Prime real estate investment spot identifed

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A property group has identified prime real estate investment spots in one of the few US cities experiencing steady price climbs.

Austin, Texas, is seeing median home prices grow by two per cent through this year, according to Regent Property Group.

The firm says the city’s market is showing “relative strength” in comparison to the rest of the US.

Single-family homes in the area are currently in particularly high demand, meaning investors who can find cheaper properties may be in for a profit.

Brian Talley of the firm said:

“The study reveals that there is no pattern to price appreciation across the city, but there seems to be a pattern for areas that have experienced median price declines.

“As such, there is much to be gained by the buyer or investor who understands exactly where prices are declining in Austin.”

To pinpoint areas with less buoyant prices, the firm compared 2008 sales prices and the number of houses sold to those during the same time frame in 2007.

The company revealed the top five zip codes with “depreciating” value are 78617 and 78747 in south Austin, 78725 east Austin, and 78628 and 78626 in north Austin.

Sold price decreases in some of these areas have reached nine per cent, the company added.

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