Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
The frustrations of commuting are driving Sydney residents to turn their backs on suburbia and look for homes closer to the CBD, according to Mirvac.
The real estate group’s major new developments in inner suburbs are a response to consumer demand for proximity to employment hubs, according to Mirvac CEO of Commercial and Apartments, John Carfi.
“Sydney is like any other large city,” Mr Carfi said. “There are millions of people who need to get from one place to another in a concentrated period of time. In Sydney that can result in a one to two hour commute, representing a huge loss of work and leisure time.
“The only way to claw it back is to live closer to work which is why there has been such strong demand for apartments that take commuting out of the equation.”
For investors who can’t afford to buy close to the city, opportunities still lie in employment hubs in the suburbs – an opportunity that attracted Mirvac to develop in the outer suburb of Rhodes.
“There is no doubt that convenience is a major factor in the success of Rhodes Waterside,” said Mr Carfi. “There are thousands of people employed at the Corporate Park and also at Rhodes Shopping Centre.
“Interestingly, young families have been the dominant buyer group at Rhodes, followed by mature families then singles,” he said.