Randwick has been hand-selected as one of the world’s top ten suburbs likely to a attract the world’s wealthiest eager to buy real estate.

The eastern Sydney suburb joined the ranks along with Vancouer’s South Main, Berlin’s Mediaspree and Shanghai’s ZhangJiang, as it was chosen to be the suburb where property is expected to outperform the rest of the city, being a top location of choice for growth over the next ten years for top earners.

The area has major appeal for ultra-high-net-worth individuals (UHNWIs), otherwise defined as those with a net worth over US$30 million (AU$39 million), with the main drivers behind its attraction being its close proximity to beaches and the city, Royal Randwick Racecourse, Lakes Golf Club, Centennial park and its close access to universities. Further plans for local infrastructure and transport projects such as Light rail and the regeneration of Prince of Wales hospital, have also acted to increase its appeal and helped boost the suburb onto the top 10 list.

However, the suburb has seen a lack of new supply over the past give years, with “less than 1000 higher density apartments being built, pushing up median values and rents in the suburb.” Currently, the median house price in Randwick sits at $2.3 million, whilst the median apartment price hovers around $850,000, which are both expected to be pushed significantly higher with the increasing demand.

UHNWIs target “prime real estate properties”, which are those that fall within the top 5% of the price bracket, and the additional 1000 apartments projected to be built over the next five years will fall short to meet this ultra-wealthy demand.

Already, as a hub of education and health, the suburb remains a popular choice for local buyers, and reports show that there has been a surge of local buyers looking to get their piece of the suburb with homes being sold in a matter of days in 2017, as buyers swoop on this area that has a massive supply shortage.

“Randwick has always been popular among buyers, particularly owner-occupiers interested in perhaps the best connected address in the Eastern Suburbs. And with the Light Rail on its way, interest in Randwick and surrounding suburbs will only grow.” The issue is that with a massive shortage of supply, especially quality new apartments, demand will largely go unsatisfied.

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