If you have always pictured your dream home as one that is close to the water, then a beachfront property is not your only option. Now, riverside properties in Sydney are gaining immense popularity. For buyers who are budget conscious, this is a great new development, since these properties situated next to the river are nowhere as pricey as their beachfront counterparts.
Rhodes Development Inspires a New Trend
With the Rhodes development near Homebush Bay, there is great interest in developing riverside apartment properties that offer excellent access to shopping. Several developers have demonstrated their keen enthusiasm for planning apartment complexes at this location as well as on Wolli Creek, and on the river bend on the Parramatta. Buyers can look forward to taking their pick from several new projects coming up at these places, in the following months.
Focus on Leisure Activities Encourages Interest
The changing mindset of property buyers has encouraged and supported the new trend. Today, more and more buyers are keen on investing in homes that give them the advantage of living in a close-knit community with several leisure activities to participate in. Developers have understood this changing perspective and they are focusing energies on creating communities rather than apartment complexes. For example, at Wentworth Point, the residents have an impressive list of activities they can participate in including canoeing and golfing. Clearly, these are the features that grab the attention of the buyers today.
Bridge Over Homebush Bay will make this a Coveted location
The $43 million dollar bridge connecting Homebush Bay to the Rhodes Shopping Centre will open in the year 2016. This is one of the primary reasons why this area has gained such prominence right now, as a coveted location to acquire property. Once the bridge comes into service, the Homebush Bay area will enjoy excellent connectivity to the commercial hub at Rhodes.
In the coming months, market analysts expect that the industrial suburb of Wolli Creek may steadily transform into an urban centre that is very attractive for next generation property owners. Nine new projects are on the cards here, and these are aligned toward young buyers who prefer well-connected residential centres that are close to the heart of the city, rather than the quieter suburbs. Demand will also arise from those property owners who are looking to downgrade and move into smaller units to cut costs, or to make apartment maintenance easier.
Higher Rentals are Making Home Buying a More Practical Idea
The increasing rental rates across Sydney are adding their bit towards making good property deals here, that much more attractive. Back in December, an REIA blog highlighted how soaring rentals were making home buying a much easier decision for the public. With vacancy rates dipping down, there is no doubt that rentals will continue to remain at higher than average levels. RP Data reveals that, in Sydney, median weekly house rental is a good $100 more than what Melbourne property owners expect for similar properties. No doubt, this will continue to be a factor that helps buyers decide in favour of making their property investments right now.