Realestate Rentals Sydney

About Sydney

The eastern coast of Australia, where Sydney is located, was first visited by Captain James Cook, who claimed the entire eastern coast for King George III of England and named it as the New South Wales on 29th April 1770.

Led by Captain Arthur Phillip, the first fleet of ships arrived on the New South Wales Coast on May 13th, 1787 and to the Botany Bay on the 19th January, 1788. They were not able to find any fresh water there and hence, went further north to Port Jackson, which is now called the Sydney Harbor.

There was a forested cove watered by a stream, which is called Tank Stream now. Captain Phillip held a flag raising ceremony there to proclaim it as a colony of England on the 26th of January, 1788. This cove was later named by Captain Phillip as the Sydney Cove in the honor of Baron Sydney, the minister in charge of this colony. The term ‘cove’ was dropped later and Sydney became the popular nomenclature. Today, Sydney has developed into an important metropolis of Australia, with a multicultural profile. It has a population of about 4,140,820 in the metropolitan area. Its population is greatly diverse, with 61% White Europeans, 4.7% British, 3% Chinese, 2.1% New Zealanders, 1.5% Vietnamese, 1.3% Lebanese, 1.2% Italians, 1% indigenous Australians, 0.9% Indians, 0.8% Greeks and others comprising 22.5%. The people of Sydney practice various forms of religion, with 30.4% Catholic, 21.9% Anglican, 4.5% Uniting Church, 4.4% Orthodox, 3.3% Presbyterian and Reformed, 2.6% Islamic, 2% Buddhist, 1.6% Baptist, 0.8% Hindu, 0.8% Jewish and 27.7% following other or no religion. With its coastal climate, its commercial importance and its multicultural demography, Sydney is a popular choice for residential as well as commercial real estate seekers.

Property Market of Sydney in Recent times

In recent times, realestate rentals sydney experts and entrepreneurs have been concerned that the real estate market of Sydney has been going on a downslide. The rental income from the realestate rentals sydney has slumped to 2.9%, from the long – time average of 4%. The weekly auction clearance rate is just 60% and faces ups and downs from one month to another. It takes about a hundred days to sell a house in Sydney, as compared to forty days earlier.

To improve the situation, the government removed the 2.25% duty on real estate investment. After this, the investors have been exploring the possibilities of identifying areas with a good investment potential. Areas such as the Balmain East Apartments, Dulwich Hill and Summer Hill in the West, as also Neutral Bay and Cremorne, have great possibilities because of their access to the major transportation networks.

Recent Shifts in the Perception of the Commercial Real Estate

While contemplating the changes in the realestate rentals sydney, it is important to take into account a significant change in the way the organisational strategy of business is being developed today. Instead of seeing and using a place of work as a fixed location with well-defined contours, today’s businesses are moving towards using the concept of dynamic spaces for conducting business. This gives the business people the option to free themselves from static locales and to work in fluid spaces according to their convenience. It places more emphasis on communication network, decentralisation of business and relocation of work and employees. This concept of business management necessarily affects the way the commercial real estate is managed. Conversely, it may also be argued that the rising prices of property have necessitated a change in the business strategy, so that business may be managed more efficiently with less investment.

Terms and Meanings

Commercial Real Estate – real estate used for business e.g., malls, office spaces etc.

Home Equity – the current market value of a residential house, after deducting the mortgage balance.

Real Estate – a plot of land with the structures built on it, the air above and the ground below it. Another term for it - realty.

Real Estate Investment Trust – a corporate body which collects the capital of a number of investors to buy and manage income property and mortgage loans. They can be shared in commercial real estates as well as residential ones.

Rental – payment of a fixed amount by a person for using a real estate property for a fixed period. Payment is agreed upon through a contract.

Residential Real Estate – real estate meant for living purposes e.g., family houses, multiple residential apartments etc.

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