As 2022 approaches its third month, the SydneyLinks Team is excited out the future prospects for our business and the property market in general.
For the past two years we have all lived, worked and evolved around a constantly changing set of rules and an overall mindset of uncertainty. With the changes put in place so far this year, and more to come, a feeling of optimism approaches.
Social certainty often means the same for the property market. Recently the government reopened borders and visas with much of our international student community returning to Sydney once again. Ahead of the academic year, tens of thousands of international students have touched down ready to start. This type of influx means busier shops and restaurants, services, and more casual and part-time jobs for students. Ultimately this is a huge boost to the property market as demand increases in certain areas.
Overseas tourists can now return to Australia with restrictions easing even further with quarantine being reduced to 7 days with at-home rapid antigen tests. Although not a complete lift of quarantine, this is enticing for tourists looking for a longer stay in Sydney. Chinese tourists make up a huge portion of tourists to Australia, bringing in $12 billion to the economy. With China still taking a zero tolerance policy for Covid, and not yet moving to a ‘learn to live with the virus attitude, the travel sector may be slow to reach boom numbers for at least 12 months.
Looking to the assurity from the government that Australia will not be closing borders, the optimism of growth for the Australian economy is set for the up and up.