_Five up and coming neighbourhoods across Global Cities

Buda, Austin 

Buda is booming. Only 20 miles to the south of Austin, Texas, Buda is one of the fastest-growing suburbs in the local market and is likely to remain so in the future. Its location along the I-35 corridor and median home sales price of US$250,000 keep Buda in high demand with young families and first-time home buyers.

However, tightening inventory levels are pushing demand farther south toward San Marcos, a commuter city of Austin that has seen its median sales price jump 42% this year.

Downtown, Miami

Residential development is thriving in Downtown Miami. In the Central Business District, the completion of Brickell City Centre added approximately 800 residential units and plenty of retail to the Brickell submarket.

The two expanding sub-markets, Downtown and Edgewater, have over 2,700 units under construction. Downtown’s next luxury residential project, Miami Worldcenter, began construction in 2016, offering 500 plus residences, ample office and retail space, and access to the Brightline intercity rail system. Continued infrastructure expansion has made Miami one of America’s fastest developing cities.

St Leonards, Sydney 

Located on the lower North Shore of Sydney, St Leonards stands out as a key area of growth with its population projected to double by 2030. US$6 billion will be spent upgrading local infrastructure, including an additional Metro station to be operational by 2024, with 3,700 new apartments forecast over this time.

The suburb will be one to watch as it transforms from a traditional office and industrial market with world-class hospital facilities, into a vibrant, mixed-use neighbourhood.

Harumi, Chuo Ward, Tokyo

Heading towards the 2020 Olympics,vthe redevelopment of Tokyo Bay could provide potential opportunities for property investors. The Harumi area, which will act as the Olympic Village, will see around 5,000 new units released to the market after the Games.

Although investors will have to keep an eye on the demand and supply dynamics - the low cost of debt and the relatively favourable demographics in central Tokyo compared to the national picture means that this is certainly a neighbourhood to keep an eye on.

Sarrià-Sant Gervasi, Barcelona

The area to the west of Paseo de Gracia, running parallel to the Avenida Diagonal, is undergoing a transformation. This southern tip of the Sarrià-Sant Gervasi neighbourhood, one of the city’s key business districts, depicts Barcelona’s heritage at its best; grand apartment blocks with wrought-iron balconies nestled close to Turó Park and surrounded by tapas bars and pavement cafes.

International developers are increasingly active in the area seeking prime development or conversion opportunities. Prices for a modernised apartment in the neighbourhood are nudging US$830 per sq ft.

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