Marrickville and Parramatta also
placed high on a Australia Property Investor (API) list of Australia’s top 16
“up and coming” suburbs.
“We all wish we’d bought years
ago in those suburbs that were considered daggy and cheap but are now simply
too trendy and expensive for most of us to buy into,” API’s Lauren Cross
said.
“Investors should be trying to
buy into these suburbs now. They may seem unattractive but once they become
popular there’ll be plenty of growth for property values.”
While Maroubra had a concentration
of break-and-enters, property damage and car theft, API said the working-class
suburb was the last affordable beach suburb in Sydney’s east, with two bedroom
units for under $500,000. Property prices in the area rose 23.7 per cent in the
past 12 months.
Marrickville, in Sydney’s inner
west, was billed as the next Newtown, going from “fairly rough” to
trendy over the past 18 months.
While Marrickville remained a hot
spot for graffiti, damage to property and theft, property values in the former
migrant community grew 16.9 per cent to a median house price of $740,000.
Formerly known as the drug capital
of Sydney, Cabramatta had “reinvented itself”, Hotspotting boss Terry
Ryder Ryder said. It enjoyed 14.9 per cent growth over the past year to reach a
median house price of $435,000.
“It has evolved beyond the drug
stigma because there’s a tourism aspect now about Cabramatta.,” he said.
NSW Bureau of Crime Statistics crime
hotspot maps showed Cabramatta was no longer a suburb in crisis.
Redfern remained in the top 10 per
cent for assaults, robberies, stealing from dwellings, and malicious damage in
the Sydney local government area.
Crime data revealed nearly half of
Sydney LGA’s break and enters in dwellings occurred in Redfern.
However, API found Redfern house
prices had risen 16.9 per cent in 12 months to a median of $880,000.
Nearly half the suburb remains
public housing but is on the cusp of a massive redevelopment in which 3500 new
dwellings could be built.
New hot spots
Maroubra 23.7%
Redfern
16.9%
Cabramatta 14.9%
Marrickville 16.9%
Parramatta 9.2%