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Private developer activity is surging in Sydney, the nation’s largest and most under-supplied property market, Colliers International says.
According to the real estate group, low interest rates are driving high demand for vacant land throughout the city.
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Paul Fernandes, Colliers director of investment sales, said investors were expecting another wave of first home buyer activity in 2011 and were planning developments accordingly.
“Developers are realising that now is the perfect time to buy sites as interest rates are at record lows and buying now will ensure that projects will be completed or near completion by the next expected first home buyer surge in 2011,” said Mr Fernandes.
Colliers believes the benefits of a growing housing market will flow through to employment, retail and the economy.
