A Finance blog by Paul Bennion.
Investors looking to buy apartments in Sydney are urged to get in before the property market heats up later in the year.
According to Paul Bennion, Managing Director of tax depreciation company, DEPPRO, in the period leading up to and after the new financial year, there is typically a frenzy of activity across the property market.
Investors aim to maximise their tax benefits in time for the start of the new financial year by purchasing new property or organising a depreciation schedule for their investment property.
According to Bennion, more than 70 per cent of the property depreciation reports prepared by DEPPRO in Sydney are completed during the months from April to September, in line with the new financial year.
Anyone who is considering buying an apartment in Sydney for investment purposes should think about making a decision sooner rather than later. Don’t wait until activity in this sector of the market increases later in the year,” he said.
Our company is finding that there is strong demand for new apartments in Sydney because of falling vacancy rates and rising rents.
Apartments in Sydney are achieving higher rental returns and this is giving property investors greater incentive to buy.
Bennion also noted that DEPPRO is finding a growing number of clients who have purchased apartments in Sydney, despite residing in areas outside New South Wales.
Some buyers have entered the Sydney property market because they view the apartment market as relatively undervalued, with weekly rents poised for significant growth over the coming year.
Bennion also added that all buyers should plan to undertake a property depreciation schedule as soon as possible after acquiring an investment property in order to maximise their tax benefits.
