Posted November 09, 2018 07:58:51 Sydney is bracing for a dramatic rise in its property market as prices continue to rise.
Real estate investor John Ritchie believes the region’s growth will become so intense that it will double over the next five years.
Mr Ritchie says he believes the housing market will see more than $2 billion worth of real estate built in the next two to three years.
“We’ve got the big house boom, we’ve got all the new developments, so what’s going to be the next boom?” he said.
“If the supply comes through, we’ll get the houses and the people that are going to want to live in them.” “
Mr Ritter said his property business, Reeds Real Estate, was on track to double its workforce over the coming year. “
If the supply comes through, we’ll get the houses and the people that are going to want to live in them.”
Mr Ritter said his property business, Reeds Real Estate, was on track to double its workforce over the coming year.
“It’s going into the next couple of years, we’re looking to grow the number of people working in our business by a further 10 to 15 per cent,” he said, predicting the housing boom will drive a “huge” influx of capital into Sydney.
“What you’re going to see is a huge influx of people who will be buying properties and then you’ll see an increase in the supply of houses.”
Mr Reiter’s company, Reedes Real Estate (Reedes), employs more than 400 people in Sydney and is a leading provider of properties for private buyers.
Reeds owner and CEO, John Rittings, believes the boom will boost the economy.
“When you look at all the things that are happening in the economy, if you can see the housing coming in to Sydney, and you see the capital outflow coming in, and it’s going up, then you see an opportunity,” he explained.
Sydney’s property boom: Key events to follow Sydney’s real estate boom is underway. “
So I think that’s the reason why we’re able to see that increase in demand.”
Sydney’s property boom: Key events to follow Sydney’s real estate boom is underway.
As of December 31, 2018, there were 4,764 new homes listed for sale in Sydney alone, and the number is expected to grow further in coming months.
Real Estate Institute of NSW chief executive officer, Nick DeBarry, said it was vital that local communities remained engaged in the construction and development of new housing.
“There’s a lot of growth happening around the region and we’re seeing that, so we’ve made sure we’re getting the right people involved in those communities, so they can build a good base for that,” he told ABC News Breakfast.
“I think there’s an expectation that if people want to stay, they can come here, and we want to give people the best possible deal.”