Home buyers are snapping up bargains in Auburn where prices are cheaper than the nearby inner west.
Demand for houses has resulted in the suburb’s median house price jumping 27.5 per cent in past 12 months to $880,000.
In his latest hotspot prediction, Starr Partners chief executive Douglas Driscoll named Auburn one of the 10 Sydney suburbs to watch in 2016.
“We’re starting to see more enquiries from people in western Sydney and also enquiries from people living in the inner west,” he said.
“Slowly but surely, Auburn will be absorbed into the inner west. It’s the next major suburb along so it is inevitable that the suburb will start to fall more into that bracket.
“Not only this, Auburn is a suburb that demonstrates good value. It’s also a great representation of modern Australia, being the most multicultural suburb in the country.”
150 Harrow Road, Auburn Sold for $1.471 million in December.
Despite Auburn’s phenomenal rise, Mr Driscoll said his desicision to put Auburn in his top 10 was about more than just rising property prices.
“It is a cultural melting pot and is somewhere where you can go out for a meal and experience cuisines from around the world,” he said.
“Auburn also has diverse housing options from heritage-style houses to modern tower apartments and everything in between.”
It is people like Michelle Rafferty who are the real winners of the property boom.
Ms Rafferty and her partner bought a two-bedroom house in Auburn in 2010 for $400,000 and sold the home on October 15 for $725,000.
Auburn is popular for its authentic food and flavours from across the globe.
“We were looking for something in the inner west but we were completely priced out,” Ms Rafferty said.
“We knew it was a good buy as it is close to the city, on a rail line and there were lots of other couples looking to buy in the area.”
Ms Rafferty now lives in Byron Bay but was able to buy an investment property in the inner west after selling her Auburn property.
She still thinks investing in Auburn is a smart move.
“In the inner west you have to pay $1.3 million for something that you can get $800,000 for in Auburn.”
Originally Posted by Warren Thomson Parramatta Advertiser, NSWs Local on January 14, 2016 5:00pm.