New South Wales’ western Sydney suburb of Blacktown has been tipped for growth over 2013 on the back of an ‘affordability-driven’ boom for the state, according to a number of experts.
“Blacktown is a no brainer pick and one which I am sure I will share with many experts,” Destiny Financial's Margaret Lomas told Smart Property Investment.
In Smart Property Investment’s Fast 50 report, three experts picked Blacktown as a suburb to watch for capital growth over the year, including SQM Research’s Louis Christopher and Australian Property Monitors’ Andrew Wilson.
“It’s a classic case of the ugly duckling about to re-emerge and while I don’t necessarily see a beautiful swan, I see good sense investing," said Ms Lomas.
The growth, she said, will be driven by its proximity to “everything the Western Suburb dweller requires” including transport, as well as the attraction of adding a granny flat.
With a high number of family residents, a house is the best pick, she noted, with RP Data seeing the median price at $390,000.
Mr Wilson explained that the area is a “solid entry level” opportunity for growth, driven by “housing shortages and a solid economy”.