The inner west maintains poll position

Property-in-Sydneys-inner-west-remains-in-hot-demand_157_6000305_0_14100778_300The adage “inner west is best” continues to ring true, with momentum from 2014’s burgeoning property prices in Sydney’s inner city suburbs anticipated to endure well into 2015. This comes amidst generally cautious forecasts for the Sydney market leading to the new year.

According to predictions made by CoreLogic RP’s Senior Research Analyst Cameron Kusher, the rate of value growth in capital cities country-wide is expected to continue but at a much slower pace.

Nonetheless, the inner west continues to perform strongly. Figures released by CoreLogic RP Data’s Best of the Best report for 2014 indicate that demand for property in the inner west remains high and sellers have been all too happy to oblige. The final weeks of December posted a record number of auctions sales with AMP Home Price guide showing almost 400 auctions were set for the final days before Christmas alone, many of which were commanded by inner west sales.

High demand is a point reflected by surging prices across the region. Median house prices in Burwood Heights, for instance, have increased by 104.2 per cent over the past five years, a trend reflected in nearby Burwood which has seen a 36 percent increase over the past 12 months alone. A stone’s throw away in Balmain East, unit prices have grown an astounding 91.1 per cent over the past five years.

Factors such as proximity to public transport, a wide selection of schools and amenities, cafes and restaurants, as well as eclectic communities and a village atmosphere have likely contributed to consistent price increases.

As well improved infrastructure, such as the light rail line to Dulwich Hill, and high rental yields have a significant impact on annual price jumps. Older terrace houses, like those in Redfern and Chippendale, have also proved consistently attractive to higher end buyers and investors interested in a renovation project, and are likely to sustain interest as the market picks up after the Christmas/New Year period.

A perfect combination of highly covetable ingredients means that for those looking to sell or invest, the inner west is showing no signs of slowing down.

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