According to John McGrath, western Sydney is the best bet for property buyers looking to make money in 2019. Mr McGrath, who is an entrepreneur in the Australian real estate industry, predicted a great future in Sydney’s west due to the boost in infrastructure and government investment – including thousands of new jobs and a new airport.
Even amid Sydney’s recent real estate troubles, some regions have performed well, and are likely to in the future. Putney, which is on the river south of Ryde, tops Mr McGrath’s hot Sydney Suburb Picks. As per CoreLogic data, this region’s houses increased in value by 15.9% over the past year and 1.1% over the past three months – contrasting with a 7.6% drop in total house values in Sydney.
In addition, a new swimming spot at the Putney Park could further boost the property values in the area – Mr McGrath notes that the creation of a beach can boost values by about 5 percent.
“It creates a lot of interest and sex appeal and I think it will become a very appealing thing for residents in Putney and adjoining suburbs,” he added.
Meanwhile, Concord and Rhodes East may also see the boost of new beaches under the Parramatta River Masterplan – released on October 18.
On Mr McGrath’s list, suburbs with a traditional beach are usually the suburbs with the best prospects. For instance, Avalon Beach and Maroubra sit at second- and third-place respectively among Mr McGrath’s hot Sydney Suburb Picks – Avalon Beach is a northern beachside suburb of Sydney, while Maroubra is a beachside suburb in the Eastern Suburbs of Sydney.
Rounding out the top 5 are Earlwood, a suburb in south-western Sydney, with its relative affordability, and Stanmore, a suburb in the Inner West of Sydney.
Mr McGrath has predicted great things of Sydney’s western regions, particularly those with the allure of beaches – he has also singled out these five suburbs as likely to have a particularly favourable 2019.