Last week we covered Australian suburbs in Melbourne and Adelaide to watch out for in 2019 due to experience strong property growth due to the key factors of new infrastructure projects, lifestyle factors, affordability and their attractiveness to young people.
This week we cover Queensland and the main Australian city of Sydney.
Chief economist of Australian property website realestate Nerida Conisbee is predicting these key factors to have a big influence on some Australian suburbs, and Queensland is expected to be a beneficiary.
Here she shares her predictions for the suburbs of Queensland that she feels are likely to see growth in their property markets.
- Paddington, Brisbane: The inner northern, premium suburb is exploding in popularity due to its broad appeal to both younger and older buyers, its affordability and its proximity to the city.
- Chandler, Brisbane: The outer suburb offers ‘massive homes’ and ‘big properties’ on acreages with a median price of $1.5 million.
- Tallebudgera Valley, Gold Coast: Sydney buyers priced out of the New South Wales capital’s beachside suburbs are increasingly flocking to the Gold Coast area which offers a similar lifestyle for a fraction of the cost.
Meanwhile property company Starr Partners chief executive Douglas Driscoll feels that Sydney has some of the Australian suburbs to watch over the next year, due to much the same key factors.
- Eveleigh: Billed to become ‘Australia’s Silicon Valley’, a new technology and innovation project will bring more jobs and start-ups to the area, which will in turn raise Eveleigh’s prices. There are also lots of new apartment developments in the works and amenities such as an art centre, hip eateries and good public transport.
- Brookvale: With average house prices up to $180,000 cheaper than neighbouring Dee Why and Allambie Heights, a masterplan to turn Brookvale into a vibrant precinct is also on the cards, which will add bars, cafes and restaurants as well as residential opportunities to the area.
- Waterloo: The inner suburb is next in line to become one of Sydney’s ‘reborn residential hot spots’ according to Mr Driscoll, who said the suburb was undergoing a major skyline transformation with a wave of new apartments in the works as well as a new metro line.
Maroubra, Baulkham Hills, Auburn, Millers Point, Castle Cove, Breakfast Point and Riverstone were suburbs also named as possible Sydney up-and-comers.
Overseas property investors may wish to look more closely at Australian suburbs that are ready to buck the trend of what looks like a weak Australian property market overall.