The western suburbs of Sydney have been predicted as one of the country’s most significant growth corridors, making it prime for property investors.
“Like many of its surrounding suburbs, Penrith has a notably low vacancy rate at just 0.6 per cent,” Mr Christopher said.
“The suburb also has one of Sydney’s best income to house price ratios and, like Blacktown, is on CityRail’s Western and Blue Mountains lines and is close to the M7 and M4 motorways,” he said.
In the latest issue of Smart Property Investment’s magazine’s inaugural Fast 50 Report, 18 New South Wales suburbs were flagged for growth in the state by a panel of experts including Destiny Financial Solutions founder Margaret Lomas, Hotspotting.com.au founder Terry Ryder, SQM Research founder Louis Christopher, wHeregroup director Todd Hunter and NextHotSpot director Luke Berry.
The panel used a range of metrics to identify their hotspots including population growth, demand for housing, income levels, employment, vacancy rates, previous capital growth and current gross rental yields.
Queensland came in second to NSW with 11 hotspots, Western Australia came in close with 10, South Australia received six, Victoria received four and the ACT received one with Canberra.