Inner West suburbs some of Top 100 places to invest
The latest issue of Australian Property Investor Magazine has named several Inner West suburbs as some of the country’s top 100 places to invest.
The magazine lists the top 100 suburbs and cities in Australia that are “primed for growth”.
Deputy Editor of the magazine Shannon Molloy says most experts agree now is a good time to invest in bricks and mortar.
“Things are heating up, and who can blame buyers?” she said.
“With interest rates as low as they are, it’s incredibly affordable to service debt at the moment.
“Couple that with lower entry prices and you’ve got ideal buying conditions, particularly with rents continuing to grow in most areas.”
The top 100 is listed in alphabetical order, with each region presenting strong investment potential.
Across the region Dulwich Hill, Enmore, Marrickville, Lewisham, Newtown and Summer Hill were all ranked on the top 100 list.
Dulwich Hill, Enmore, Marrickville all received favourable mentions due to Marrickville Council being proactive in regards to services and infrastructure. The local council was rated as one of the top 10 best-rated councils for the favourable conditions they offered investors.
The Inner West is also benefited by its close proximity to the Sydney CBD which has seen a changing demographic over recent years. An increasing number of young professional people have been moving to the area enjoying the easy access to the CBD. This has already resulted in price growth according to Michael Yardney from Metropole Property Strategists.
“Prices continue to rise, especially for apartments,” Yardney says. “These suburbs are going through gentrification and are becoming pretty trendy.”
Suburbs in the Inner West were also primed for growth with work continuing on the Inner West Light Rail Extension from Lilyfield to Dulwich Hill. Construction of the Light Rail is anticipated to be completed in 2014.
Michael Smith, principal of Raine&Horne Marrickville said the top 100 list confirmed a trend occurring in the local market in recent years.
“Marrickville earned the ‘new Paddington’ moniker due to the choice of quality homes in a variety of styles and price points, which are close to open spaces, great shopping and schools,” says Mr. Smith.
“There is also established infrastructure and reliable public transport, with the CBD only an average of seven kilometres away as the crow flies.”
Key Drives for Growth
- Population growth
- Proximity to CBD
- Strong rent returns
For more information on the top 100 places to invest list call Raine&Horne Marrickville on (02) 9560 7599.
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