House Value – Sydney
For anyone trying to understand what impacts a house’s value, there are several things to consider. A House’s value is determined by factors that pertain specifically to the house, as well as factors that pertain to where the house is located. One of these factors being the history of the city. Looking at the city of Sydney, a few things come to mind in terms of it’s history. The development that the city experienced during the Second World War, and the historical cultural events that the city has played host to are just two of the things that people remember.
During the Second World War, the city of Sydney experienced a dramatic increase in development, this development was in terms of industry, and population. It was during this development that Sydney’s Harbour was attacked by a Japanese Submarine. This attack resulted in the loss of many lives, and was devastating. The city however, had been preparing for some sort of attack, and many households had performed drills to get ready. Following the attack, although still recovering, the city continued to grow, development continued on even after the war, and is considered by many what set Sydney in the metropolis direction.
How does this apply to the house values now? Sydney is a city that has recovered from a major attack, and in doing so, demonstrated a strength and resiliency that attracts home buyers. Cities that have built themselves back up to be greater than they once were have are in demand locations all over the world. The resiliency, resources, and opportunities that these development indicate increase house values throughout the city.
In terms of historical cultural events, the city of Sydney has been home to several, from the 2000 Summer Olympic Games – which have been referred to as, “The best Olympic Games ever!” by the President of the International Olympic Committee, to the opening of the iconic Opera House for her Her Royal Majesty Queen Elizabeth II in 1973, the city has been host to events that had the world watching, and in awe.
For many people, living in a city that has been host events such as these is a huge attraction. Often these events are indicators that future iconic events will continue to take place, meaning that the opportunities are there to be a part of the historical experience in some way. House values in cities like this reflect the many unique opportunities that the city offers it’s residents. And it is not just the opportunities to be a part of these events that draws people, but the chance to visit the landmarks and places that these events have taken place. The added educational experience of learning about the world from outside of the classroom is something that many people appreciate, and understand the value of. A great way to look at it is to simply compare house values in Sydney to a location that has not been home to these events. While obviously, the entire house value cannot be equated to this one factor, there will be a noticeable difference between the two locations.
The history of a city, in this case Sydney,is something that some people pay more attention to than others. However, it is unique to that city. Just as you would consider the unique educational opportunities, or climate that a location has, a city’s unique history should not be forgotten. While it will not impact house values dramatically, there is a noticeable correlation between cities with rich histories such as Sydney’s, cities that have been home to so many events, and moments, and a demand for real estate, causing house values to increase.