Sydney’s inner west has some of the fastest growing housing prices, according to a recent report.
John McGrath’s Summer Market Review 2009 counts Artarmon, Balmain, Haberfield and Hunters Hill as among the top performing suburbs in terms of capital growth.
According to the report, NSW is bursting at the seams especially in the sought after inner ring – five to 10 kilometres from Sydney’s CBD. “
This is due to supply and demand, as there has been very little building activity to keep pace with Australia’s growing population,” the report said.
Tightened lending credit, rising interest rates and lack of development means that there has been a severe shortage of property listings for Sydney houses in the last 12 months, “about 23 per cent down on last year,” according to the report.
“Record population growth will continue to push residential property prices higher over the next 24 months especially in the inner ring and beachside locations,” the report said.
The report also said that an investor surge is likely to occur in April 2010 as investors pick up the slack of first home buyers, who might ease off when the boost expires on 31 December 2010.
Other top capital growth suburbs included Brighten-Le-Sands, Curl Curl, Gosford, North Parramatta, Northbridge and Queenscliff.