Sydney and the surrounding areas have enjoyed a healthy property boom in recent years. And although in 2017 and 2018, the property market has shown signs of slowing down and even a slight decline across some areas of Australia, certain areas around greater Sydney still show promise. Thanks to developments like Badgerys Creek Airport and improvements to transport links, properties in Sydney’s west are still going strong.
But what does the future hold for the property market? Let’s take a look at some expert predictions for the next five years.
As always, various reports offer differing opinions on the market’s pricing trajectory. Some experts, however, predict that Sydney’s median house prices will fall by around 2 per cent over the next financial year before slowly starting to rise again. A rise of 3 per cent is then predicted by the end of 2021, which is the smallest predicted increase across Australia’s capitals.
NAB have similarly predicted that unit prices in the Greater Sydney area will drop by 1.7 per cent by the end of 2018, but have then predicted a further 2.2 per cent decline in 2019.
Best areas to invest in property in Sydney and the surrounding areas
According to Hotspotting’s Price Predictor Index as of August 2018, four of the five suburbs that still showed potential for growth were situated in Sydney’s South-West.
Thanks to infrastructure projects like improved road and rail access and the building of the Badgerys Creek Airport, experts expect an increasing demand for properties in the area over coming years. Macquarie Fields, Rosemeadow, Spring Farm and Tahmoor were all named as promising areas to consider.
The fifth of the five suburbs predicted to show growth in the near future was Beaumont Hills, the only North Western suburb named in the Hotspotting report. Luxury homes and properties around this area are likely to maintain their worth and show some growth in the near future.
Outside the top five mentioned above, we expect the west/northwest of Sydney (Hawkesbury and Nepean) to perform well in terms of both buyer appetite and property prices in the longer term. With government initiatives such as the Western Sydney City Deal promising to improve connectivity, jobs, skills and education, this area will see improved quality of life, keeping it desirable.
So as Australia heads into the next phase of the property cycle, it seems on the whole more of a buyer’s market for the time being. If you’re looking for property for sale in Sydney or the surrounding areas, it seems that heading west is your best bet for the foreseeable future.
If you’re looking for property for sale in Sydney or its surrounds, check out our open homes. Or if you have land for sale in Sydney or the greater Sydney area, contact one of our friendly acreage and lifestyle specialists