In the recent media, there has been speculation that rents are likely to increase in 2010 after experiencing a period of little growth during 2009.
The property sector enjoyed a flurry of activity with First Home Buyers in the 6 months to 30 June 2009. It was common to see the price of sub-$500k properties pushed up due to the combination of increased demand and government incentives in the form of First Home Owners Grant and First Home Plus in New South Wales.
In many cases, the purchase price (above what was expected as the market price) for First Home Buyers was well above the financial benefits of the incentives that they received. Even though some of the urgency in that segment of the property market has since died down, perhaps encouraged by the Australian Property Monitor’s report property investors will return to the market despite past and possible future interest rate hikes.
Sydney’s western and north-western suburbs have enjoyed substantial housing stock and population growth over the last decade. Leading into the new decade, that growth is likely to continue with a focus around Parramatta, the geographic centre of Sydney. With our offices conveniently located in the centre of the Parramatta CBD, Phang Legal is well placed to service the growing population of Sydney and are able to provide our clients with easy access to various legal services and conveyancing services.
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Director – Property Lawyer
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