Balmain has been identified as the Sydney suburb to watch in 2012.
In his latest Market Review, McGrath Estate Agents' chief executive John McGrath said Balmain would be a good place to buy for those looking for a house or apartment in Sydney’s metro region.
Other suburbs that are expected to excel over the traditionally hot spring selling season are Dulwich Hill, Frenchs Forrest, Lilyfield, Manly, Marrickville, Newtown, Palm Beach, Sans Souci and Surry Hills.
According to Mr McGrath, there is a new air of positivity in the marketplace in the lead-up to the biggest selling season of the year.
“The opportunity to buy at the bottom might already have passed with new data showing price stabilisation and even growth in some markets, particularly Sydney,” he said.
“Buyers appear to be less cautious and looking to make a new purchase over spring. Loan applications are up, as are clearance rates with Sydney recording its highest clearance for two years on August 4 at 68 per cent. We are seeing more buyer enquiry and multiple offers on some homes, so indications are demand is on the rise."
While Mr McGrath wouldn’t go so far as to say that the market had turned a corner, he did say there are signs that properties, especially in Sydney, are heading in that direction.
“I think the market will turn around to the positive in 2013 and people are realising this is potentially the last opportunity to get in at current market prices in Sydney, Brisbane and regional areas,” he said.