Kingsgrove area sees price climb

Sydney's south west area of Kingsgrove has seen an increase in the median price over the 12 months to August 2013, with PRDnationwide's research analyst, Oded Reveni-Etzioni, saying that the area is becoming desirable for home buyers.

Reveni-Etzioni, speaking about the increase, said it is particularly attractive to home buyers and young professionals focusing on the middle ring suburbia, with strong rail and road infrastructure and retail and recreational facilities.

"There's very spirited competition between home buyers over limited listings in Kingsgrove," he said.

"A number of buyers are priced out of Sydney's Inner West, which has led to more interest in middle ring locations. However, the demand is exceeding the stock available for purchase and this shortage is promoting a price war situation at auction where feverish bidding has resulted in record prices."

Within the area, Beverly Hills and Roselands were said to be the "star performers", with transaction increases of 43% each, and median price rises of 4%. Within the $800,000 to $899,999, transactions increased the most, accounting for 20% of all sales.

Asian buyers are also expressing interest in the area, said PRDnationwide Kingsgrove Principal, Frank Mazzotta.

"We are seeing an increase in buyers coming across from the inner west and the east of Sydney, chasing more value for their money in Kingsgrove and the surrounding suburbs," Mazzotta said.

"There's been a notable surge in interest from Asian buyers due to excellent public transport infrastructure and facilities in the area. The ease of access to rail services and road links into the city is proving to be an attractive point of difference between Kingsgrove and other middle-ring locations."

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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