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NSW continues to be Australian investment hotspot

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NSW has always been one of Australia's most crucial commercial hubs, and fresh research suggests that those in property development will want to pay a lot of attention to the state.

Property research group CoreLogic RP Data recently released its latest "Million Dollar Club" findings, which identify the most lucrative suburbs around the country. To earn a spot in the club, suburbs must boast a median residential property value of at least $1 million and have recorded 10 or more sales over the past year.

Overall, CoreLogic RP Data reported that well over 400 suburbs have joined the club in the 12 months to date. This was driven largely by a 11 per cent surge in total capital city home values across the nation during this period.

However, in a state-by-state analysis, there is one clear winner - with all but three of the suburbs in the top 20 hailing from Sydney.

Suburbs from the NSW capital took out the top five spots, with Point Piper on top thanks to a median house value of $5,596,397. 

The rest of the entrants in the top 20 came from Western Australia, which recorded only two suburbs, and Victoria with just one.

CoreLogic RP Data's Head of Research Tim Lawless commented that while there is more to look forward to over the coming months, expectations should not be set too high.

"With dwelling values continuing to trend higher, particularly in Sydney and Melbourne, we anticipate that the number of suburbs with a median value of more than $1 million will expand further over the coming year," he said.

"However, with growth levels potentially moderating over the coming year we aren't likely to see as substantial a jump in the number of suburbs as what has been seen over previous years."

With NSW posting such promising figures, property investors and developers targeting the region could be in for a lucrative period.

Date Published: 23 Aug 2015
Category: General News

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