Suburbs poised for up to double digit growth in 2020
Matt Otway and Peter Shield of PMC Ray White in Sydney market high-end property developments from the bustling Inner West and Inner City to laid back South Sydney. As 2019 draws to a close, we’re seeing sustained growth and recovery of the property market. Financial commentators are predicting that certain Sydney suburbs are poised for up to double digit growth in 2020.
High-income suburbs in Sydney are among the areas tipped to rebound strongly, notching up at least 10 per cent growth on average in 2020. Sydney and Melbourne are forecast to lead the nationwide recovery next year with apartment prices in Sydney are predicted to increase by 7.9% and house prices on track to rise by 7.7%.
Marrickville, along with other suburbs in Sydney's inner south, could report a nearly 15 per cent rise in house prices, Moody's Analytics says. Purchasers in The Property Gallery’s Ode Marrickville are therefore set to enjoy immediate capital growth, having already locked into a purchase price in 2018 or 2019. Other suburbs with a predicted rapid growth include Botany, Marrickville, Sydenham and Petersham. The Property Gallery is currently selling The Siding in Petersham, which is therefore an attractive option to purchasers.
Sydney's inner west, which includes Canada Bay, Leichhardt, Strathfield, Burwood and Ashfield, is also set for a strong rebound – house prices are forecast to rise 11.80 per cent following a drop of 8.1 per cent in 2018.
Western Sydney's Blacktown area including Eastern Creek and Mount Druitt are on track for a growth spurt next year with house prices expected to rise by 10.9 per cent.
Also tipped to outperform the Greater Sydney market are Baulkham Hills and Hawkesbury in Sydney's north-west where house prices are poised to jump by 11.1 per cent next year following a 7.7 per cent slump in 2018.
If you’re looking to purchase a brand new, high-quality off the plan apartment, contact Matt Otway on 0424 199 009 to virtually inspect their diverse range of properties, suitable to all lifestyles, family units and budgets.
Source: Financial Review