By Rich Harvey, CEO & Founder, propertybuyer.com.au
As Australia’s biggest real estate market, Sydney gets the lion’s share of media coverage… but that doesn’t necessarily mean all the gem locations have been revealed.
One of the fundamentals for successful purchasing isn’t buying where the hot race has already run, but rather spotting those lesser-known suburbs which are full of potential for future demand.
Here’s my top picks for those under-the-radar addresses that will prove savvy choices for buyers in years to come.
1. Mortlake
A peninsula slice of Sydney positioned around 10 kilometres west of the CBD on the banks of the Parramatta River and Yarralla Bay, Mortlake’s story is one of gentrification and ‘bridesmaid’ appeal.
Adjacent suburbs include Cabarita and Concord, both of which have registered highly on buyer lists due to their family-lifestyle appeal. There’s parks, water and magnetic retail all helping focus buyers’ attentions in these areas.
In comparison, what’s held back Mortlake has been its industrial heritage.
But a transformation is underway. Medium density redevelopment is seeing the area’s appeal grow, and this is feeding demand for more cafés, restaurants and retail along its main thoroughfare.
Detached housing is not much of an option within the suburb boundaries. In fact, there’s too little sales volume to even generate a median value in realestate.com.au analysis.
But units are on a different story.
The annual unit median price of $860,000 has held steady for some years now, but as more new development comes to the area, expect to see that rise. Mortlake is a good buy-in option for those on a budget too. For example, Concords annual unit median is $1 million, so you can live in Mortlake for less and still have good access to the same services and facilities.
2. Eastlakes
Hands up anyone living outside of NSW who’s heard of Eastlakes? Well, it’s an inner address that should be watched by property addicts.
Positioned around eight kilometres south of the CBD, this suburb continues to fly under the radar of most tick lists. While its golf course is well known, the suburb’s dated attached housing and tired retail centre have put off buyers in the past… but that’s undergoing change.
The $750 million Eastlakes Live precinct by Crown will elevated the suburb’s appeal. The project will deliver new residential and retail product and is certain to attract new residents.
There is other new unit projects underway in the suburb too, so Eastlakes is becoming more of a developer favourite.
Combine this gentrification push with excellent access to both the CBD and airport and you have the making of a suburb soon to be flying above the radar.
Eastlake’s median house price is $1,672,500, while its unit median is $609,000. While not chump change, these figures are entirely reasonable in the Sydney market for such a great location.
3. Gymea & Gymea Bay
These adjacent suburbs are in the very hot-to-trot Sutherland Shire and are situated around 22 kilometres south of the Sydney CBD.
The appeal here is the relaxed lifestyle that allows residents to escape the hubbub of the inner city, but still enjoy the benefits of a Sydney lifestyle. The Royal National Park is just down the road with stunning natural waterways and bushwalks including the famous Coast Track.
Gymea Bay Road has seen a range of hospitality and specialist retail operations open in recent years, which has elevated the area’s appeal.
Gymea Station also makes for an easy commute to central workplaces. Then, on the weekends, it’s a quick trip to Cronulla Beach and its very cool café precinct.
Gymea has a dominant unit market with limited detached house listings. The best way to score a detached home here is via an experienced buyer’s agent. The Gymea house price median is $1.35 million and its unit median is $815,000.
If you’re keen on a detached home then Gymea Bay is your best bet as there are far more listings here. The median price is $1.651 million with excellent low-density living on offer and a great near-water lifestyle to boot.
4. West Pymble
The North Shore rides high as an area with prime property markets. Surely every inch of this popular Sydney region has been unearthed?
Well… not necessarily.
West Pymble seems to have stayed off everyone must-have lists for a while, and I believe it now offers and excellent opportunity for buyers keen to fly under the radar.
West Pymble is seen as somewhat insulated from neighbouring suburbs, such as Gordon and Killara, which have train stations and attractive retail options. And only a hop and skip across to the Macquarie Park and University precinct.
But this also means West Pymble offers a lower buy in price. While the West Pymble median house price of $2.213 million sounds expensive, it’s a relative bargain compared to Killara’s median of $3.9 million and Gordon’s figure of $3.07 million.
So, you’re within proximity of all the same facilities for around $1 million to $2 million less – a great indication of a market about to rise.
5. Elanora Heights
Elanora Heights is a dream location for families with features that offer a relaxed alternative to busier North Shore and inner-city addresses. The suburb is well elevated too. This means excellent views to water, including Narrabeen Lagoon and the Tasman Sea.
Elanora Heights is attracting new residents. There’s easy access to Ku-ring-gai National Park for the adventurous, and the Elanora Country Club for more sedate pursuits.
While there are retail and lifestyle services available around Kalang Road and Powderworks Road, comprehensive facilities in adjacent suburbs such as Narabeen and Mona Vale are easy to get to.
It’s annual median house price of $2.31 million might appear steep to anyone who’s never shopped for property in more expensive North Shore neighbourhoods, but in 10 years’ time this will seem very cheap.
Unearthing unrecognised opportunities in hot markets is the stock in trade of experienced buyers’ agents. We know exactly where to look when seeking a great option. If you’re keen to purchase in Sydney’s stellar market, and want to be ahead of the competition, be sure to contact us and discussed which under-the-radar suburbs meet your needs.
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