Sydney’s inner west full of opportunities
It’s not the nation’s capital city but when it comes to the Sydney property market, there’s no doubt its supersized and super priced market is often centre stage.
And so when it comes to investing in the nation’s largest and most expensive market there’s no doubt investors are always looking for a clever way in.
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Whether you’re a cash-strapped investor looking to beat the affordability barriers and nab a property within your means or a seasoned investor looking to reap the best rewards, investing in Sydney requires careful consideration and determination.
And if there’s one thing Sydneysiders are always looking for, it’s proximity to the city centre.
And right now one area showcasing strong buying opportunities for investors is the well-located inner west and inner south west, according to Andrew Wilson, Australian Property Monitors’ chief economist.
“I think the struggle to get closer to the CBD, to commute, is becoming more profound for Sydneysiders and any areas that still remain within a reasonably affordable band are a good opportunity for investors,” he said.
Indeed, prices in this region are already growing as a result of their increasing popularity but they still, generally, offer more affordable buying opportunities than their more mature Eastern suburb counterparts and certainly much opportunity for upward growth.
Take Lilyfield for example, which borders Leichhardt and lies just a couple of suburbs away from the ever popular Balmain – and just 5km from the CBD.
The median price in Lilyfield is $928,000, according to RP Data figures for November 2010. This compares to a median price of $1.4 million in Paddington, one of its Eastern suburb counterparts.
So if you’re looking for a more affordable way into the inner Sydney market, the inner West and inner South West regions may just offer you that.
