Kingswood named property hotspot for 2014
PRDnationwide’s national research team have just released their biannual ‘Sydney Hotspots’ report, and Kingswood is named as one of three House Hotspots. Their description of the neighbourhood also highlighted the positive growth expected in the wide Penrith area:
Kingswood is located in the Penrith growth corridor and offers a variety of dwelling types to suit all buyers. It is close to the expanding University of Western Sydney and the Penrith CBD, public transport, the M4 and the Great Wester Highway. Penrith is set to become a major economic hub for Sydney with strong investment in industrial and commercial facilities.
The report identified the median house price in the area as $600,000; 33% of properties are 2 bedrooms, 48% 3 bedrooms and 19% 4+ bedrooms.
The report also commented on the health of the Sydney property market in general:
Moving into the second half of 2014 there is mixed opinions on the direction of the Sydney property market, Exponential growth over the last 12 months will, predictably, result in unaffordability peaking for many Sydney buyers. Despite this, key indicators suggest good growth particularly for buyers over the long term. Indicators such as supply, population growth and significant infrastructure investment all provide positive signals for the Sydney market.
PRdnationwide Principal Darren Latty said this fits with his recent experience:
”The vast majority of people we’re seeing at open homes are investors from other suburbs, attracted to Penrith and the surrounding area because it has huge potential but is still more affordable than inner suburbs. We can’t sell things fast enough at the moment, just last weekend we had an open home in Kingswood and all 19 attendees were investors – 7 offers were made and the sale was agreed on the day. That’s a typical experience for us right now.”