At Plan Assist we are always on the lookout for undervalued properties, potential value in micro markets and suburbs for our clients, and there are many factors in determining whether an area is under or over performing.
One factor we take into consideration is the history of sales results for the area. We compare that with surrounding areas and look for trends. Another factor we look for is – are there any infrastructure projects ongoing or being planned to improve transport, access to school, hospitals, shopping and entertaining precincts and any improvements to parks and local recreation.
With this in mind, there is a perfect storm brewing in the inner-city Sydney suburb of Haberfield at present, which warrants a closer look for investors. We know that Haberfield has seen it’s median house price fall to $1,855,000 which is below it’s 2015 median house price. We also know that Haberfield has declined 18 per cent in 2017 to 2018 , whereas the average decline in its 10 neighbouring suburbs is only 3 per cent.
We also know that WestConnex onramp infrastructure project should deliver a premium to Haberfield property values due to future improved access to the airport, the west and other parts of the city.
Why the downturn? It’s believed that the current disruption of the WestConnex infrastructure project is responsible for the downturn in Haberfield as potential buyers to Haberfield are not prepared to put up with the heavy machinery, noise and general inconvenience of such a project that’s due for completion in 2024.
So Haberfield might be worth a second look for property investors because the current infrastructure works designed to add value to the suburb from 2024, the WestConnex Infrastructure Project, is currently responsible (due to the infrastructure works disruptions) for the suburb underperforming when you compare it to the 10 neighbouring suburbs.