Real estate gunner John McGrath has named the suburbs of Sydney he says will grow in 2023 despite the downturn and there are a few surprises.
McGrath, CEO of McGrath Real Estate, makes his top picks each year as part of the McGrath Report.
The one that just came out titled McGrath Report 2023 – Chaos Creates Opportunity looks at the post-pandemic real estate market.
“To me, the most interesting elements of the pandemic wash-up in our market are the reversal of several decades-old trends; the rise of the regions; the renaissance in the way we live; and that many of us – especially young millennials – are no longer necessarily limited by the affordability problems of the big cities,” writes Mr. McGrath.
In an uncertain market, hit hard by rapidly rising interest rates and cost of living concerns, but still full of opportunity, these are Mr McGrath’s best suburbs in Sydney and regional NSW for 2023.
Forever the bridesmaid, never the bride when it comes to the surrounding suburbs, Edgecliff has shaken its label as a thoroughfare thanks to a burgeoning array of modern apartments and traditional terraces.
The convenience of the train station makes it easy to commute to the CBD (10 minutes) and the serene setting of Trumper Park and nearby Rushcutters Bay Park (your furry friends will thank you for being so close to one of the best dog parks in Sydney lives overlooking the harbour!) makes this suburb more affordable for young professionals and small families after a taste of the sought-after lifestyle in the Eastern Suburbs.
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As a riverside suburb tucked away in the heart of Sydney’s middle class, Oatley has been a frequent route for tourists seeking a nature retreat from the usual tourist destinations for years.
But now that COVID-19 has awakened our appreciation for the great outdoors, this suburb of St. George is fast becoming home to those who love to see and experience the natural bushland.
Convenience is also king with proximity to the airport, quick access to the CBD by road (hello Eastern Distributor) or rail making it the perfect place to combine work and life.
Oh, and did we mention the Oatley Village PieShop – the locals highly recommend the Beef Burgundy Pie if you find yourself starving.
This close-knit suburb of Northern Beaches offers the ultimate in picturesque family living. With its grand homes, harbor setting and direct access to the national park’s bushland, it’s an enviable zip code to occupy if you’re a root-seeking family.
While some neighboring suburbs act as gateways to the CBD and Manly, Balgowlah Heights remains undisturbed, creating idyllic memories for children frolicking from house to house.
Away from the hustle and bustle of Manly but with the benefits of world class beaches and cafes, if you’re lucky enough to get in you’ll never want to leave.
At the base of the Bells Line of Road tourist drive to the picturesque Blue Mountains, there is an abundance of outdoor adventure for locals of ZIP code 2754.
Bushwalking trails and strolling through the fresh produce markets are becoming regular weekend activities for homeowners in this suburb.
Considered less historic than its neighboring suburb, North Richmond’s variety of housing options — from small blocks, long-established residential areas to large acreages and new residential areas (Redbank) — offers something for everyone.
If value for money and a slower pace of life in the city is your thing, add this suburb to your list today.
JINDABYNE – REGIONAL NEW SOUTH WALES
If you’re looking for a tree change that’s a lifestyle change, look no further than Jindabyne. Nestled in snow-capped Monaro, among the rolling hills and mountain ranges (including the famous Kosciuszko National Park), this laid-back location offers the perfect escape from the hustle and bustle of city life.
While for some things may feel a little slower, you will be sucked in by the locals, whose welcome is so warm that you quickly forget those crisp sinter mornings.
Speaking of winter, another perk of being a local is access to the best (and endless) snow sports and walks in Australia’s hinterland, while other seasons provide the perfect backdrop for walking, cycling and water sports.
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Originally published as Real Estate Sydney: John McGrath’s Top Picks, Best Suburbs to Buy or Own in 2023