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The NSW residential market has continued to report a steady growth with figures up 18.35% for all dwelling types. We also look at the Supreme Court’s new property dispute process and the unveiled location for the upcoming South West Airport.
NSW growth trends
The NSW residential market has continued to report a steady growth for the year with figures to 31 July 2015 up 18.35% for all dwelling types. The growth was also apparent in housing prices as they bounced back from previous months with a growth of 3.32%.
In Sydney, the commercial office market has also reflected similar growth trends reporting improved rental yields of 2.4% and capital growth up by 2.8% from the first quarter of the year. Rental yields in the retail market have also continued to rise with a 1.5% improvement in the quarter to 30 June 2015 with international retailers continuing to expand their presence within the country.
Real Property List in the Equity Division (The List)
The Supreme Court in NSW has announced the establishment of the Real Property List in response to the booming property market and changing property landscape. From 1 June 2015, all matters related to land must be commenced in the Real Property List including:
- contracts for sale of land
- easements or covenants over land
- any action under the NSW property legislation
Following the announcement of The List, it is expected that property matters in the Supreme Court will be resolved more efficiently as it aims to provide a more consistent approach to dealing with property and land disputes.
The efficient and effective resolution of property disputes would support the growth in the market as it provides greater investor confidence and stability despite the uncertainty in the financial markets.
Badgery’s Creek Airport approval granted
In last August, Commonwealth held land at Badgerys Creek was revealed to be the site for the new SSydney West Airport.
This comes on the back of the Government’s investment of $3.6 billion to improve the area’s roads and surrounding infrastructure.
The plan is for the airport to be fully functional within 10 years so by the mid 2020’s the area will be a hub of activity and provide many opportunities for property investment in both the residential and commercial spaces.
Next article: Queensland Real estate & construction update