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Positive Real Estate’s CEO Sam Saggers shares his tips for the next suburbs in Australia to gentrify, in his regular Smart Property Investment Online Blog. For more information about how to spot gentrifying suburbs, read Sam’s earlier post.
“The idea of gentrification is to find a fairly run down area, where local aspirational residence go through a period of restoration, that actually leads to lower income people leaving and a new demographic entering the market.”
“In New York, Tribeca and Chelsea spring to mind. 20 years, ago you could have bought an entire city block for a $1m, now you could not even afford an apartment on that budget in these areas.”
“In Sydney, this has been so relevant in the inner west, from the working class Balmain, that 30 years ago, was rife with crime, now homes are worth millions and Sydney’s chardonnay millionaires own them. The latest craze that still has room to grow is St Peters and Dulwich Hill, where many lovely historic homes are going under major change.”
“But where else is experiencing a new vibrancy that is changing the landscape of people, habits and housing? Remember we are looking for an Ugly Duckling that may just go through dramatic cultural and economic change…”
Read the full article here
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