Property prices are expected to climb 10 per cent this year, according to McGrath Real Estate.
In his latest market review, the real estate’s chief executive John McGrath has said property prices should continue to rise on the back of limited supply.
Moreover, Mr McGrath said investors and upgraders would also be responsible for an uptick in property prices.
“The first two quarters of 2010 will be the launch pad for a long period of sustained growth in Sydney property prices,” he said.
“I predict gains of 8 - 10 per cent in most areas this year. We saw a sneak preview in the last quarter of 2009 when properties between $250,000 and $1.5M all seemed to be enjoying a price surge due to increased buyer activity, notably at the lower end before the First Home Owners Boost disappeared. In 2010, there will be further upwards pressure on prices across the board due to low supply and high demand, particularly from upgraders and investors.”
Mr McGrath said he was encouraging investors to buy in areas they know.
Dishing out his top 10 picks for investors in 2010, Mr McGrath said Cammeray in NSW would be the best performing suburb this year in terms of house prices.
“I think Cammeray will be closely followed by North Wollongong, Queenscliff, Dee Why and Coogee,” he said.
Rounding off his top 10 investor suburb picks, are Lane Cove, North Parramatta, Erskineville, Surry Hills and Ryde.
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