Sydney’s north-west could be emerging as a new hotbed of commercial activity, prompting predictions of a market primed for growth.
Presenting at a Frasers Property conference Friday, Jason Anderson, senior economist at property advisory MacroPlan Dimasi, said the area is becoming increasingly popular with young professionals.
“Sydney’s North West is experiencing a bit of a boom in office development. Hubs at Macquarie Park, North Ryde and Sydney Olympic Park are becoming increasingly attractive for businesses as they relocate to more affordable sites away from ever increasing commercial rents in the city,” he said.
Anderson added that young professionals are favouring Putney in particular because of its location at the heart of this area and forecasted rental increases of over 6% for the next three years.
“Here [residents] can avoid the long commutes associated with working in the CBD. This is driving up rental prices, creating the perfect scenario for investors.”
Frasers Property group sales manager Adam Sparkes said Putney Hill, a collection of premium houses and apartments on the border of Putney and Ryde, remains a golden opportunity for investors.
“Despite Sydney’s North West becoming [a] new hub for business, the area lacks premium housing to cater to this growing market of professionals and investors. The Putney Hill community is currently the only premium grade development in the area, making it very appealing to investors,” he said.
