PROPERTY SHOWCASE WESTERN SYDNEY
Published in Western Sydney Business Access | Parramatta Times | Blacktown News
As the market cools…
Western Sydney remains HOT TRENDS | DALLS SHERRINGHAM YDNEY’S booming property market is showing signs of cooling after one of the most historic years of property growth, however Western Sydney remains hot. Affordable prices and buyers looking to exit the city and apartment life means interest in the west is still high as the region celebrates breaking the Covid-19 shackles. And interest is being ramped up by a big increase in listings which were held back during the pandemic. The Inner West is sizzling with a couple paying $580,000 above the reserve price for a modest home at Ermington. A crowd of 100 people, including 19 bidders, descended on the auction for a house in Gregory St with development potential. The average price in Ermington is $1.39M but the stiff competition pushed the price $580,000 over reserve to a record $2.38M. The home had been in the same family since 1952 and was set on a 700sqm block, ideal for development. It was the first time the property on Gregory St was up for sale in about 70 years and the $2.38M price was a surprise for both the agents and vendors. Selling agent Paul Tassone of Professionals-Ermington told media the reserve was set at $1.8M based on recent comparable sales in the area and $1.9m would have been considered a good price. “It was a crazy result,” Mr Tassone said, adding he had estimated the value was no more than $2M. The registered bidders were a mix of buyers wanting to renovate the home, but the strongest competition was from developers wanting to replace the original house with duplexes, Mr Tassone said. Part of the appeal was that the 708sqm block would be about 100m from a proposed shopping precinct and was across the road from a park and reserve. There was still strong demand for property but the key change since lockdown was a greater selection of housing.
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Buyers are spoiled for choice. There is no rush to move on what they see because the taps have been turned on full blast for new stock. Well-located properties are the exception and were continuing to attract significant results because they were rare, according to experts. Mr Tassone said inner suburbs were likely cooling faster than Western Sydney, which was continuing to draw buyers because of the more affordable prices. The auction was one of more than 1000 held across Sydney om that week-
end, a 91% rise in auction volumes from when the city emerged from lockdown in October. Sydney’s house prices have increased by 30.4% in the past year, with the median price now $1.5m, following a fall in values of -2.9% between April and September 2020 when Covid first hit. Parts of Sydney’s are cooling with the monthly rate of growth halved since the heights of March this year, when prices reached a monthly growth rate of 3.7%— the fastest monthly increase the city has experienced in three decades.
October’s prices showed a modest dip from the previous month, when values grew at a rate of 1.9%, while house and unit price growth also slowed after growing by 2% and 1.5% in September. According to Corelogic, property values rose 1.5% in October and are now up 23.8% for 2021. A typical Sydney house is $320,000 more expensive than it was at the beginning of January, while units have experienced a gain of $100,000. Sources: The Professionals, Corelogic, Urban Developer
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ARRAMATTA Chamber of Commerce found- 2021, about 700 guests gathered at ATC, Rosehill immaculately dressed in theme ‘Back in Black’ with ed the Western Sydney Awards for Business Gardens to celebrate business excellence in the a touch of gold celebrating hope and resilience. Excellence in 1990, affectionately known region. After what has been the most challenging The resilience of the business community in EEP saying the risk of getting a24, side effect to AstraZeneca renowned experts held recently a collaboration Access News “ as WSABE. Onthat Wednesday, November period of our working lives, guests flowed, Westernby Sydney is second toofnone. More page 17. is one person sitting in a full SCG, and the risk of dying from it Australia and The Westmead Institute for Medical Research. The panel, is one in a million - the equivalent to a lightning strike.” Vivid who hail from a range of disciplines, spoke about their take on the stats voiced by infectious disease expert Professor Tony Cunningham lessons learned from COVID, and their prognosis of future trends in a as he took part in a Regional Roundtable webinar of internationally post-pandemic world. See pages 4,5.
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What it might look like to have flying cars over Parramatta CBD.
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ITS beginning to look a lot like Christmas in the City of Parramatta with an assortment of fun Yuletide activities for people of all ages to enjoy. See page 12.
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CARS OVER CBD OF GROWTH C AN you imagine cars flying above the Parramatta CBD? Parramatta Chamber of Commerce president Luke Magee can certainly see it as a possibility after the N its 160 years asTimes a localdiscussed government area, from Parramatta certainly hassuggesting grown up -the all Parramatta a report University of NSW the way to thewas sky.not Four after a ceremony commemorating the declaration ofto concept fardays away. “I hope it can be something we can look forward Parramatta as a municipality, Sydney’s burgeoning second city welcomed Premier in the future. It would be good for Parramatta, with its lack of parking,” Mr Magee said. Dominic Perrottet to the “topping out” ceremony of the 225 metre 55 storey high 8 “These flying cars could work like the proposed driverless cars where you park them Parramatta Square, which, with adjoining 4 and 6 Parramatta Square, will house 9500 outside the city and they come to pick you up." More page ͢2. NSW Government workers. More page 8.
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IGH growth greenfield precincts in Blacktown will benefit from a share of $139M being handed out by the State Govt this year. The cash is up for grabs for eight Western Sydney councils as applications have opened for round two of the Accelerated Infrastructure Funding (AIF). More page 4.
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From top left clockwise: Grange Avenue, Loftus St and Glengarrie Rd all projects for possible development under the AIF program.
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