Sydney needs a better balance of new apartments, single dwelling homes and medium density developments, much like Melbourne has, according to the Real Estate Institute of New South Wales.
REINSW President John Cunningham said the NSW Government is currently reviewing its planning policies which he described as too convoluted.
“Everyone has an opinion on Sydney’s property problems, but there is a solution available which can help to create vibrant integrated communities,” Mr Cunningham said.
Residential vacancy rates have tightened across the Sydney market led by Middle Sydney, according to data released by the Real Estate Institute of New South Wales.
REINSW Deputy President Brett Hunter said the August 2016 REINSW Vacancy Rate Survey saw Sydney with an overall vacancy rate of 1.8 per cent, down 0.1 per cent.
New REIV data shows there is a significant difference in the median house price of multiple adjacent suburbs across the state, despite similar characteristics and amenities.
Brexit will boost Australia's residential property market as the UK decision to leave the European Union will increase perceptions of the market's safe-haven status, observers say.
Anyone can walk into a real estate agency and pick a property from the window. Anyone can pay full price, or pay high stamp duty, or pay high legal fees or buy in a location that historically has not seen strong demand. People who buy without advice may be wasting money and not even know it.
Do you know which suburb, street or project is available when buyers think location, location, location?
REIWA President Hayden Groves said that in the lead up to the Federal Election, it was important that REIWA, as an industry body, give the WA community a chance to be part of the conversation on negative gearing and property investment.