BLACKTOWN has emerged as one of the hottest investment locations in the country.
Six real estate experts collaborated with Smart Property Investment to produce a report on the top 50 areas.
It was placed second in NSW to Bathurst.
Noted for its affordable housing, tight vacancy rates and close proximity to major transport hubs, Blacktown offered the perfect entry point for savvy investors, according to the report.
"It's a classic case of the ugly duckling about to re-emerge and while I don't necessarily see a swan, I do see good sense in investing," Property Investment Professionals of Australia (PIPA) director and Destiny Financial Solutions founder Margaret Lomas said.
"The growth will be driven by its proximity to everything the western suburb dweller requires, including significant transport infrastructure," she said.
Penrith came in 11th on the list.
The Fast 50 hot spots were selected on a range of key metrics including population growth, demand for housing, income levels, employment, vacancy rates, previous capital growth and current gross rental yields.
Smart Property Investment editor, Phillip Tarrant, said areas like Blacktown and Penrith allowed investors to enter the market at a reasonable price with the option of adding further value through cost effective renovations.
"There are some very attractive opportunities out there right now which are driven by local economic factors, housing supply and demand and demographic shifts," he said.
"Add to that a cash rate of just three per cent and there is great potential for investors who do their homework."