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Throughout the state, there are some locations that can grant a return on investment in just a few years, according to a Mortgage Choice release.
Hotspotting director Terry Ryder outlined some top areas in NSW. Borrowers are urged to avoid “already hot and frenzied regional areas” and use due diligence to recognise market trends.
“[People] wait until they hear reports that a location is hot and decide they want a piece of the action, but by then it’s often too late. Prices are already inflated and it is reaching the peak of its price growth,” said Ryder.
“Those who followed the tips in our report a year ago could have made close to $100,000 in capital gains spending as little as $400,000.”
Ryder highlighted three NSW suburbs that are expected to show positive growth in the near future. These areas were picked due to affordability, housing demand, and infrastructure development.
1. Albury-Wodonga
Being a crucial area for major businesses, the NSW-Victoria border towns are conveniently located between both Sydney and Melbourne.
Meanwhile, the military base means constant foot traffic is sustained and the currently under construction $31 billion Inland Rail project will provide connection between Victoria and Queensland.
“It’s got a wonderful location – lots of big businesses have major distribution centres there,” said Ryder.
The median house price is $865,000 and for units, it is $450,500.
“That’s another factor in favour of Albury-Wodonga as an affordable city with great growth prospects,” Ryder said.
2. Tamworth
Being described as an area “preparing for a resurgence,” the regional city of Tamworth could prove to be a smart investment opportunity.
Ryder said: “We’ve got people moving to the regions for an affordable lifestyle … It’s an important regional city, it’s growing, it’s got a lot of infrastructure investment happening.”
The median house price in East Tamworth is $653,000. The annual growth of properties was 9 per cent year on year over the last five years, with yields of 4 per cent.
3. Harris Park
For those unable to commit to regional living, there are suburbs in Sydney that are equally attractive. Harris Park, located just east of Parramatta is a great location for unit affordability.
Located less than half an hour’s drive from Sydney’s CBD, Ryder said that prospective buyers should have this suburb on their radar.
“A lot of people would turn their nose up at it, but people buy where they can afford in places with a lot of infrastructure … There are not many places in Sydney where you can buy places in the 400,000s,” he said.
The median house price is a hefty $1.39 million. However, the unit prices drop to a median of $482,000. In the last year, that median went up by around 11 per cent and rents increased by 14 per cent.
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