The Gold Coast and Newcastle are among the locations tipped for prime investment opportunities by leading real estate figure John McGrath.
According to Mr McGrath fear of a second correction has created some hesitation in sections of the property market but buying activity remains reasonably strong in high demand regions.
In 2010 Mr McGrath forecasted solid growth for the property market in 2011 but global and macroeconomic factors as well as natural disasters had delayed the beginnings of such a recovery, he said.
“That prediction might be slightly delayed due to these changes however I still feel the worst is behind us and we are at the beginning of a long term growth cycle.”
Mr McGrath pointed to the Gold Coast as a particularly strong buying opportunity.
While plummeting prices may appear “scary” he said they also created “amazing” buying opportunities.
“We have seen a much greater number of buyers entering the market in the last 60 days. Whilst recovery won’t be overnight, right now it appears to me that buying quality residential property on the Gold Coast may deliver the best growth opportunity Australia-wide in the medium term.”
Newcastle also offers strong investment potential according to Mr McGrath with great capital growth prospects as well as high yields.
“Newcastle is shedding its steel city image and great value is available.”
John McGrath’s Top Metro Picks (Sydney)
Houses • Bellevue Hill • Breakfast Point • Bronte • Glebe • Haberfield • Hunters Hill • Lane Cove • Manly • Mosman • Summer Hill
Units • Cremorne Point • Cronulla • Kensington • Newtown • North Parramatta • Potts Point • Pyrmont • Rozelle • Sans Souci • Waverley
John McGrath’s Top Regional Picks
• East Bowral • New Lambton • Avoca Beach • Bulli • Main Beach