Sydney’s south western suburb, once known for riots and being a predominantly housing commission area, has been identified for growth in 2013 by a number of property experts.
In Smart Property Investment’s Fast 50 report, Macquarie Fields and its neighbouring suburb Ingleburn were picked as suburbs to watch for capital growth by Australian Property Monitors’ senior economist, Andrew Wilson.
Dr Wilson identifies affordability as one main driver of growth in Macquarie Fields.
“It has fallen under the radar a little bit, and it’s just starting to emerge in terms of buyer popularity,” Dr Wilson told Smart Property Investment.
“Supply demand ratio is starting to improve,” he continued. “That’s one of the key signals for its emergence.”
As the suburb undergoes gentrification, Macquarie Fields is slowly but surely shedding its negative stigma.
Victor Kumar, director of Right Property Group, a buyers agency based in Sydney, identifies the changing demographics of the area as a key driver of change.
“As the Department of Housing has started offloading their properties to owner occupiers, the demographics are now changing,” said Mr Kumar.
Local real estate agents also see the suburb’s potential for growth.
According to Vincenzo Labbozzetta, principal of Raine and Horne Liverpool, there are good investment opportunities in Macquarie Fields provided you buy in the right price range.
Homes priced around $300,000 or less are most popular with buyers, said Mr Labbozzetta, which can get you a 3-bedroom single storey home on a block of land approximately 500 to 600 square metres.
Mr Labbozzetta explained that affordability is a key factor that is attracting ‘out of area’ buyers into the suburb and believes that “there is going to be steady growth” to come in Macquarie Fields.