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Jessica Darnbrough
Bellevue Hill, located in the eastern suburbs of Sydney, has been identified as one of the best place to buy a house over the coming quarter.
According to John McGrath’s quarterly market review, suburbs just outside of Sydney’s CBD offer the greatest buying opportunities for potential home owners.
Breakfast Point, Bronte, Glebe and Haberfield were also included in John McGrath's top suburbs for houses.
Meanwhile, Cremorne Point, Cronulla, Kensington, Newtown and North Parramatta were identified as the top five suburbs in which to buy an apartment.
Speaking about his top suburb picks, Mr McGrath said while the residential property market had slowed considerably over the last six to 12 months, the inner city suburbs of Sydney were largely defying this trend, recording strong value growth.
As such, Mr McGrath said there were still plenty of sound buying opportunities in the market.
“It is always darkest before the dawn. It seems a lot of people are interested in buying quality property but many are standing on the sidelines looking in. Fear of a second correction has created some hesitation in sections of the market. However this is not representative of the general marketplace in high demand regions, where there is still reasonably strong buying up to $2 million for the right properties and a reasonable depth of demand above $2 million,” he said.
“Last year I predicted solid growth in 2011. While that prediction may be slightly delayed, I still feel the worst is behind us and we are at the beginning of a long term growth cycle. My best read is this will gradually move throughout the country starting in major eastern seaboard capitals and continuing for some 3-5 years.”
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