The Sydney suburb of Punchbowl has been tipped to confound its past reputation and become a popular new spot for property investors.
Located 16km west of the central business district, the area known locally as "punchy" is starting to attract investors, with new developments, infrastructure and optimism sprouting up around what was once seen as a grim area, Domain.com reports.
Not any longer, according to its most famous son, businessman and Yellow Brick Road chairman Mark Bouris. Born and brought up in Punchy, he believes it is now the place to be.
Mr Bouris remarked: “Purely from a distance point of view, it’s not that far away from everything and there are lots of amenities such as schools, churches and shopping centres.
"And it’s close to the real centre of Sydney, which today is Parramatta. Back when I was there, Parramatta was not the centre of Sydney. So it makes sense that an area like Punchbowl will recalibrate in terms of value and, as it recalibrates, it will attract different types of people and with it they’ll bring lifestyle."
Director of residential sales at Colliers International Peter Kerras, agrees. He said the area is progressing in the way was as Redfern and Marrickville have in the past few years, with positive factors including substantial infrastructure investment that means getting in and out of central Sydney is getting easier. This includes the widened M5 to reduce driving times to the centre to 20 minutes and the project to deliver a faster rail link. Mr Jerras also cited local developments like the Broadway shopping centre and "great restaurants" that have arrived in the district.
The prices are certainly attractive. According to Domain Group figures, the typical home in the area is priced at $790,000 and a unit $440,000, whereas the Parramatta medians are $900,000 and $600,000 respectively. At the same time, rental returns of five per cent make it a good place to buy for those looking to let as well as people simply wanting a well-priced place to live in Sydney.
Punchbowl Station is served by the T2 and T3 lines of the Sydney Metro.