New South Wales’ top suburbs have been identified, with McGrath Estate Agent’s chief executive John McGrath selecting his 'best picks' for the season ahead.
According to Mr McGrath, Erskineville in Sydney’s inner west will continue to attract strong rental yields, while St Ives and Forestville will provide families with good value for money.
“Erskineville is adjacent to the thriving King Street retail precinct, where all the smart money that can no longer afford Surry Hills is going,” he said.
“The university and hospital also create a strong rental demand for investments in the area.
“St Ives, on the other hand, is a leafy north shore area where $1 million will still buy you a great family home that would cost $1.6 million in the east. Believe me when I say that it is hard to surpass this area for great family living with its own village.
“Finally, Forestville is one of a few forgotten suburbs wedged between the popular surfside beaches in the north and the leafy north shore. But it lacks nothing except awareness as it ticks all the boxes for great lifestyle and capital growth.”
Mr McGrath said overall, Sydney is the frontrunner among the capital cities in recovery, with research from RP Data showing Sydney house prices were up 3.4 per cent for the year to January.
“There are also encouraging signs in Brisbane, where house prices have risen 2.2 per cent and apartments are up 3.2 per cent,” he said.
“This year will be the turnaround year. Those who get in first will reap significant rewards as they ride the wave of price growth from the bottom.”