Where to buy in Australia’s toughest property market
Australia’s leading property experts have revealed the best suburbs to buy into this year, in the country’s toughest real estate market.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
As Sydney ushers in a new year of real estate, these leading property gurus have shared their insights into the suburbs expected to see growth this year.
‘BEST SYDNEY SUBURBS TO BUY INTO, IN 2024’
Hills District and South West
House and land packages are the pick for these areas, according to Ray White chief economist Nerida Conisbee
“It is now a lot more expensive to build a new home so buying a home a couple of years old in these areas is a smart purchase,” she said.
She said construction costs had risen so much – 27 per cent nationally – that in many places, replacement costs were much more expensive than established homes are currently selling for.
Dee Why
LJ Hooker Group’s head of research Mathew Tiller said more listings will create more choice for buyers in early 2024.
“Likely hotspots for 2024 will be suburbs where values have steadied or fallen during the past year but will be attractive to buyers because of affordability,” he said.
“Also, suburbs that have a median price that is better for the budget compared to neighbouring suburbs should see a solid demand.”
He said Sydney hotspots included Dee Why where apartment prices fell 8.4 per cent in 2023.
Glenmore Park
“Glenmore Park is offering good value for families with its median house price falling 2.4 per cent to $1 million; while Raby in Sydney’s southwest saw its median drop 1.8 per cent to $865,000,” Mr Tiller said.
Coogee, Kingsford and Kensington
Buyers Agent and author Lloyd Edge highlighted Eastern Suburbs locations Coogee, Kingsford and Kensington.
“Coogee is a gentrified coastal suburb in Sydney’s South-East, on the cusp of significant growth thanks to increasing infrastructure projects scheduled for the near future,” he said.
“The $2.2 billion South-East Light Rail connecting the area to Circular Quay is expected to further elevate its property demand and drive up prices.”
“Kingsford is a residential suburb situated just south of the University of New South Wales, and a stone’s throw away from Coogee Beach. It will also benefit from the South-East light rail project, providing a direct link to the CBD.
“Kensington, located in the City Of Randwick, is known for landmarks like the University of New South Wales and the National Institute of Dramatic Arts (NIDA). It’s set to gain from the southeast light rail project as well.”
Areas around Sydney Metro
Laing and Simmons chief executive officer Leanne Pilkington said the main factor to consider when investing was infrastructure and how much is happening in a location.
“Sydney has the Metro transport program going out further,” she said.
“It will run from Tallawong all the way to the city with places like Five Dock having a station opening up.
There’s a lot of moving parts across Sydney and investors need to look at the yield and vacancy rate.”
Originally published as Where to buy in Australia’s toughest property market
First look: Giant ‘sky-mansion’ tower on quiet residential street
Plans for a giant riverfront tower, which will boast the Gold Coast’s largest penthouse, have been unveiled for a residential street which have been high-rise free until now.
Experts make major rate call
Aussies are doing what the Reserve Bank of Australia is asking and cutting back on spending, but they might need to wait nine months for a reduction on their mortgage.