Seven prime Sydney locations have been flying under the radar of home seekers for years and now offer the best opportunities to buy a home this spring, property tycoon John McGrath has revealed.
The areas included inner west suburbs Glebe, Dulwich Hill and Summer Hill, inner suburb Millers Point, Bardwell Park in the St George area, and Eastlakes in the southeast.
Long Jetty, on The Central Coast, was also included in the buyer shortlist contained in an industry report released by McGrath Estate Agents this weekend.
McGrath, one of the country’s most successful real estate entrepreneurs, claimed these areas had a good balance of lifestyle, value for money and value growth prospects.
Auctioneer John McGrath calls bids at a Lilyfield auction April 1, 2023. Picture: McGrath Estate Agents/NSW real estate.
They also appealed to the three buyer groups driving strong demand for Sydney houses: Baby Boomers and other cash buyers, first homebuyers and investors.
He said Eastlakes, 7km south of the CBD, resembled Paddington and Surry Hills in the 1980s.
This was right before those areas went through a large-scale gentrification process that pushed up home values and turned the locations into some of the most sought after suburbs.
“Handily positioned between the airport and the CBD, young families should be investigating (Eastlakes),” Mr McGrath said.
“It offers a mix of both affordable apartments and cottages, allowing upgraders the opportunity to buy a house for under $2m.”
Dulwich Hill has the potential to become a lot more popular, McGrath says. Picture by Max Mason-Hubers
Millers Point was flagged as a good opportunity for buyers because of the new metro line and nearby Barangaroo Station.
“An unbeatable spot with easy access to city life. It’s a short stroll to the Barangaroo precinct and the new Metro station, or the bustling charm of The Rocks.
“The area has gentrified with the transformation of many heritage terraces with stunning harbour views. Subdued price growth during the Covid years has created good buying opportunities today.”
Mr McGrath described suburbs Summer Hill and Dulwich Hill as “sleeper” villages.
“As the Inner West gets groovier and groovier, and the Light Rail makes it a short tram ride into the CBD you can no longer resist the attractiveness of these little sleeper villages. Some of the best coffee in Sydney makes this cool precinct a no-brainer.”
Long Jetty homes were good value, McGrath said.
He made similar comments about Glebe.
“This once working-class suburb on the edge of the CBD seems to have slipped under the radar by most. Can’t fathom why.
“A five minute stroll to the city, Sydney University, UTS, Darling Harbour and Broadway Retail. What more do you need to realise this sleeping giant is about to awaken.”
Bardwell Park offered value with a location on the fringe of the inner west but with cheaper prices.
Central Coast Long Jetty was going through something of an awakening, Mr McGrath said.
“This sleepy little beachside village was up until fairly recently ‘somewhat unfashionable’,” he said.
“Those days are over and this little jewel in the crown remains some of the best value on the East Coast.”
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