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It’s been a rollercoaster ride for Aussie property this year, with home prices in NSW’s capital hit harder than any other city.
But there is some light at the end of the tunnel, with these 10 Sydney suburbs topping the list of ones to watch for the year ahead, according to real estate expert and chief executive of Starr Partner, Douglas Driscoll.
Some of the most surprising suburbs on this year’s list are in the inner west, northern beaches and eastern suburbs, while the north west also has a few areas to watch.
Billed to become Australia’s Silicon Valley, Eveleigh, next to Redfern, is a hip inner-city suburb to keep an eye on.
“If the house price growth in San Francisco’s tech epicentre is anything to go by, the new technology and innovation project, which will bring more jobs and start-ups to the area, will in turn raise Eveleigh’s prices,” Driscoll said.
With lots of new apartment developments, the Carriageworks arts centre, cafes, good public transport, and only a short walk to the city, Surry Hills and Newtown, Eveleigh is the ideal suburb for young professionals, hipsters and young families, he said.
First Surry Hills, then Redfern, now Waterloo is next in line to become one of Sydney’s reborn residential hotspots.
“Close to parks, the airport, and Sydney CBD, Waterloo is undergoing a major skyline transformation with a wave of new apartments. Danks Street is buzzing with galleries, shops and a booming dining scene. A metro line is being discussed, but Green Square and a bus network provide public transport options,” Driscoll said.
It once had a reputation as an edgy suburb, sensationalised through documentaries, but Maroubra is nowhere near as menacing as its fictitious reputation.
“It still offers relatively affordable prices compared with Sydney’s eastern beaches. As it continues to gentrify, Maroubra, like Bondi and Coogee, will continue to grow as a sought-after beachside suburb,” Driscoll adds.
Many Sydney-siders dream of living nearby the beach, and according to Driscoll, Brookvale provides an affordable option, with average house prices $150,000-$180,000 cheaper than neighbouring Dee Why and Allambie Heights.
A masterplan to turn Brookvale into a vibrant precinct is on the cards, which will add bars, cafes and restaurants as well as residential opportunities to the area. Adding to the infrastructure is the B-line bus network connecting residents to the city, the recently opened Northern Beaches Hospital and the planned Beaches Link.
“The Northern Beaches has often been viewed as a fickle market, but for the here and now it is in demand – and becoming more popular.”
5. Baulkham Hills
Often seen as a poor relation to neighbouring Castle Hill or Bella Vista, family-centric Baulkham Hills is gentrifying and coming into its own.
Only 20 per cent of the suburb is rented, which is good news for owner-occupiers, it also means the market is not oversaturated for investors, he said.
While we have already seen investor activity in the area, the multibillion-dollar Sydney Metro Northwest rail line, set to open early next year, will cause a ripple effect in Baulkham Hills. With the new train station, ample buses, and M2 Motorway off-ramp, transport links are not hard to come by.
As Sydney grows, its boundaries become blurred and redefined.
Once considered in the western Sydney heartland, Auburn is now being absorbed into the inner west. It is a cultural melting pot that wears its multiculturalism like a badge of honour.
The family-owned restaurants offering a range of cuisines is a foodie drawcard, and nature lovers can take a stroll through the Botanical Gardens. Better yet, properties are cheaper than those in neighbouring suburbs such as Lidcombe and Strathfield.
7. Millers Point
“I see Millers Point really taking off. Following the completion of the controversial sell-off of public housing, I do believe a sense of community will continue to grow in this suburb,” Driscoll said.
Equidistant between Barangaroo and the CBD, it is in a prime location but is still surprisingly quiet. This suburb is the next Surry Hills or Paddington; it has heritage terraces, lively pubs, and a strong community-feel.
“With change happening all along that part of the harbour foreshore, Millers Point it will continue to grow in popularity,” he said.
8. Castle Cove
One of Sydney’s best kept secrets, Castle Cove is a charming suburb on the foreshore of middle harbour.
Although properties are tightly held, most are detached, on decent plots and have elevated views – some of the most interesting in Sydney.
Despite being only 10kms from the CBD, Castle Cove is leafy, green and well connected by bus.
Its charm is that it does not have major supermarkets and shopping centres, but residents have an abundance of great eateries, cafes and grocery stores. With a public school and a golf course, Castle Cove is solitude without isolation.
9. Breakfast Point
With beautiful harbourside walking tracks and hipster cafes, Breakfast Point is a trendy inner west suburb that is tantamount to a beach lifestyle.
Once a gasworks, there are now a lot of well-designed masterplanned communities, which makes it attractive for young families and people downsizing.
A direct bus line takes commuters to Sydney CBD, or they can catch a ferry from nearby Cabarita wharf.
This nascent suburb has been on my radar for a while, but it has been a slow burner.
Billions have been spent in the area on masterplanned developments and infrastructure projects, and the metamorphosis is set to continue.
Blacktown City Council recently announced strategic plans for a new town centre, retail and commercial developments, and public spaces.
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