If you’ve been looking to buy a property in Sydney, I’ve just made it A LOT easier for you.
According to a report in the Daily Telegraph, there’s only one suburb worth investing your money.
Yep, with Sydney’s housing market sinking into a lull experts say could last around two years, the only suburb showing conditions conductive to further growth in property prices – and that’s Drummoyne.
However, though the only suburb set to show further growth of the 700 in Sydney, Drummoyne is not expected to show strong growth, according to Hotspotting’s price predictor index.
The report tracked rises in sales volumes, which tend to be a precursor for price growth, revealing transactions had been rising in 70 suburbs at the start of 2015.
Sales in popular areas like Auburn, Bankstown and the CBD have become particularly scarce.
So what does this mean?
The return to softer conditions will put a prolonged freeze on the value of homes, but will not drive a substantial fall in prices, Hotspotting director Terry Ryder said.
Part of the reason for the current downturn is that investors are abandoning Sydney in favour of more affordable capitals like Adelaide and Brisbane.
Other Sydney areas set to weather the downturn are reportedly those set to benefit from new infrastructure, which will increase the population; such as Campbelltown, Blacktown and Camden.
Source: Daily Telegraph