Our Allworth Index Report surveyed more than 500 people across NSW to understand what homeowners value when looking to enter the housing market or upgrade their homes.
In this blog we look at property hotspots and how Sydney’s West is looking to BOOM.
FACT: It is unlikely that policy makers will find a way of making housing more affordable that isn’t going to have devastating effects on house values. With the Australian economy so closely tied to the housing market any shifts in values will have far-reaching impact. Those prospective homebuyers who want property to be cheaper today to enable them to get into the market don’t want property to remain cheaper forever—most people would like to see the value of their investments increase.
It’s hard to imagine that the Sydney and Melbourne markets could grow any more in value but experts are predicting they will continue to rise — just at a slower rate. It is expected that market conditions will not change a great deal from the current landscape with continued rises at a subdued level.
Within these continued rises there are a few standout growth suburbs that real estate experts are putting their money on. Improvements in economic opportunities means some suburbs once viewed as less attractive don’t have the same stigma they held 20 years ago.
Sydney’s west with its increased development, rising employment levels and improved infrastructure is one such area. It now represents an attractive option for homebuyers and investors alike.
Blacktown in particular is projected to boom this year with Croydon and Panania also looking to feature strongly in the sellers’ pages. Fairfield, Merrylands, Edmondson Park and Liverpool are also hot spots to watch.
As a side note, what is also clear in our research (through the data graphs in our full research report) is that regional areas are still a popular choice – due to affordability and more career opportunities.
Specific property hotspots include:
Blacktown, Croydon, Panania, Fairfield, Merrylands, Edmondson Park and Liverpool.
Click below to read full report and access graphs and statistics.
Read the full report here