NSW median property prices


Sydney_Opera_House

 

The Real Estate Institute of NSW released the following figures for June quarter on Tuesday 29 September 2009 as follows:

 

Median House Price

 

Sydney $544,000 (3.02% increase over the quarter)

Wollongong $368,000 (0.42% decrease over the quarter)

Median Apartment Price

 

Sydney $382,000 (2.63% increase over the quarter)

Newcastle $295,000 (4.53% decrease over the quarter)

Wollongong $299,000 (3.46% increase over the quarter)


Top Ryde Shopping Centre


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Top Ryde Shopping Centre Redevelopment

The Top Ryde Shopping Centre Redevelopment is being developed by Defined Developments Pty Ltd who have contracted Bovis Lend Lease to construct the retail component of this integrated development. Construction is currently on-going where Stage 1 of the redevelopment is valued at $440 million which will consist of 78,000 sqm of shopping centre and entertainment space which is scheduled to be completed in late 2010.

The first phase of this shopping centre opens on Thursday, 5 November 2009.

Located at the corner of Devlin street and Blaxland road in Ryde, this shopping centre will add convenience to residents living in the surrounding suburbs of North Ryde, Marsfield, Denistone, Eastwood and Putney. This is an excellent alternative to the Macquarie Shopping Centre for nearby residents.


Property hotspots in Australia


Bronte beach

Bronte beach, Sydney

From a report dated 18 September 2009 by Matthew Liddy from Australian Property Investor Magazine, property hotspots across Australia are those where there is new transport, new infrastructure and high migration rates among other things. He has also advised that once a suburb is identified as a hotspot, it makes sense for investors to get in before the experts label it a hotspot.

Among the hotspots in Sydney, Bronte is the eastern suburbs is one of Australia’s most exclusive beach suburbs which have seen a significant drop in prices over the last year. Other hotspots include Haberfield in the inner west and Oatlands in the west of Sydney CBD.

Hotspots in Mebourne include Carlton due to its close proximity to the CBD and being close to Melbourne university, cafes and restaurants precinct. Kew in the east of Melbourne is the equivalent of Bronte in Sydney which has seen a significant drop in property prices.

John Edwards from Residex advise investors to cast the investment net wider in order to search for hotspots around the country. According to Edwards, Melbourne is set to perform better than all other areas in the east coast of Australia.

He singled out suburbs with a median price of around $350,000 to $500,000 will perform the best over the next 5 years based on existing economic scenario and forecasts.

Queensland has rode the property wave in Australia over the last few years and recovery from recent falls has been slower than the rest of the country. Manly in Brisbane’s east, located by the water is making up ground while prices in Newstead in the inner city is on the rise. Edwards has identified Carina, which is 7km from the CBD, as Brisbane’s top investment suburb.

In Adelaide, Peter Koulizos, known as the Property Professor predicts Torrensville as the suburb to watch. It is 3km from the CBD and is located between the city and the sea. Littlehampton in the Adelaide Hills has been identified as the best investment suburb.


Australia Towers, Sydney Olympic Park


Australia Towers

The centre-piece of the Sydney Olympics in 2000, Sydney Olympic Park at Homebush Bay now consists of a lot more than the infrastructure which were built for the games. Residential apartments, commercial complex and retail shops now service approximately 30,000  residents who call the Sydney Olympic Park home.

Location

Australia Towers is located approximately 18km to the west of Sydney CBD at the heart of the Sydney Olympic Park village. In its local precinct, it is within walking distance to the Olympic Park sporting facilities, business district, cafes restaurants and hotels.

Australia Towers is also within close walking distance to the Sydney Bicentennial Park, Blaxland Riverside Park, Wentworth Common which comprise vast areas of natural parkland, bays and inlets. Homebush Bay in itself, is a water inlet of the Parramatta river which runs through the Homebush Bay suburb.

It is accessible via the main arterial Parramatta road and the M4 Western Motorway. Public transport to Homebush include the trains, buses and ferry. Cityrail operates both the Homebush train station and Olympic Park train station. The ferry operates off the Hombush Bay ferry wharf.

A transport info and map for this location.

The development

Developed by Billbergia Group, Australia Towers consists  of   units of 1, 2 and 3 bedroom apartments with a wide selection of layouts and designs by Garth Barnett Designers and Turner and Associates architects.

The attraction of this development is the outdoor lifestyle and vast open spaces which is very conducive for young families and professionals.

The median apartment price for Homebush Bay as at 30 June 2009 is $470k.


Dee Why Grand


Dee Why Grand plaza

Artist's impression of Dee Why Grand at Sturdee Parade, Dee Why

Dee Why seems to have always been the “poorer cousin” of its neighbouring Manly. Both suburbs have beautiful oceanfront views and vibrant cafe and restaurant strip that really comes alive during weekends. Hitherto, Manly have powered ahead of Dee Why over the last 20 years in terms of residential, commercial and retail property development and is also known to be a big attraction to local Sydneysiders and tourists alike.

However, things appear to be changing with the launch of Dee Why Grand, an integrated residential, commercial and retail development in the heart of Dee Why commercial precinct along Pittwater road.

Location

Dee Why Grand is located at the corner of Pittwater road, Sturdee and Pacific Parades and is approximately 800m from the cafe and restaurant strip along Dee Why beach. Approximately 22km north from Sydney CBD, Dee Why is known for its beautiful beach, rockpool by the sea, beach and surf culture. The development is approximately 10km and 22km south of the northern beaches of Mona Vale and Palm beach respectively.

There are local retail shops, butcher, newsagent, post office and banks along Pittwater road directly opposite the Dee Why Grand development.

Dee Why Grand

Dee Why Grand

Artist's impression of Dee Why Grand at Sturdee Parade, Dee Why

The Dee Why Grand development is designed by project architects Marchese & Partners and Fitzgerald Bennett along environmentally sustainable principles and developed by Southern Cross Project Group. It consists of 161 units of studio, 1,2 and 3 bedroom apartments. It also has 34 retail and commercial lots which include Coles, Harris Farm Markets and a Liquor Superstore. It will also be the site for the refurbishment of the iconic Dee Why Hotel.

Dee Why Grand’s facilities include an indoor swimming pool, gymnasium and a 3,000sqm internal landscaped garden area. Approximate strata levies per quarter for the modern 1, 2 and 3 bedroom apartments are $730, $950 and $1,100 respectively. The favoured north and north east aspect of Dee Why Grand look towards the sea whilst the west end of the development front Pittwater road.

Most apartments have courtyards and balconies for entertaining and outdoor living. The interiors are designed by leading Australian designer Meli Studios ensure a quality, modern and contemporary style of finishings with premium kitchen

Dee Why Grand is giving potential investors an offer of only $10,000 to exchange contract off the plan. The development is scheduled to be completed around June 2010.

More information about Dee Why and price comparisons of suburbs in the Northern beaches.

Please see some guidelines and strategies for buying apartments Off-the-Plan.


Pavilions on the Park, St Leonards


Pavilion on the Park

Pavilions on the Park is developed by Australand in conjunction with architects Allen Jack & Cottier.

Location

Pavilions on the Park is located on Duntroon Avenue off River Road. This location appears to be closer to the cafes and restaurant strip along Pacific Highway in Crows Nest than its purported location of St Leonards.

What I like about this location

  • The development is adjacent to Newlands Park and has a leafy outlook in its surroundings.
  • Close to the cafes and restaurants in Crows Nest.

What I dislike about this location

  • Pavilions on the Park is not exactly close to St Leonards train station (approximately 500m) unlike the other developments along Herbert street such as the Forum.
  • Traffic on River road can be very heavy during peak hours and access to Pavilions on the Park during these times can be challenging.
  • Pavilions on the Park is developed along the train line and train noise will be an issue.

Pavilion on the Park

The development consists of 4 low-rise buildings of 1, 2 & 3 bedroom apartments from $430k, $680k and $1,170k respectively. Stage 1 consisting of 3 bedroom apartments is now complete and ready to move in.

Investors should note the median apartment prices in St Leonards and Crows Nest as at June 2009 are $425k and $465k respectively. Obviously this median apartment price takes into account some of the older apartments within the vicinity.


Huge $$ savings

Negotiate

I accidentally stumbled upon this one recently which saved me over $21,000.

I was interested in a brand new apartment in Sydney which cost $610,000. Due to the NSW’s government’s stimulus plan, all home buyers get 50% off the stamp duty on newly built homes up to only $600,000. After a long drawn negotiation process with the developer, I eventually managed to convince them to reduce the price to $600,000 so that I am eligible for the 50% savings which is an addition $11,250.

I’m not suggesting you go look for property just above $600k. Obviously you need to ensure it’s a good investment and the price point is reflective of market ie $ per sqm to ensure original pricing by developer is not inflated.

What Is Your Suburb Worth?


Darling Point, Sydney

The tables below show Sydney median house and apartment prices under the following major Sydney metropolitan areas:

1. East and Inner City

2. Lower North Shore

3. Upper North Shore

4. Northern Beaches

5. Inner West

6. West

7. South West

8. South

9. Canterbury Bankstown



Important notes:

1. Median house and apartment prices are for the years to June 2008 and June 2009.

2. Median house and apartment price is the middle set of prices – half the prices are higher and half are lower

3. SNR stands for statistically not reliable, meaning there  were fewer than 10 sales and therefore insufficient data for a median price.

4. N/A means not applicable.

5.  Source of the data is from Australian Property Monitors.

6. Median house and apartment prices quoted are in thousands of Australian dollars.

7. Excel spreadsheet of median house and apartment prices of all Sydney suburbs (Total 667 suburbs)

A. Houses – Overall Top 5 Suburbs in Sydney

1. Darling Point     $3,350

2. Tamarama          $3,255

3. Vauclause          $3,028

4. Bellevue Hill       $2,450

5. Dover Heights    $2,445

B. Houses – Top 5 Suburbs in East and Inner City

Incidentally, all top 5 suburbs in Sydney above are from the East and Inner City areas.

C. Houses – Top 5 Suburbs in Lower North Shore

1. Longueville     $2,090

2. Mosman          $1,900

3. Northwood     $1,715

4. Northbridge    $1,670

5. Castlecrag       $1,650

D. Houses – Top 5 Suburbs in Upper North Shore

1. Kenthurst       $1,200

2. Pymble            $1,160

3. Warrawee        $1,130

4. Annangrove     $1,075

5. St Ives                 $925

E. Houses – Top 5 Suburbs in Northern Beaches

1. Clontarf                          $2,150

2. Palm Beach                   $1,863

3. Balgowlah Heights    $1,475

4. Manly                             $1,388

5. Bayview                        $1,300

F. Houses – Top 5 Suburbs in Inner West

1. Balmain East               $1,310

2. Breakfast Point          $1,238

3. Birchgrove                   $1,150

4. Rodd Point                   $1,105

5. Cabarita                        $1,075

G. Houses – Top 5 Suburbs in West

1. Oakville                        $878

2. Windsor Downs        $863

3. Newington                 $623

4. Beaumont Hills        $588

5. Kellyville                   $570

H. Houses – Top 5 Suburbs in South West

1. Grasmere                  $675

2. Voyager Point        $608

3. Camden Park           $550

4. Macquarie Links   $535

5. Abbotsbury           $518

I. Houses – Top 5 Suburbs in South

1. Burraneer             $1,440

2. Lilli Pilli                $1,300

3. Sandringham      $1,191

4. Kyle Bay               $1,100

5. Cronulla               $960

J. Houses – Top 5 Suburbs in Canterbury Bankstown

1. Ashbury                $691

2. Hurlstone Park  $638

3. Campsie                $524

4. Belfield                  $517

5. Picnic Point         $511

A. Apartments – Overall Top 5 Suburbs in Sydney

1. Dowes Point         $1,550

2. Darling Point      $1,050

3. Millers Point       $990

4. Point Piper          $950

5. Seaforth               $795

B. Apartments – Top 5 Suburbs in East and Inner City

1. Dowes Point       $1,550

2. Darling Point     $1,050

3. Millers Point       $990

4. Point Piper          $950

5. Little Bay             $723

C. Apartments – Top 5 Suburbs in Lower North Shore

1. Cremorne Point        $770

2. Killara                           $685

3. McMahons Point      $670

4. Gordon                        $660

5. Kirribilii                      $650

D. Apartments – Top 5 Suburbs in Upper North Shore

1. North Turramurra     $733

2. St Ives                            $580

3. Pymble                          $550

4. West Pennant Hills   $538

5. Bella Vista                   $496

E. Apartments – Top 5 Suburbs in Northern Beaches

1. Seaforth           $795

2. Curl Curl         $693

3. Warriewood  $682

4. Manly              $580

5. Fairlight         $560

F. Apartments – Top 5 Suburbs in Inner West

1. Cabarita                $750

2. Breakfast Point  $644

3. Abbotsford         $578

4. Birchgrove          $570

5. Mortlake              $555

G. Apartments – Top 5 Suburbs in West

1. Glenwood             $480

2. Homebush Bay   $470

3. Kellyville             $440

4. Newington           $420

5. Rouse Hill           $394

H. Apartments – Top 5 Suburbs in South West

1. Holsworthy            $399

2. Spring Farm           $338

3. Canley Heights      $336

4. Fairfield Heights  $330

5. Casula                       $320

I. Apartments – Top 5 Suburbs in South

1. Hurstville Grove    $670

2. Caringbah South  $620

3. Peakhurst                $523

4. Sylvannia                $465

5. Wolli Creek             $418

J. Apartments – Top 5 Suburbs in Canterbury Bankstown

1. Picnic Point      $480

2. Padstow            $466

3. Panania             $460

4. Belfield             $432

5. Condell Park   $370

Village Quay, Rhodes

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

This is another development by Billbergia, who developed Waterpoint at Shepherds Bay in neighbouring Meadowbank.

The Location

Village Quay or VQ, as it is popularly known is located on Walker street in Rhodes. Whilst the development enjoys water views over Homebush Bay, it is considerably further away (about 600 metres) from the convenience of the Rhodes Shopping Centre compared to the Mirvac and Meriton developments located along Rider Boulevard, Mary and Marquet streets. Nevertheless, it is still  within walking distance to the Rhodes train station and the shopping centre.VQ Village Quay, Rhodes

The convenience of the train station means it is only a 30 minute train ride to Central station in the city. It is also close the the M2, M4, M5 and Victoria road.

However, Walker street in Rhodes is not a pretty street for the following reasons:

1. It is very poorly maintained due to potholes, uneven paving, rubbish strewn all along the road and unkempt vegetation.

2. It runs parallel to the train line and therefore, developments along this street will experience train noise.

3. The on-going cleaning of industrial waste along its water foreshores is unsightly, especially in this section of Walker street, and is expected to continue for the next few years.

The development consists of over 250 units of 2 & 3 bedroom townhouses and 1, 2 & 3 bedroom apartments. The finishings are comparable to that of its neighbouring developments. Pricing of its units is from  low $400k’s for its 1 bedroom apartments to over $1.2 million for the 3 bedroom townhouses.

IMG_0065 According to Australian Property Monitors the median apartment price in Rhodes is $551k in June 2009. This average apartment price is relatively expensive compared to other more established suburbs around metropolitan Sydney. The reason for this relatively higher apartment price is due to the fact that Rhodes’ apartment market consists of mainly new developments in the recent 3 – 4 years. As there are few apartments older than 10 years, the newer apartments have propped up the average prices in this suburb.

Therefore, investors should research entry price points for apartments in Rhodes before diving in.

Please refer to a comprehensive listing of median prices for apartments in metropolitan Sydney.

As at March 2010, most of the 1 and 2 bedroom units in this development have been sold. One bedroom units start around the mid $400k’s and unsold units are predominantly 3 bedroom units.

Meriton Apartments vs Mirvac Apartments ~ My Own Experience


Mirvac is well known in Australia as a quality property developer. This company is listed on the Australian Stock Exchange and has developed many residential apartment projects, commercial and retail complexes throughout Australia. Meriton Apartments’ on the other hand, is a large privately owned company which has also developed countless residential apartment projects throughout Sydney and Queensland. However, Meriton Apartments have a reputation among property investors in Australia of being a sub-quality property developer whereby the quality of workmanship, fixtures and fittings used in its residential projects are below industry standards.

Mirvac's Aldina at Rhodes amidst impending thunderstorm

As a result of all the horror stories which I have been hearing about Meriton Apartments, I only visited Mirvac’s display apartment when the new Adina development was launced in 2006. I did not bother with Sienna By the Bay, which was developed by Meriton Apartments within 30 metres of Mirvac’s property.

Through sheer insistence of a fellow property investor to visit Meriton Apartments’ display apartment, I discovered the exceptional quality of Meriton Apartments’ development. Subsequent to the visit, I ended up purchasing 2 Meriton apartments at Sienna and 2 years on, I believe that my investment in Meriton is starting to pay off very handsomely.

Here are my own personal experience whilst deciding between both Meriton and Mirvac’s development at Rhodes.

A comparison of Meriton Apartments’ Sienna with Mirvac’s Adina:

1. Sienna by Meriton Apartments’ finishings and inclusions are higher in quality and style than Mirvac’s Adina for the following reasons:

a. Meriton Apartments uses the more stylish and modern downlights compared to the oyster ceiling lights used by Mirvac. Personally, oyster ceiling lights are dated and can be found in 30-year old apartment blocks around Sydney.

b. The lifts of Meriton Apartments are notably larger and of higher quality with air-conditioning, downlights and mirrored finishings. Mirvac’s Adina uses smaller lifts throughout the entire complex.

c. Meriton Apartments uses a sturdy loop-pile carpet which is both stylish and more hardy than Mirvac’s cut-pile carpets. This carpet is suitable to both the owner-occupier due to its style and also to investors as it is hardy for tenants’ use.

d. Overall, Meriton Apartments at Sienna have more functional and attractive floorplans than Mirvac’s Adina.

e. High quality powder-coated balcony / courtyard sliding doors with double-lock handles.

f. Meriton Apartments use split-unit reverse cycle air-conditioning in each of the living and bedrooms which are more effective and cost efficient compared to ducted air-conditioning used by Mirvac’s Adina.

g. Common areas of Meriton Apartments were well-lit, corridors were wide and spacious.

Sienna by the Bay 2. The sales team of Meriton Apartments is open to price negotiation and flexibility in accommodating additional secured car spaces if required by purchaser. The price of Mirvac’s developments is strictly non-negotiable.

3. The Meriton Apartments’ staff was very professional and assisted me through the pre-settlement inspection, pointing out defects to be fixed which I have even over-looked.

4. Two years later, the cleanliness, security, maintenance and upkeep of the Meriton Apartments are nothing short of excellent. The leasing / building manager for Sienna, Ms Leslie Strydom has demonstrated commitment to customer care, effectiveness in commissioning repairs to teething problems and very professional in her approach.

5. A couple of years on, the Meriton Apartments at Sienna is fully sold and I have also notice the following upgrades and maintenance works which was commissioned recently:

a. Various speed bumps and traffic mirrors were installed in the large underground car parkat Sienna. Obviously, the developer is keen to ensure safety for its occupants even after the project has been completed.

b. The management of the Sienna development keeps a close monitoring of errant parkers on visitors’ car space by owners. This parking issue is an inherent problem in many apartment blocks. However, the developer appears to take this issue seriously to maintain and uphold the by-laws and regulations of apartment living.

c. The gardens and common grounds of Sienna are immaculately maintained.

d. The cleaners assigned by a professional cleaning company at Sienna are extremely efficient and friendly with a great attitude.

e. Security guards at Sienna are professional and have a great attitude to their job.

f. The Sienna pool, spa, gymnasium and sauna are always clean and well-maintained.

There are many project being developed by both Mirvac and Meriton throughout Australia. The debate about which developer offers more quality and value has never been more intense. I believe that Meriton Apartments have significantly improved the quality of their developments over recent years and having seen so many new developments around Australia, I believe Sienna is one that offers quality and value.

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