The housing market across Australia is fairly unpredictable, with Sydney particularly difficult for those new to the market to get a handle on - the media talking of the market going from boom to bust and back again in the space of a month certainly doesn’t help.
However, despite the ups and downs, dipping your toe into the property market doesn’t have to be daunting; property is still a sound investment if you go about it the right way. The keys are to work with the right agent who can help you identify areas with high levels of buyer interest and growth that will keep steady in the face of concern within the wider market, delivering you a solid return on your investment.
When it comes to identifying these suburbs, it helps to go in with an open mind and cast a wide net; even a Melbournian could tell you that properties on Sydney Harbour are the most valuable in the city, but the key is to firstly, be realistic and secondly, go beyond the stereotypes and find the hidden gems. There are a number of suburbs that are heating up and are set for strong future growth, and now is the perfect time to buy in.
Some of these suburbs include:
The heart of Western Sydney and the geographical centre of greater Sydney, Parramatta has been growing steadily for decades and is showing no signs of slowing down, with more businesses setting up and bringing employment to the area.
According to data from Microburbs, the median sale price for houses in Parramatta is $920,000, while apartments will set buyers back $550,000 - considering the median house price in greater Sydney has hit $1 million, Parramatta’s prices are perfect for those first entering the property market, upselling or downsizing, or buying an investment property.
Parramatta also ranks highly when it comes to access to amenities such as public transport, shopping, schools, and medical facilities, with Western Sydney University also having a campus in the area.
The area is set to get hotter, with massive urban renewal on the way: Parramatta Council last year announced the signing of a $1.2 billion contract with a developer to build three new towers in Parramatta Square for what it calls “one of the largest urban renewal projects in Australia”.
The median house sale price in the Inner West suburb of Tempe is $980,000, while the median apartment price is $500,000, again price points that are accessible for first home buyers, those upselling or downsizing, or buying a second property.
Sitting less than 10 kilometres from the city centre on the banks of the Cooks River, Tempe is conveniently close to the city, the airport, and the thriving Inner West, making Saturday morning all about brunches in hip cafés and weekdays all about short commutes into work.
As well as convenience, Microburbs scores Tempe well for lifestyle factors, hipness, and safety, while it also ranks well for tranquillity and community, making it a perfect place to buy to live or to attract renters.
Up on the more expensive end of the scale is Kingsford, an Eastern Suburbs hub getting hotter by the day with a tram line to the city to come and the University of NSW bringing in thousands of international students and investment each year.
With the median house sale price in the suburb at $1.7 million and unit prices at $780,000 - units have increased in price by almost 37 per cent over the last three years, according to Microburbs - Kingsford perhaps isn’t the right fit for the millennial first home buyer but for the savvy investor, the suburb is perfect and the outlook for growth is strong. With the University so close by, students are willing to pay for an easy dash from bed to the lecture theatre, while Kingsford is also a short distance between both the CBD and the beaches.
Wondering what your property might be worth in your area? We’ve got you covered with our blog, what is my property worth?