Roselands, Gymea and North Parramatta nominated as Sydney property hotpsots

PRDnationwide nominated three suburbs as their affordable house hotspots for 2017.

Gymea

Approx. distance from CBD: 20km

Median house price: $1,200,000

2 Bed Median Price $1,132,500

3 Bed Median Price $1,195,000

4+ Bed Median Price $1,235,000

Located south of Sydney, Gymea enjoys close proximity to Port Hacking, southern beaches and national parks.

The suburb has experienced continuing strong house median price growth of 13.1 percent over the last year.

A very low vacancy rate of 0.5% reflects the high demand for rental properties. It offers good accessibility for CBD commuters with its own train station.

An estimated $37.7 million of developments are planned for construction in Gymea over the 18 months from January 2016.

A five bedroom house at 110 Manchester Road, Gymea (above) was sold for $1,920,000.

North Parramatta

OVERVIEW

Approx. distance from CBD: 20km

Median house price: $1,107,035

• 2 Bed Median Price $850,000
• 3 Bed Median Price $1,107,035
• 4+ Bed Median Price $1,200,000

North Parramatta is not only close to the satellite city of Parramatta but is also home to Charles Sturt University as well as a number of prestigious private schools.

Located north-west of Sydney’s CBD its median house price has increased by a solid 9.3% over the last year.

Its situation, close to Parramatta’s continuously developing high-rise and commercial hub, as well as its own estimated $13 million of new developments, reflects the positive economic activity and impetus for the area.

A three bedroom house at 29 Gilbert Street, North Parramatta (below) was sold for $1,045,000.

Roselands

OVERVIEW

Approx. distance from CBD: 13km

Median house price $970,000

• 2 Bed Median Price $960,000

• 3 Bed Median Price $927,500

• 4+ Bed Median Price $1,120,000

Roselands is situated in Sydney’s south-west, near previous and current hotspot, Greenacre, with direct access to the key M5 transport route.

Over the last year it recorded solid median house price growth of 5.4%, together with low vacancy rates of 1.4% (less than Sydney’s rate of 1.9%) and rental yield of 3.0%.

Projects, with an estimated value of $155 million, are planned to commence in 2016 and 1st half 2017.

This extensive construction activity provides strong potential for Roselands’ future economic growth.

A three bedroom house at 136 Karne Street, Roselands (below) was sold for $995,000.