A senior economist claims that thanks to significant growths in office developments, hubs in Sydney’s North West have been identified as prime spots for significant growth in coming years.
Jason Anderson, senior economist at property advisory MacroPlan Dimasi, recently revealed the verdict at a conference. He suggested that several northern Sydney suburbs would enjoy a noteworthy rise in popularity, with a large amount of demand coming from young professionals.
Smart Property Investment magazine reports him saying that business hubs at Macquarie Park and North Ryde are increasingly attractive to businesses looking for alternatives to the high prices found in the city centre. Businesses relocating due to rising commercial rents will have a knock on effect on the number of individuals looking to live in the area.
University students were also highlighted as contributing to a potential boom and Mr Anderson claimed that the growth can be seen across the whole of Western Sydney and in the North West particularly.
Mr Anderson offered some advice for any property investors considering purchasing, revealing research that forecasts a rise in property prices by 5.5% per annum and a boost to rental prices by 6.5% per annum. He suggested that now might be a good time to invest.
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