Property Value – Sydney
Property values are impacted by many things. One of the things that impact property values is the crime rate within the city. While there is crime everywhere, some cities, and locations are more well known for the abundance of crimes that take place, or the type of crime that it is. Home to over 4 million residents, and welcoming over another 1 million tourists each year, the city of Sydney has seen changes in its annual crime statistics over the past decade.
In terms of location, when looking at the city of Sydney the areas where crime is more dominant include the Red Light District, and Kings Cross.As stated earlier, crime happens in every city, so often, the way that you will see crime rates impact property values is by neighbourhood. With houses located in neighbourhoods that are riddled with crime having lower property values than houses in neighbourhoods with lower crime rates. Most people understand that to decided whether or not to rule out an entire city based on it’s crime rating is a difficult thing to do, especially when you consider that the majority of crimes happen in certain locations.
Just like crime statistics are something that home buyers consider, so is the state of the law enforcement. Sydney is a part of the New South Wales Police district. The city, being so popular among both residents, and tourists, is home to a multitude of events, festivals, and landmarks, in being so, the police know that areas such as these draw large crowds, and know to patrol these, and similar areas well.
The New South Wales Police are known for the excellent job that they do, and their ability to make residents and tourists alike feel safe, whether in large crowds or when out in smaller groups.
For how large the city of Sydney is it does not have overly high or shocking crime rates, and appears to be fairly safe, (the NSW Bureau of Crime Statistics and Research is the main source of statistics and research used in this article). Many of the new residents to the city consider all of the other amenities that the city has to offer a much larger influence on their property value than the crime rates that the city has.
When looking to understand what the crime rate in your city will have on your property value, again it is important to look at it more so by neighbourhood as opposed to the city as a whole. Some neighbourhoods are safer than others, a lot of that is dependant on other variables such as the average education, and household income of residents in the neighbourhoods. Property values in areas with lower incomes, where most residents do not have post-secondary education, or where the unemployment rate is high, are going to be noticeably lower than when compared to property values of houses in more educated, and employed citizens. These houses are usually larger, and better kept, both inside and out.
If you are unsure where your neighbourhood fits in terms of crime rates, there are lots of websites, and offices that you can contact to get general overviews. In addition, there are lots of websites, such as the NSW Bureau of Crime Statistics and Research that will provide insight depending on your location. Remember that while the crime rate of an area is not the only outside factor to influence property values, it is something that most people will look into, and one that will be looked into and discussed when finding out your property value.