We’ve all read The Tale of the Ugly Duckling and (*spoiler alert if you haven’t*) know he turns into a swan in the end. Now, one property expert has said the same goes for Australian property…
I’ve always really fancied the challenge of buying an old, rundown wreck and turning it into something wonderful. So much more satisfying than buying a modern box and moving straight into the show home.
“Today’s ugly ducking suburbs are tomorrow’s real-estate swans,†says National property researcher Terry Ryder of www.hotspotting.com.au. The man has a point. Let’s look at London – just because it’s outside my window. Remember how awful Notting Hill used to be and now it’s a Sienna Miller boho dream complete with my all time favourite Hummingbird Bakery.
Across the pond in New York, the Meat Packing District used to be heaving with cow carcasses and men in wellie boots and is now too cool for school and incredibly expensive.
So, of course the same goes for Australia. Wannabe property investors are being urged to target Australia’s cheap, up and coming ‘ugly duckling’ locations whilst they are still affordable, and be safe in the knowledge that they improve in looks and value.
According to Mr Ryder, these suburbs offer the best potential growth prospects in the current uncertain property market. But, if you are anything like Hyacinth Bucket (‘Bouquet,’ darling) and like to keep up appearances, these down at heel locations may not tempt you.
Still, first time buyers or those investors looking for more bang for their buck should definitely consider these up and coming spots.
Mr Ryder said, “Now, more than ever, the affordable ‘Ugly Duckling’ suburbs – which are considered unattractive by those looking through uneducated eyes, but have the potential to transform into something completely different and highly appealing, are the ones with the best prospects.
“With ongoing interest rate reductions and big increases in the First Home Owners Grant, buyers need to focus even more intensely on the cheaper areas of our major cities as they will deliver the best future price growth,†he added.
Mr Ryder has recently completed a new National Top 12 Ugly Duckling Hotspots report that highlights his leading independent recommendations for real estate investors.
All of the listed locations have typical property prices below or around £130,000), but it’s not just about the money.
“Successful investors need to identify those locations that have underlying contributing factors or ‘big kickers’ to out-perform the market in coming years.
“These include major projects and government initiatives which generate economic activity, jobs, improved lifestyle and community appeal and, most importantly, convenient transport links.
“Public transport, especially train connections to cities, is now arguably the biggest driver of price growth in Australian real estate and plays an important role in the future prospects of all Ugly Ducklings,†adds Mr Ryder.
Some of the Ugly Ducklings include Cabramatta in New South Wales, which is the centre of an economic/population growth area; Dandenong in Victoria, which is undergoing a massive rail upgrade and Rockingham City in Western Australia which is getting a huge new shopping centre.
For more information on Australian properties and the market in general, please visit http://australia.themovechannel.com/
-ENDS-
Notes to editors:
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