and buyers in Sydney, a real estate expert has revealed.
The St George area of southern Sydney is one of several areas that still offers good prospects, RaiWith lower interest rates and affordable houses on the market, great opportunities exist for investorsne & Horne CEO Angus Raine said.
"The St George real estate market is one of Sydney's hotspots with excellent long term growth prospects, given its affordability and excellent location in respect to the city, the airport and beaches,” said Mr Raine.
Raine & Horne-Le-Sands principal Nick Tringas said that the properties he sells in the area are on the market for an average of 30 days.
"At this point in time, with interest rates falling and more affordable homes on offer, there is plenty for buyers to get excited about in southern Sydney.”
"We have a range of quality apartments, as well as beautiful waterfront homes which will appreciate in price over the long-term, and when you add in the area's ease of access to the city, you have all the factors for a great home purchase."
The median rental yield for the St George area is 4 per cent.
November RP Data statistics show that within the region, South Hurstville and Hills were the top average annual growth performers for units and houses respectively.
Similarly, the Greater Western Sydney region has been flagged as an investor hub in 2012, with 'affordable' property and strong rental yields expected to entice investors and renters from the city's inner suburbs.
“Investors will continue to head west, lured by affordable property with high returns and higher stock levels,” Starr Partners chief executiveDriscoll said.
“Investors are realising it – and their presence in the area is growing. Rental yields have averaged five to six per cent here, in comparison to Sydney’s inner west where they are three [to] five per cent. This kind of strong rental yield will continue in 2012, assuming the economy will remain stable.”
This trend is expected to continue throughout 2012, on the back of strong infrastructure growth and new developments set to occur across the Greater Western Sydney region.
“We are seeing commercial epicentres emerging here – negating the need for residents to commute to the CBD,” Mr Driscoll said.
Starr Partners has around 20 franchises mainly located in Sydney's western suburbs and Gosford.
“New suburbs and shopping districts are appearing, businesses are establishing and settling out here, the M2 motorway is expanding, new and expanded train stations are emerging, and so are large masterplanned developments,” Mr Driscoll continued.
“No other area in Sydney is seeing that amount of change so quickly.”
“A significant amount of land has been released here with quality developments; a major part of the M2 is being widened to three lanes; and a planned Woolworths in Schofields is pointing to the growth of these suburbs,” he said.
“In 2010 Pemulwuy saw an 11.5 per cent increase in the median house price, and 2011 a 5.6 per cent increase. In October, median house prices were eight per cent higher than the median house price for the Holroyd area.”