Sydney and Melbourne have driving the property market upturn, but some areas are set to see prices boom further in 2020.
Five suburbs in Sydney's inner-west, west and north are being earmarked for future development and urban renewal and set to become hot property investment areas, driving prices up, real estate agency Upside CEO Adam Rigby said.
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This former industrial area – which encompasses Alexandria, Zetland, Waterloo, Rosebery and Beaconsfield – is set to become a lively community thanks to a major urban renewal project, said Rigby.
“The City of Sydney has committed $540 million over the next 10 years to create world-class community facilities in the area, including an innovative new library and plaza, an aquatic centre, parks and playgrounds, a childcare centre and a creative hub,” he noted.
Commercial and residential properties in the area also create a buzzing vibe by way of cafes, bars, restaurants and retail stores.
“With a 10-minute commute to the city from Green Square station, the area is a major drawcard for professionals and young families.”
The name of this suburb has become much more well-known with the announcement of the new Western Sydney Airport set to open in six years, with the suburb becoming one of the fastest-growing in Sydney.
The NSW government has also said it will build a new suburb nearby called South West Creek, with 30,000 new homes to be built.
“The construction of the airport will bring with it, new job opportunities as well as local dining and entertainment options. Property prices in Badgerys Creek and the surrounding suburbs have seen significant uplift in recent years and will likely continue to grow in line with the area’s expansion,” Rigby said.
Northern Beaches suburb Brookvale, which neighbours Manly and Dee Why, will become the new hotspot for those wanting a beachside lifestyle, said the Upside CEO, especially as the local council has a plan to transform Brookvale from an industrial area into a vibrant residential and commercial hub”.
“The council’s vision for Brookvale will see more bars, cafes and restaurants in the area, as well as new residential developments,” said Rigby.
“Adding to the area’s appeal is the B-line bus network connecting residents to the city, the recently opened Northern Beaches Hospital and the planned Beaches Link tunnel, which will connect the Northern Beaches to the Warringah Freeway and south across the harbour through the Western Harbour Tunnel to WestConnex.”
This western Sydney suburb is just a 30-minute commute time away from the city and has become popular for its local restaurants and cafes and for the greenery accessible at the Auburn Botanical Gardens.
“Cumberland Council also has big plans for the area, with the Auburn Residential Strategy outlining a major plan for expansion to accommodate increased residential growth over the next decade.”
This once industrial precinct is fast becoming an innovation and technology hub, with South Eveleigh (formerly known as the Australian Technology Park) soon to be joined with a new Central-Eveleigh innovation and technology precinct, dubbed Australias ‘Silicon Valley’, which Aussie software giant Atlassian has said it will move into.
Commonwealth Bank’s new headquarters are already based in South Eveleigh, and popular multi-arts centre Carriageworks is on the other side of Redfern station.
“With lots of new residential developments, restaurants, cafes and good public transport in the area, Eveleigh is fast becoming the ideal suburb for young professionals, hipsters and young families,” said Rigby.
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