2 suburbs set to boom
Two suburbs within one local government area will undergo significant growth in the years ahead and now is an ideal time to buy, according to new forecasts.
Kim Clarke, managing director of Xcel Property Group – the developer behind some coming projects in Sydney – said Gymea and Engadine in the Sutherland Shire are on the cusp of a boom.
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“Sydney continues to experience accelerated buying activity and the Sutherland Shire is no exception,” Mr Clarke said. “Demand for new housing is reaching fever pitch, however, new housing stock is not keeping pace with population increases.”
He said while the suburbs had already experienced significant growth on the back of Sydney’s boom, there is still a lot of room to move.
“Gymea and Engadine are two suburbs on the cusp of significant growth and redevelopment. Over the past 12 months, property values in these areas have climbed upwards of 12 per cent and median house prices range between $700,000 to above $900,000.
“Many residents in the area are empty-nesters looking to downsize, first home buyers or families with young children. Whether an investor or owner-occupier, now is an ideal time to buy in these areas before prices climb.
“Both suburbs are also ideal for buyers wanting to live within one of the few regions in Sydney that are bounded by national parks, are close to Sydney’s southern beaches and have direct accessibility to the CBD, which is less than 50 minutes by train.”
Mr Clarke said investors needed to look for infrastructure investment and population growth within suburbs they think might boom.
“Do your research to identify areas undergoing improvement,” he said. “If you get in early, you’re likely to buy at a much better price. If you’re unsure where to start, narrow down your suburbs of interest, including neighbouring areas. Call local councils and real estate agents to find out what developments are planned, such as new infrastructure, roadworks and facilities. This will help you spot areas where growth is imminent.
“Look for investment opportunities in areas where supply is limited, but demand prospects are increasing. Rapidly growing house prices are an indicator of growth. You can also access property reports from local real estate agencies, as well as websites such as CoreLogic, which offer suburb analyses and price breakdowns.”
If investors are priced out of appealing markets, Mr Clarke said there are always alternatives.
“Sydney is a highly competitive market and getting your foot in the door can be tough. However, there are several areas within pockets of Sydney that offer plenty of value and growth opportunities. In addition to Gymea and Engadine, other coming suburbs include Kurnell, Kareela and Como.”
