Jessica Darnbrough
Avalon and Annandale have been named as the hot spots for Sydney’s property market in spring 2010.
According to real estate mogul John McGrath’s latest market review, the Sydney beachside suburb of Avalon offers the best buying opportunities for property buyers that are looking for the perfect house.
The suburb was closely followed by Bronte, Five Dock, Hunters Hill and Neutral Bay.
But for those homebuyers more interested in buying an apartment, Mr McGrath said Annandale, Chippendale, Concord, Potts Point and Rozelle offer the best buying opportunities.
Recent statistics from RP Data suggest apartments may soon offers property buyers the best bang for their buck, with apartments now outperforming houses in average annual price growth.
“Over the past five years, apartment prices have risen 7.4 per cent p.a compared to 7.1 per cent for houses. This is a new trend because over 10 years houses are way ahead at 9.9 per cent compared to 8.0 per cent for apartments. Changing demographics will contribute to apartment popularity with the ABS predicting the most common household type will be couples without kids by 2013-14,” Mr McGrath said.
