By Terry Ryder, 15th August 2012
Rents are rising in the Sydney’s Liverpool precinct, thanks to an influx of immigrants.
PRDnationwide says the increased pressure on the rental market in the Liverpool LGA, in Sydney’s south-west, is having a flow-on effect on the wider property market.
This area of the Sydney market has been highlighted in our Hotspotting reports over the past couple of years. Key attractions include affordability, good transport links and the presence of generators of real estate demand, including education and medical facilities and employment nodes. (http://www.hotspotting.com.au/report/75-liverpool-cabramatta)
The Liverpool LGA has consistently been the No.1 area in New South Wales for first-home buyers over the past ten years, thanks to its broad range of affordable dwelling options.
(The latest edition of Top 10 NSW Hotspots can be found here - http://www.hotspotting.com.au/report/39-top-10-new-south-wales-hotspots)
These factors, no doubt, are central to the recent influx in migrants. PRDnationwide says people from Asia and the Middle East make up the majority of new residents.
This inflow has seen median rents increase 6% for a two-bedroom unit and 7% for a three-bedroom house - well above the average for Sydney's outer ring.
PRDnationwide says buyers active in the market include owner-occupiers upgrading, first-home buyers and investors seeking high-yielding properties in unit hotspots like Liverpool and Warwick Farm.
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