Almost 57 per cent of home loans in NSW were for investment over May, new figures show.
It was promoted with pictures of a happy young happy couple having a picnic next to a bike path, but it’s a long ride from the CBD.
In fact it’s about a three-hour bike ride to Parramatta.
But that didn’t stop all 66 blocks at Hardy’s Rise – the latest stage of The Hermitage housing estate near Camden – selling out on the weekend.
About 20 per cent of the buyers were investors – some using their self-managed super funds. Prices started at $282,000 for 375 sq m blocks. House and land packages for $550,000 were available. “Some will buy and on-sell,” Craig D’Costa, the project manager for developer Sekisui House said.
This is just one place that Sydney investors are choosing to put their money.
The Domain Group senior economist, Dr Andrew Wilson, says new Australian Bureau of Statistics figures released on Monday show investors now account for 56.9 per cent of the NSW market.
As reported by Stephen Nicholls July 14, 2014 SMH Domain news