Despite soaring property prices in Sydney and Melbourne, it's those two areas which are continuing to attract investors, according to Realestate.com.au’s Investor Hotspots report.
The report revealed the top 10 suburbs where the most people are searching, with Parramatta
in Sydney's west coming out on top.
Victorian suburbs Point Cook
(25km south-west of the Melbourne CBD) and Carlton
(2km north of the Melbourne CBD) came in second and third.
The remaining suburbs from fourth to tenth place were Blacktown
(NSW), Glen Waverley
(VIC), Penrith (NSW), Frankston
(VIC), Auburn (NSW), Brunswick (VIC) and Liverpool (NSW).
The Principal of the Parramatta LJ Hooker Nathan Sahyoun said investors Australia-wide are looking towards New South Wales and Victoria because they still have excellent investment opportunities.
“With the New South Wales government investing in Sydney’s west, it’s no surprise investors are interested in these areas,” said Sahyoun.
“The increasing living opportunities, as well as the growing arts and culture hub are truly cementing long term capital growth in the area.
"With a second airport planned for Sydney’s west, I suspect investors will continue to flock to Parramatta for many years.”
Other vital pieces of infrastructure which should help transform Sydney's west include the WestConnex and the North West Rail Link.
Paul Wolff, Director of Porter Davis Melbourne, said Point Cook is attractive to investors because of its value as a great suburb that's not to far from the Melbourne CBD.
“Driving from Point Cook to Melbourne CBD only takes about half an hour which is really short compared to other investment areas including Werribee
and Hoppers Crossing,” said Wolff.
“The proximity to the city is not only attracting investors, but also foreign and second and third home buyers."
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