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In a recent report released by independent global property consultancy, Knight Frank, Sydney was ranked as the number one fastest growing city. Australia continued to do well, with Melbourne coming in at number five and Brisbane ranking twenty-fourth out of 31 cities.
The report examined each city in terms of three major tends:
- Negative interest rates have reduced investors’ expectations on what constitutes an acceptable return, which is drawing capital towards real estate.
- Despite the volatile economic environment, the avalanche of technological innovation continues to drive demand for property on a global scale.
- Fast-growing cities are centre stage in the digital and creative revolutions, and in many of those at the forefront, supply is not keeping pace with demand for both commercial and residential real estate.
From the analysis it was found that the Asia-Pacific region is continuing to grow with economic importance globally.
“Sydney, along with Melbourne, continues to see diversified demand drivers, as the Australian economy continues to show resilience despite the slowdown in demand for commodities,” Knight Frank Head of Research and Consulting, Australia Matt Whitby said.
Knight Frank’s Head of Institutional Sales, James Parry said that rents are going through a period of dramatic growth in Sydney and Melbourne. Mr Parry concludes that Australia is a positive investment offering internationally.
Earlier this year Melbourne was also ranked the world’s most liveable city, according to the Economist Intelligence Unit (EIU). Brisbane, on the other hand, failed to make the top 25.
Our Planning Manager, Natalie Rayment shared her thoughts with the Urban Developer; explaining that the list looks at more than just the economics of living in the city.
“Brisbane’s reputation as a new world city is taking a hit. The lists may be seen as purely academic in some circles, but a lot of organisations will consider these rankings when choosing where to hold conferences and other major events”.
For the full article go to The Urban Developer.
If you are wanting to know more about the growth potential in your area don’t hesitate to ask one of our experienced team members at Wolter Consulting Group.