PROPERTY SHOWCASE WESTERN SYDNEY
Published in Western Sydney Business Access | Parramatta Times | Blacktown News | www.westernpropertyguide.com.au
WHO WANTS TO BE A MILLIONAIRE?
Property prices still skyrocketing DALLAS SHERRINGHAM T’S a case of Who Wants to Be a Millionaire’ in July with Sydney prices continuing to skyrocket in the unprecedented property boom gripping the city. Old houses that were bought for a few thousand dollars last century in a prime location are now bringing up to $5m in parts of the Inner city. The Sydney median price reached $1.3M recently, increasing 8.5% in the quarter which is the highest level since records were first taken in the 1990s. A derelict five-metre-wide house with a hole in the ceiling has sold for a whopping $4.62M, becoming one of the most expensive homes for its size ever sold in Sydney. Massive quarterly gains in the eastern suburbs, Northern Beaches, Baulkham Hills and the Hawkesbury are behind the quarterly median price rise of more than $100,000. The decrepit inner-city terrace sold for an unbelievable $4.6m, surpassing its reserve by more than $500,000. More than 100 people turned up to watch the uninhabitable house at 112 Surrey St, Darlinghurst go under the hammer. The five-to-six-bedroom property spans four levels with water damage throughout, rotting floorboards, a fallen-in ceiling and a collapsed balcony. But that did not stop 16 buyers registering to bid on the property, which was considered a bargain and could fetch $8m when renovated. Over the year, Sydney house prices have jumped by 12.6%. Domain’s Senior Research Analyst Nicola Powell said in an interview it had been a “rapid acceleration” in prices. “It’s the fastest acceleration of house prices over a single quarter since our Domain records began in 1993,” she said. “We’ve got double digit annual gains and that’s the steepest rise since mid-2017. “Previously we’d seen very much the low end of the market supporting price growth ... now we’re starting to see the upper end of the market is leading.” Dr Powell speaking to the ABC said no area of Sydney escaped the pricing boom and every region had hit record highs.
Over the year, Sydney house prices have jumped by 12.6%.
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It’s a two-edge sword The median house price of more than $1.3M is backed up by SQM research. SQM research managing director Louis Christopher said it had been an “extraordinarily” strong quarter. “It was driven by a multitude of factors, particularly government stimulus,” he said. “From the outset of this current recovery and effectively, current housing boom, there’s been great demand for freestanding houses. “People have been looking for larger properties because they’ve been working from home, and that trend is still with us.” And the West and Hills district are benefitting greatly because of the stock of
free-standing homes on larger blocks. Unit buyers aren’t much better off because the median price of a unit in the Sydney region has just topped $1m. It came on the back of incredible growth earlier this year, which has meant a typical Sydney house is now about $117,000 pricier than it was at the end of February. Close to $40,000 of that increase was from May growth alone. Sydney’s price rise was 66% higher than in Melbourne and about 36% higher than the national average. There may be a two-edged sword for struggling homebuyers. On the one hand, prices will slow down because of auctions
cancelled in the lockdown, but this could be accompanied by a predicted increase in interest rates. They can also look forward to housing supply beginning to increase in many suburbs in the west and a further increase would take pressure off of buyers to bid up prices. A shortage of listings has been one of the biggest drivers of the recent price boom, according to experts. South Strathfield is particularly popular with buyers because of the quality homes available in this once showpiece area of early 20th century Sydney. The average price is now $1.8m, which is $500,000 more than the city median.
APRIL 2021 Edition 120
WESTERN SYDNEY BUSINESS
LO OUR CA CI L PA TY PE ’S R
HOW TO WIN THE WEST
ParramattA Voice of Australia’s most progressive city
T I M E S
ISSUE 9 | April 2021
L LOCA NEW
Minister pushing for more women on Parramatta Council: 3
%ඔඉඋඓගඟ1 Issue 1 | April 2021
Blacktown's LOCAL media voice
EXCLUSIVE: Bob Turner on his new role at Blacktown FC.
BEST GIFT SINCE THE OPERA HOUSE POWERHOUSE Parramatta CEO Lisa Havilah is more interested in the flood of excitement over the controversial $920M project than any flood-waters that may lap at its riverside approach. After the recent devastating rains that saw Parramatta River break its banks between the ferry wharf and the site of the museum, Ms Havilah is adamant that the building and its exhibits will not be affected.
FULL STORY PAGE 10
RETAIL BOUNCES BACK -
THIS EDITION
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AUTO: SsangYong's mid-life update: 30 BUSINESS: Retailers reveal solutions: 34 TRENDS: Is love passing you by?: 36
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World class health care
Westmead Hospital’s new clinical tower oepns: 2
New suburb named BradÀeld
Govy ofÀcially names high tech city at Aerotropolis: 6
Family business in COVID
How many leveraged patience capital during COVID: 12
TALE OF TWO POOLS
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How hope really works
Feature on the Salvation Army Red Shield Appeal: 15
SALOVS: How hope really happens: 19
FTER a few hot summers for swimmers who loved Parramatta and w ÌîÿÓâî®þ±ÅÅ ßÓÓÅæ Ì æóđ â during their closures, relief is on the way. Just a day apart, the refurbished Wentworthville pool opened and î® Ĝâæî æÓ ÿ æ îóâÌ ÓÌ î® spectacular Parramatta Aquatic Centre. Both communities have been without a pool since 2017, the Parramatta Memorial Pool demolished to make way for Bankwest Stadium and the previous Holroyd Council wanting to close the tired Wenty pool
rather than refurbish it. After a bit of æ óĖ îÿ Ì W ââ Ë îî ÓóÌ ±Å and the NSW Government on who would pay for its replacement, an agreement was reached on funding for the state-of-the-art aquatic centre. And in Wentworthville, a concerted community campaign and the Cumberland Council, saved the beloved pool with an upgrade. While Parramatta residents wait two years for their pool, they are welcome to dive to Wenty.
FULL STORY PAGE 6
Young people turning their lives around at BYSA.
Youth Needs Our Support
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VITAL youth service in Blacktown is set to close after missing out on important State Government funding. The Blacktown Youth Support Association’s Youth HQ program helps young people at risk - those who have
been in trouble with the law or those who may be headed that way. But the service was told at the end of last year by the Department of Communities and Justice that they had missed out on funding, in favour of more “targeted” youth
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