By Ashley Osborne | Head of UK Residential & Managing Director – International Properties
With the rising population, low unemployment rate and excellent quality of life, Sydney is a desirable location for real estate investors. Here are the 5 suburbs in Sydney that are expected to be upcoming hotspots.
New residential, commercial, educational, and transportation developments will greatly impact property value over the next 5-10 years.
This well-established hub, also known as Sydney’s second Central Business District (CBD), is becoming the new core in the region and here is why it should catch your interest:
- $8 billion construction projects are in the pipeline along with billions for new commercial centres, residential apartments, educational facilities and major new transportation systems.
- The $2 billion Parramatta Square project is an exciting three-hectare development in the middle of the CBD that will include new restaurants, government offices, and recreational centres.
- For public transportation, the major projects are the WestConnex road widening, North-West Rail Link project, and the new Western Sydney Airport which is only 28 kilometres from Paramatta.
The current median house and apartment prices are more affordable than neighbouring suburbs, making Canterbury a lucrative location for property investment.
Canterbury is expected to be an investment hotspot in 2017, attracting both young families and professionals. As the inner city becomes more expensive, people are looking towards surrounding suburbs such as Canterbury which is an attractive alternative for the following reasons:
- It has its own train station and is just five train stops away from the city. With the suburb rezoned to allow for higher density housing and more shopping developments, property values are expected to increase.
- As more properties are being developed, this area will go through major transformations and become a desirable residential neighbourhood. This high growth area is expected to see 4,000 new apartments in the next five years.
Expected increase in population, shorter commute and enticing residential developments will make this residential hub a great hotspot for investment properties.
Castle Hill is experiencing a strong growth as the area is expected to have a 75% population growth over the next twenty years mostly consisting of families and young professionals. To cope with the influx of immigrants, the following infrastructures are being developed:
- The construction of the new Sydney Northwest Metro station in Castle Hill, anticipated to be completed in 2019, will substantially cut commute time from 1 hour to only 35 minutes between Castle Hill and Central Business District.
- Castle Towers, a current shopping complex, will be undergoing a $900 million expansion plan to keep up with future needs of the suburb. When completed, it will become Australia’s second largest shopping centre.
Only 15 minutes to Downtown, 20 minutes to The University of Sydney, and recreational facilities within 5km radius, Erskineville is one of the most diverse neighbourhoods in Sydney.
Once a hub for student and young singles, Erskineville is now seeing a mix of demographics moving into the neighbourhood including young families, couples, and baby boomers. Besides great transportation infrastructure, here is why Erskineville is attracting so many people:
- Strategically located 3 kilometres from the business district and with their own train station, residential prices are slightly more affordable compared to neighbouring
- A major development in Erskineville is the Ashmore precinct, one of Sydney’s largest urban development projects where approximately 6,000 residents will move into.
The combination of booming property developments and a strong transportation system will make Summer Hill an upcoming hotspot.
This primarily residential suburb has a charming village feel with a rich cultural heritage. This central location makes it a haven amongst families, students, and young adults. It also:
- Benefits from a multitude of connecting public transport, it has the Summer Hill railway station, Lewisham West light rail, and four bus routes servicing the area.
- Has one of the top private school for boys, Trinity Grammar School
- Plans to transform The Flour Mill, one of Summer Hill’s most recognizable historical building into a residential and commercial hub.
There is no doubt that Sydney is a hot market for buying property with the increasing population, along with vast infrastructure developments and continuous high standard of living – all important factors when looking for your next overseas investment. For further research you can view our listed properties in these Sydney hotspot or read more about Australia’s property market.