City of Sydney spends up large

City of Sydney spends up large

Investing in Sydney property could continue to be fruitful, given rising dwelling prices and job prospects for the New South Wales capital.

It's not just affordable mortgages luring in buyers - affordable investor finance makes getting a foothold in the Sydney market desirable for many. Of course, having existing leverage is helpful.

That's because the city's dwelling prices have risen dramatically over the last year - by 15.45 per cent year-on-year to June 30, according to the RP Data-Rismark Daily Home Value Index.

Month-on-month, house prices lifted 1.17 per cent to June 30, while unit prices soared 3.92 per cent over the same period.

A recent announcement from the City of Sydney highlights plenty of ongoing promise for the bustling area. According to a July 17 statement from the local government authority, approximately 2,000 new jobs will be created annually, thanks to the $1.94 billion infrastructure program that's taking the inner-city area from strength to strength.

Infrastructure projects at Barangaroo, George Street, Green Square and Harold Park are outlined in the City of Sydney's 10-year corporate plan.

"The city will be investing in a range of new and upgraded infrastructure, facilities, buildings, parks and other community services, so all kinds of businesses will benefit from our strong financial position," noted Lord Mayor Clover Moore.

The financial commitment to boosting inner-city infrastructure is sure to be welcomed by property owners in the area - it's quite possible that the various revitalisation projects will push up demand for property as more people seek a vibrant lifestyle in the heart of the NSW capital.

It's thought that every $1 million spent on infrastructure will translate to 100 full-time jobs, according to City of Sydney analysis.

Both fixed- and variable-term home loans are available to those looking to get a leg up on the Sydney property ladder.

Image credit: paul bica