards, the inner west showed average growth of .4% for houses in the last year," the Guide reported. Summer Hill and Forest Lodge were among the suburbs leading the charge.
"The tiger of the housing market was equally kind to unit owners, with Glebe, Leichardt and Concord leading the inner west pack," the Guide claims.
No brainer
Inner west real estate and property management agent Ian Comyns says that these results are no surprise.
"Being close to the city is key," says Comyns. "And when the light rail finally gets to suburbs like Dulwich Hill, prices will be boosted further. In the meantime, suburbs around Newtown, like Tempe, Erskineville and St Peters, are showing strong growth. Around 9% over the last year."
No time to wait
Comyns is the director of inner west specialists Exchange Sales and Property Management. He points out that there's no better time to enter the market.
"It's a buyer's market," he says. "And with the stamp duty exemption on properties costing less than $500,000 ending on December 31, now's the time to snap up an apartment in the inner west."
Good for sellers
While results have been strong in many parts of the inner west, Comyns says that some recent results in Redfern have been particularly strong.
"We've just sold a tri-level townhouse in Pitt Street at auction for $923,000, when the previous high for the building was $880,000," Comyns says. "We went on to rent it out for an incredible $1,000 a week."
The owner was so happy she had this to say:
"I hear that the sale proceeded smoothly and is complete without a hitch. I must say that was an incredibly painless process, which I know was a result of your input and fantastic service. Thank you so much - this is particularly appreciated with me being abroad." Macaire Bromley, London.
However Comyns adds a touch of realism to these results.
"We don't make the market," he says. "We just set the scene for the premium price to be achieved."
We do the lot - seriously.
At Exchange Property Sales and Management, we not only sell homes but we manage your property and keep you up to date with everything you need to know about owning an investment property. To read more about how we manage your property, download a copy of our FREE Investment Property Management Guide and exchange stress for equity today.
Ian Comnys is the owner and Director of
Exchange Property, Exchange property sales & management is a Sydney based property management company helping you in selling your home or renting out a property in Sydney's inner west.
Property Investor Handbook
###