Sydney to become high-rise and rent capital of Australia

Sydney will become the high-rise and rental capital of Australia according to a leading property expert.

Senior figures in Australia's property industry attended an event hosted by the Committee for Economic Development of Australia (CEDA) in Sydney on Thursday to discuss the outlook for the New South Wales state property market.

Domain Group Senior Economist Dr Andrew Wilson said Sydney is already the high-rise capital of the nation.

"It will be a capital in the sense that it will be the preferred or the majority (destination)," Wilson said.

"I think by 2030 we will have a balance between units and houses...so it will be evenly balanced."

He noted Chinese buyers were having an impact on Sydney's changing property skyline.

"It's transitioning towards...more high-rise and more rentals, and of course more renters means more investors which means investors are a significant part of the market," Wilson said.

Commonwealth Bank Managing Director and Global Head of Real Estate Graeme Ross added Chinese buyers were investing heavily in Australia's property market, and other buyers in the region such as those from Singapore and South Korea were beginning to do the same.

Source: XINHUA