Sydney will grow ‘for a long time'

Property investment in Sydney could prove lucrative in the long-term, one expert has suggested....

With much of the global market being hit by slowing economies and financial difficulties, property buyers are increasingly looking for new regions in which to invest.

Brett McCarthy, a fund manager at Kenedix Trust, believes that that the Australian hub's property market is likely to yield capital gains in the future.

He explained: "The city is going to grow for a long time and it's geographically very constrained by national parks and mountains, so in the long-term, you think the property price would go up in Sydney."

He added that despite this positive outlook, some of the markets in the short-term were feeling "a lot of pain" based on the global economic downturn.

Source: www.reuters.com