The fastest selling suburbs in Australia are not the traditional blue-ribbon suburbs with the highest value properties. Instead, they are the middle of the range and more affordable suburbs.
New statistics show that the best investment suburbs are those with an average property value of $600,000, reported the Herald Sun.
The phenomenon is similar to the same process that allowed Bondi Beach properties to increase in value by over 100% in just a decade. Redfern has a similar story, having been out of favour and then suddenly exploding in value.
The properties with the fastest turnover rate are currently those within the affordable range for first home buyers with a mortgage in the $600,000 range. Lower interest rates have made investment at this level more popular.
Whilst first home buyers may not be looking for investment, buying a property that will increase in value over the next 5-10 years is certainly a goal that you should be aiming for. Instead of buying in the high-end suburbs, now is the time to look at the up and coming areas for investment.