Botany declared a ‘property hotspot’

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Botany declared a ‘property hotspot’
Property investors looking for a real estate purchase in the New South Wales capital may be interested in recent data which shows Botany is Sydney's best suburb to buy real estate in.
According to News Limited, the PRD Nationwide research also highlighted Sydney's property outlook for the year ahead, stating that it is headed for a full recovery.
The report said that based on property trends, infrastructure and pricing, Botany is the hottest location to snap up houses, units and vacant land this year.
Located close to the CBD, Botany boasts an average house price of $842,500 and a median unit price of $592,000.
In the last 12 months, property prices increased 9.96 per cent and 14.28 per cent over the last three years.
The report said Botany is an attractive location because of its close proximity to the city, airport and beaches – with the suburb offering its residents a balanced lifestyle.
PRD Nationwide research analyst Oded Reuveni Etzioni said the outlook for Sydney's real estate sector for the year ahead is positive, with economic conditions in favour of prospective buyers. "The greater Sydney area recorded annual growth in house and unit median price (in 2012) despite a fall in activity and, in particular, an increase in demand for properties toward the bottom end of the market," he said. "(We expect) small increases in price in 2013 as buyers' cash positions improve. Low interest rates coupled with stable or rising rents will bring more upgraders and investors into the market."
The latest data comes after both Melbourne and Sydney recorded positive auction results over the weekend

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