Is It Still Possible to Find Undervalued Properties in Sydney Today?

ROBINA, Australia - Nov. 4, 2014 - PRLog -- Here is the good news, Sydney’s property market is experiencing unprecedented growth. The bad news is, finding a decent two-bedroom house in the inner city can be ridiculously expensive enough to make a poor man weep.

A recent state of the states report from CommSec released just last October showed NSW house prices rose by as much as 14.3 per cent in a year. New house construction was noted to be 7.3 percent higher than the previous year.

Also, a report from BIS Shrapnel claimed that despite the median property price being over $800,000 already (after a 17% climb in the past 12 months), there could be plenty of room left for Syndey’s price boom – with property consultant and analysts forecasting the median house price to skyrocket to $900,00 by 2016.

“Housing price increases are positive in the sense that it restores confidence in consumers,” Premier Mike Baird said.

The whole situation is not all too dim for new homebuyers and average-income investors though as it is still possible to find undervalued properties in the capital today.

Where? Consider the suburbs.

Yes, there are still hundreds of suburbs in this behemoth of a city that remain out of the headlines and off the real estate radar, yet are great places to live in and occasionally have better price gains.

Take Wareemba, for instance, which Home Price Guide head of research Louis Christopher named as one of Sydney's secret gems.

Many probably never heard of the place before, so here’s a short geography lesson. This little suburb is conveniently located near Drummoyne, sandwiched between Russell Lea and Abbotsford.

Wareemba’s price gain is not as dramatic as its surrounding suburbs with its median price levelling only at around $590,000 last 2013 – a bargain compared to neighbouring Russell Lea’s $872,000.

Now, if it is such a gem, why is it not on many property listings?

The fact of the matter is property investment consultant would market a Wareemba house as located near “Drummoyne area” because many people don’t actually know where Wareemba is. Many Sydneysiders tend to believe that any unheard of suburb is several miles away from the city centre. They just didn’t know that a beautiful two-bedroom house at $600,000 or less could be right near Abbotsford’s prestige homes.

Another suburb worth looking into is Banksia, located in Sydney’s south end. This is one of those places no one really knows about, but is just about ten kilometres away from the middle city ring.  This is also one of those suburbs where bargain properties are aplenty. Median price is just $442,000 in the previous year and hasn’t really increased much during the last 12 months. Average-income family who are looking for a nice home should start property hunting in Banksia now while affordable houses are still available, because the suburb is attracting investors from Sydney’s eastern suburbs who want to buy a house rather than an apartment or condo unit.

Other Sydney suburbs worth checking out include Waterloo, which is just one suburb away from the inner city; Oatlands, which boasts access to main highway; Winston Hills, which boasts a line-up of old Victorian homes; and Darlington, which is conveniently located just behind Sydney University.

Sydney has more than 700 suburbs and hundreds of them remain relatively unknown. So forget the price bubble hype because it still possible to buy undervalued properties in the capital today.

For more information and tips, visit our website at http://www.property-investment-consultants.com.au and sign up to receive our free e-book.