PAGEWOOD has experienced the strongest capital growth in the southeast over the 12 months to January this year, while more than half the region’s suburbs slid into negative growth.
Pagewood properties posted 21.6 per cent capital growth over the period, placing the quiet suburb among the top 12 capital growth performers across Sydney.
Ray White Maroubra agent Peter Bakas said Pagewood was a pocket in the southeast with very low turnover.
“Every time something comes up, people jump on it, you have local buyers fighting for property and that drives up prices.”
Over five years, Pagewood properties have grown 60.4 per cent in value, achieving the strongest result in the region and placing 11th in terms of capital growth across the greater Sydney.
Mr Bakas said Pagewood had a unique appeal in the southeast, which continued to drive growth.
“All the homes are within walking distance to parks.”
“It’s very family oriented, with quiet, tree-lined streets and good size blocks of land between 430 and 590 sqm.
“It’s quite unique in the region.”
A strongly residential area made up almost entirely of freestanding homes, Pagewood has the highest rate of home ownership in the area. It has a long hold period, with home owners staying put for an average of 13.4 years.
Source: Southern Courier 08/05/2012