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Sydney Inner west apartments: 32/21-25 Coulson street, Erskineville

Unit 32, 21-25 Coulson street, Erskineville 1

FOR SALE: 32/21-25 Coulson street, Erskineville, Sydney

Apartment 2 bed, 2 bath, 1 car

Refurbished 2007

Size 85 sqm internal space including ground floor courtyard. It has security car space of 12.65 sqm and  a separate storage facility of 4.2 sqm.

Asking price Close to the mid $600k’s.

Erskineville is known for its vibrancy in terms of an alternative lifestyle among Sydney’s hip and Bohemian. This suburb is a mere 4.5km from Sydney CBD and 2km from the University of Sydney.

Location wise, this apartment is ultra convenient whereby it is within 300 metres to the St Peters train station, a 3-stop train ride to Central station. It is also within walking distance to the cafes and restaurants along King street in Newtown and Erskineville village shops and cafes.

This building was previously a light industrial premise but is now known as Star Printery Apartments. It has since been fully refurbished with modern conveniences and the professional team involved in this project include Turner & Associates architects and builder DeiCorp.

The apartment has 2 bedrooms both with built-in wardrobes opening out to an east-facing enclosed courtyard. The main bedroom has an ensuite.

Erskineville has been identified by Peter Koulizos, author of Top Australian Suburbs as one of the best areas to invest in 2010 along with other inner west suburbs such as Alexandria, Enmore and Darlington.

The downside to this property is that it may experience train noise due to its close proximity to the tracks.

Related posts:

Vital statistics

Erskineville Median price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Apartment 490,000 500 5.3 22.5 16.7 6.8
House 650,000 570 4.56 15.04 14.04 7.3

Source: RP Data, June 2010

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How it’s calculated:

Median price: Median price for the 12 months to February 2010

Average annual growth: Average percentage change over the past 10 years as a per annum figure

3 and 5-year growth: Median price percentage change over the past 3 and 5 years to February 2010

Weekly median advertised rent: Median price of rental listings for the 12 months to February 2010

Gross yield: Estimated rental return, based on advertised rent to median price

Sydney’s top suburbs for terraces

134 Riley street, Darlinghurst 1

FOR SALE: 134 Riley street, Darlinghurst, Sydney

Sydney residents have had a long love affair with terrace houses from the early days. It is warm and comforting sipping tea in a courtyard and leaning over the wall to exchange notes about what’s on the dinner menu with a neighbour.

Many older style and dated terraces in some Sydney suburbs have since been transformed by owners who have a knack for clever home designs, small renovations and refurbishment. Period features are being replaced with the latest modern conveniences and state of the art TV and sound systems. The result for these carefully planned upgrades are often spectacular ~ modest from the outside due to limiting restrictions in changing the facade but with “wow” factor interiors.

Selected Sydney terrace suburbs by median prices as at April 2010 are as follows:

Rank

Suburb

Distance from Sydney CBD

$

1

Paddington

3

1,235,000

2

Glebe

3

850,000

2

Surry Hills

3

850,000

4

Alexandria

4

780,000

5

Redfern

3

752,500

6

Leichhardt

6

700,000

7

Erskineville

5

670,000

8

Darlinghurst

2

595,000

Source: Australian Property Monitors, April 2010

Comparing statistics from a year ago, selected Sydney terrace suburbs by median prices as at April 2009 were as follows:

Rank

Suburb

Distance from Sydney CBD

$

1

Paddington

3

1,230,000

2

Bondi Junction

6

900,000

3

Darlinghurst

2

865,000

4

Surry Hills

3

792,225

5

Glebe

3

770,000

6

Darlington

2

705,000

7

Redfern

3

700,000

8

Newtown

5

650,000

Source: Australian Property Monitors, April 2009

What I like about terraces

  • Personally, the close proximity to Sydney CBD for most of the top terrace suburbs is the key attraction. From an investment point of view, a good quality terrace in a top Sydney terrace suburb has experienced strong capital growth and will continue to do so in the future due to its scarcity factor. Rental yields will not be high due to the price factor but over the long run, capital growth will more than compensate rental returns.
  • Terraces appeal to a wide spectrum of owners and renters alike, especially in Sydney as these dwellings allude its own character and charm. The profiles of these occupants include young professionals, Sydney’s vibrant gay community, people who work in the arts and creative industries, food lovers, high-fashion followers and hospitality professionals who enjoy inner city living for its array of notable cafes and restaurants, shopping and convenience of commuting to work. For investors, there is rarely a shortage of quality tenants for this type of dwellings.
  • Some terraces are old and dated and herein lie enormous hidden opportunities to upgrade and add significant value. Astute investors can significantly create new equity by carrying out well-designed renovations which appeal to its target market.

What I dislike about terraces

  • Most terraces do not come with car space and being located so close to the city, parking can often be a nightmare although certain suburbs have resident designated street parking. Even then, most terrace suburbs have very limited parking and streets can sometimes be narrow and extremely congested with vehicles which affects the streetscape of the suburb. It is best to always find a terrace with at least 1 car space which is usually a lock-up space within the external compound.
  • Terraces are not free-standing dwellings and some investors will never commit their investments to these type of housing. Those who invest in terraces are usually owner-occupiers who “fall in love” with terrace living and the lifestyle factor. From an investment point of view, the price of a terrace can usually offer alternative investments in free-standing dwellings with ample car space and a huge backyard in good suburbs and locations.
  • The long rectangular layout plan for most terraces means living areas are usually separated as opposed to the feel of an open concept that a house with a large backyard can offer. However, clever floor design can sometimes integrate living spaces to overcome this constraint. Staircases and corridors can be very narrow and it is not uncommon for bedrooms to be located over 3 levels. The size of backyards and courtyards can be small and usually further reduced and compromised by the secured car space.
  • Some terraces only come with 1 bathroom and toilet. Moreover, this facility may sometimes be located on the first or second level and is not ideal for the convenience of guests and may affect the privacy of occupants if guests have to wander upstairs. On the other hand, if this single bathroom and toilet is located on the ground level, then it also affects the convenience and privacy of the occupants in the event bedrooms are located on the first or second levels. This kind of layout may not be suitable for families or occupants of more than 2 people and limits the potential tenant market for investors.

Verve Erskineville – a quality development in a strategic location

IMG_0106

Verve Apartments, Erskineville, Sydney

The newly completed Verve Erskineville apartments have proven to be popular among Sydney’s hip and eclectic city dwellers. Only 4 apartments remain unsold in this 106-unit development by AV Jennings.

Why I like this development:

  • Located within a 5-minute walk to St Peters train station, this development is 3 direct stops or 10-minute train ride to Central station in the city and 6 direct stops to iconic Sydney harbour attractions at Circular Quay, Sydney Opera House and the Botanic Gardens.
  • Some apartments have large storage facilities and double side-by-side car space which means you will never have to scour around for scarce public / visitor parking in this popular inner city location for your second car.
  • Sydney Park’s outdoor activities – walking, running, biking, family picnics, is 5 minutes away. Sydney Park is also a leash-free park for dog lovers.
  • 10-minute drive to Sydney CBD, Chinatown, Broadway Shopping Centre, Sydney Fish Markets and Sydney airport.
  • Erskineville and Newtown’s cafes, pubs, restaurants precinct located within a 10 minute stroll.
  • For investors, rental return for most 2 bedroom apartments range between $575 – $675 per week or between 5.3% – 5.7% return on investment.

Related posts:

View Verve Apartments Erskineville @ wealthruproperty.com

Vital statistics

Erskineville Median price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Apartment 469,000 495 5.49 19.5 11.67 6.8
House 630,000 550 4.54 14.03 11.50 7.49

Source: RP Data & Your Investment Property, March 2010

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

How it’s calculated:

Median price: Median price for the 12 months to November 2009

Average annual growth: Average percentage change over the past 10 years as a per annum figure

3 and 5-year growth: Median price percentage change over the past 3 and 5 years to November 2009

Weekly median advertised rent: Median price of rental listings for the 12 months to November 2009

Gross yield: Estimated rental return, based on advertised rent to median price

Another brand new Erskineville apartment for rent

IMG_0052

With the imminent completion of the Verve’s luxury apartments in Erskineville by renown property developer AV Jennings, the first of its 106 apartment is now available for rent in Sydney’s hip and eclectic inner west.

This brand new, top floor apartment boast a 30sqm sun-drenched balcony over-looking serene internal gardens, swimming pool and tennis court. Filled with day long natural light, this north-west facing unit boasts a large 90sqm internal space with open plan kitchen and dining which walks out to the balcony made for entertaining, summer BBQs, sunbathing or to simply to read your favourite book.

Why I would rent this apartment:

  • Brand new and top floor apartment with spanking new Smeg / Omega gas kitchen and other high-quality finishes.
  • The sun-drenched 30sqm balcony is built for entertaining family and friends and adds a fresh dimension to the already large 90sqm internal open-living plan.
  • Located within a 5-minute walk to St Peters train station, you are merely 3 direct stops or 10-minute train ride from Central station and 6 direct stops from Circular Quay, Sydney Opera House and the Botanic Gardens.
  • A double side-by-side car space means you will never have to hunt for scarce public / visitor parking in this popular inner city location for your second car.
  • Sydney Park’s outdoor activities – walking, running, biking, family picnics, is 5 minutes away. Sydney Park is also a leash-free park for dog lovers.
  • 10-minute drive to Sydney CBD, Chinatown, Broadway Shopping Centre, Sydney Fish Markets and Sydney airport.
  • Erskineville and Newtown’s cafes, pubs, restaurants precinct located within a 10 minute stroll.

Other key features include:

  • Master bedroom walks out to sunny north-west balcony
  • Built in wardrobes in both rooms
  • Reverse cycle air-conditioning
  • Large 8sqm basement storage facility
  • Study nook with ducting for internet connection
  • Cable TV connection points in living and master bedroom
  • Internal laundry and dryer facility
  • Convenient garbage chute disposal
  • Security video intercom

This apartment is available from early December and is managed by Johanna Cheong from Infinity Property Agents at 0430 597888.

Related articles:

Brand new Erskineville 2 bedroom apartment leased at $650 per week

Front of building

The recently completed Motto apartments in Erskineville by Austcorp is now ready for occupation. Most of the 2 bedroom apartments within this development are maisonette style – double storey living with its own internal stairs and the master bedroom usually on a separate level from the living and dining areas for added privacy.

The  Motto apartments are beautifully constructed, with quality kitchen equipment, bathroom finishings and spacious living areas. It is also approximately 5 minutes stroll to the Erskineville train station.

Apartment C420/2 Nassau Lane within this development is a 2 bedroom, 2 bathroom and 1 secure car space unit and has recently been leased at $650 per week through property management company Let’s Rent. This apartment is a maisonette style with internal laundry, ensuite and private balcony.

Please refer to this post for more details of Motto apartments.

Verve Apartments in Erskineville almost completed

IMG_0047

I visited the Verve apartments in Erskineville yesterday and inspected several apartments within the development. This development by AV Jennings appears to be well ahead of schedule whereby the initial target completion date of 20 December 2009 has now been revised to 4 December 2009. Many units are now open for inspection by purchasers who have bought into this development. Based on my inspection of several units, it appears the finishings are of good quality. Ceasar stone benchtops are used for the kitchen and are complemented by Smeg / Omega kitchen appliances. Bathroom fittings, toilets, basins and tapware are of good quality and design. Floor plans are generally well designed with ample living space, good size bedrooms and open plan kitchens. Balconies facing with the west aspect overlooks the serene internal gardens, tennis court and swimming pool of the neighbouring Zenix development. This development is approximately 350m to St Peters train station and also within walking distance to the cafes and restaurants along King street in Newtown. Other amenities include Sydney Park across the road to the south of the development and a short stroll to the Erskineville cafes and restaurants. Sydney University campus is also a short drive from this suburb which is approximately 4km south of Sydney CBD.

See a comparison of Verve vs Motto apartments in Erskineville.

Recent acquisitions


Over the last 10 months, the Reserve Bank of Australia shed more than 4% off the cash rate to the current 3% which is now at a 50-year low. Capital cities around Australia continued to experience an acute shortage of housing stock where most cities had an average rental vacancy of less than 2%, thus fuelling strong rental demand. The Rudd government is determined to support the economy through this crisis by extending the First Home Owners Grant of up to $24,000 for new dwellings to the end of 2009 and continue to provide concessions for stamp duty to assist home buyers. The combined effect of all these factors was an over-whelming attractiveness to get into the property market for first home buyers and investors alike.

Front of building

The main features and compelling strengths of this 1 bedroom apartment in Marobra are as follows:

Maroubra bay

Maroubra bay, Sydney

Guiding Principle

Compelling strengths

1 bedroom apartment at 94 – 96 Yorktown Parade, Maroubra (pictured above)

New or near new Building is approximately 4 years old.
Tenant’s amenities Security garage and storage cage.
Close to public transport Bus stop directly in front of apartment building with express buses to CBD and Circular Quay.
Local attraction and lifestyle 500m from Maroubra beach and surf lifestyle, cafe and restaurants, 1.5km to Maroubra Junction’s retail and commercial centre – shops, cafes, restaurants, bank, post office, newsagent, Coles etc.
Strategic location Within close vicinity to airport, University of NSW, Randwick racecourse, Royal Prince Alfred Hospital, Randwick and Coast golf courses.
Low maintenance costs Boutique block of only 14 units with minimal facilities. Hence, total outgoings are less than $2,800 per annum.
Attractive and good floor plan North facing private balcony with ducted gas for heater and BBQ, galley style kitchen and master bedroom with ensuite and balcony.
Strong rental yield This property was rented out at $390 per week within 2 days of being on the market, giving a yield of approximately 6% per annum.

Development of residential, retail and commercial property in Maroubra Junction such as Pacific Square has transformed and increased prices of apartments in this area. However, I believe that pockets along Maroubra and Fitzgerald roads which are close to the beach are still relatively inexpensive compared to the junction area. It enjoys a closer beach and ocean front atmosphere, at the same time close enough to access the amenities of the junction without having to contend with traffic.

My second purchase was an off-the-plan 1 bedroom apartment in the Dee Why Grand development ~ an integrated residential, retail and commercial project which includes the upgrade of the iconic Dee Why Hotel. This development is located right at the heart of Dee Why’s commercial and retail precinct along Pittwater road. I foresee this development to be the dawn of a new cycle of gentrification in the area similar to how Pacific Parade has transformed properties around Maroubra junction in a little over 5 years.


Dee Why beach, Sydney Australia

Dee Why beach, Sydney

The main features and compelling strengths of this Dee Why property are as follows:

Guiding Principle

Compelling strengths

1 bedroom apartment at Sturdee Parade, Dee Why

New or near new Building is under construction and due for completion in July 2010.
Tenant’s amenities Swimming pool, gym, spa, sauna, security garage and storage cage. The apartment is also part of an integrated development consisting retail and commercial businesses and refurbishment and upgrade of the Dee Why Hotel.
Close to public transport Bus stop with express buses to the CBD.
Local attraction and lifestyle 900m from Dee Why beach and surf lifestyle, cafe and restaurants.
Strategic location Within close vicinity to Northern beaches, Long Reef golf course, Warringah Mall.
Attractive Floor Plan I have never been a fan of split level apartments unless they are a good size. I have made an exception for this property ~ 81sqm split level with 2 North east facing private balconies of 9sqm each overlooking internal gardens.
Favourable exchange and settlement terms Only required $10,000 to exchange and up to 5% of purchase price until development is completed.

The third of the 3 properties was a 2 bedroom apartment due for completion in December 2009 in the Verve development in Erskineville. I have conducted research on suburbs which are close to the CBD with good access to public tranport and amenities. Such suburbs which have not seen a significant rise in value will have their day over the next 5 – 8 years and I believe Erskineville to be one of these suburbs. The latest Market Review by John McGrath of McGrath property agents appears to support this view.

Sydney Park

Sydney Park, a leash-free park in Sydney

The main features and compelling strengths of this property are as follows:

Guiding Principle

Compelling strengths

2 bedroom apartment at Verve development, 2 – 4 Coulson street, Erskineville

New or near new Building is under construction and due for completion in December 2009.
Tenant’s amenities Two side-by-side security car spaces and storage cage. I believe having an extra car space on title in a suburb so close to the CBD where there is an acute shortage of street parking give this property an invaluable advantage over other 2 bedders with single car space.
Close to public transport 350m to St Peter’s train station.
Local attraction and lifestyle Walking distance to King street restaurants and cafe, 100m to Sydney Park, Erskineville village lifestyle.
Strategic location 4km to CBD, Chinatown, Central train station, within close vicinity to King street cafe and restaurant strip, airport.
Attractive Floor Plan Top floor apartment of 89sqm open style living, dining and kitchen with a 28sqm North west facing balcony overlooking internal gardens, swimming pool and tennis court.


Motto vs Verve, Erskineville


Comparative analysis of 2 new developments in Erskineville ~ Motto vs Verve

Development

Motto

Verve

Developer

Austcorp AV Jennings
Architect Allen Jack & Cottier

Turner & Associates
Location

2, Nassau Lane, Erskineville 2 – 4 Coulson street, Erskineville
No. of units

90 one bedroom units

56 two bedroom units

11 three bedroom units

200 units

102 units
Facilities

Outdoor pool, gym, 1 cafe / retail outlet None
Proximity to train station

600m to Erskineville train station, 700m to St Peters train station 400m to St Peters train station, 800m to Erskineville train station
Quality of finishes and inclusions

(Please refer to inclusions) (Please refer to inclusions)
Price:

1 bedroom

2 bedroom

3 bedroom terrace / 3 bedroom

From $470k

From $585k

From $925k

From $465k

From $534k

From$770k

*Average price per sqm $

1 bedroom

2 bedroom

$6.0k

$5.5k

$5.5k

From $5.2k

Estimated completion date

Completed

20 December 2009

*Based on Asking price of typical unit divided by total internal and external living areas only (does not include car park and storage space).

Verve is closer to the train station although the north aspect of Verve is fronting Coulson street. Traffic noise can be an issue along Coulson street. Units fronting the north west corner of Coulson street will experience noise from the trains.

Motto is located on the corner of Eve street and Nassau Lane. Although slightly further from the train station, there is less traffic noise around its vicinity. The inclusions and finishings for Motto is of higher quality than Verve. Motto offers an outdoor pool and gym whilst there are no facilities for the Verve development. Investors should confirm approximately strata levies for both development.


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