Living in inner Sydney has plenty of benefits
Homeowners considering a mortgage refinance in order to buy a home that better suits their needs would be smart to consider the City of Sydney area.
The local council is preparing for future growth, announcing that it would roll out a $1.94 billion building and construction program over the next decade.
This program will create new facilities and upgrade existing ones in order to contend with a fast-growing workforce and population.
For home buyers, a key factor to consider when buying is whether a particular area will entertain consistent capital growth over the years to come. Suburbs which have strong infrastructure, transport links and education opportunities in place are often a good bet.
Lord Mayor Clover Moore noted that nurturing Sydney's economy, sustainability, open spaces, tourism and cultural life is a priority for the bustling capital over the coming decade.
The City of Sydney local government area could be a good place to settle down if the anticipated economic and employment growth for the area translates to consistent capital growth for houses and apartments.
"Almost 40 per cent of all additional jobs in metropolitan Sydney in the last five years were created in the City of Sydney. Our rate of employment growth is double that of the rest of Sydney," explained Ms Moore.
"We are also one of the fastest growing residential areas in NSW."
While less than half of the City of Sydney's residents both lived and worked in the area five years ago, this figure has increased to 65 per cent, Ms Moore said.
It appears that more people are making the most of cheap home loan rates and the opportunities in this vibrant inner-city location.
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