The six suburbs in one capital city which are set to outperform other markets have been highlighted in a new report which claims there are hotspots to suit “all budgets”.
PRDnationwide Capital City Hotspots report said even though 51 per cent of Sydney suburbs now require a budget of over $1 million – and those with a budget of $500,000 or less can only access 5.4 per cent of suburbs – “smart buyers should still be able to buy affordable properties that appreciate above average capital in various parts of Greater Sydney”.
The report said houses in Cambridge Park ($435,000 median house price in 2014), Concord ($1,340,000) and Merrylands ($675,000) would be hotspots in 2015, based on annual price growth, affordability level and upcoming 2015 project developments.
PRDnationwide said the identified suburbs “provide a mix of median prices to suit all budgets, without compromising on highly desired attributes such as: distance to employment centres in various central business centres, access to highway and public transport, local job growth prospects, access to commercial centres, and local amenities”.
The report said the continuing undersupply in Sydney would mean rents in the city are highly competitive in 2015 and median rents should rise.
Savvy investors need not turn away from Sydney, according to the report.
“Although much of Sydney is considered unaffordable there are still plenty of pockets with low median prices in locations that position them for growth in 2015. The key to assuring and increasing investment returns in Sydney is to be strategic, whereby a buyer not only look at current median prices but also attributes that will support further growth in the future.”