SYDNEY REAL ESTATE HOT SPOTS

SYDNEY REAL ESTATE HOT SPOTS

“In 2010, residential property in Sydney is viewed as commencing the next upswing of the cycle…read on to find the next Sydney real estate hot spots…” Real estate is hotting up in Sydney with new research revealing the medium house price for houses will rise over the million dollar mark in 2020, the Sunday Telegraph reveals. This means an estimated 625,000 houses across the metropolitan area will have a value of more than $1 million changing the face of Sydney real estate hot spots. Growth areas include Rouse Hill and Kellyville in Sydney’s north-west. Similar growth is expected for Narellan Vale, Abbotsbury, Cecil Hills, Bligh Park, Glen Alpine, Woronora Heights, Wattle Grove and Kellyville Ridge with an expected of price tag of over $1 million in 2020. Sydney real estate hot spots are traditionally growth areas, up and coming suburbs and locations with changing demographics. Premium suburbs within 10 to 12km of the CBD, luxury waterfront and prestige properties and those that have scarcity value are likely to perform well. John McGrath from McGrath Real Estate says his top picks for property investors include suburbs like Dee Why in the northern beaches, Coogee in the eastern suburbs, Erskineville and Surry Hills in the inner city and Lane Cove and Cammeray in the northern suburbs of Sydney. The luxury property market in areas such as Palm Beach who were the hardest hit by the Global Financial Crisis is also set to make a price recovery in 2010. Apartments in areas close to the city, such as Cremorne Point and Balmain, are expected to make strong returns for investors by 2020. A growing migrant population and not nearly enough houses are also driving up house prices in Sydney. The Sydney Metropolitan Strategy says Sydney needs to cater for an extra 1.12 million people in the next 25 years. The positive thing about this news is that we can make good investment by knowing the best buy by looking at the "down swing phase" of the property cycle. Article source: http://www.amandaonmyside.com.au/blog/sydney-real-estate-hot-spots/