SEVEN HILLS LALOR PARK BLACKTOWN EDITION
End of financial year report 2018 Joel Hollings
A word from Joel Since our last Kickstart booklet in January there have been some changes in the residential marketplace. Open house attendance numbers have compressed by 30%, offers from prospective buyers are slower, available properties on the market have increased on last year by 100%. What does this mean? Prices have started to peel backwards on certain properties; it’s taking longer to achieve a sale result and the “fear of missing out” in buyers has now swung to the mentality of “fear of over paying”. Is there a positive to all of this? Yes. If you are looking to upgrade then this is the market to do so, the abundance of choice is happening everywhere and is providing a sound atmosphere of greater choice in our sellers’ choice markets. Longer term, the ground-breaking start of construction of the Badgerys Creek Airport late last year signals the imminent arrival of much needed infrastructure in Western Sydney. Earmarked for completion in 9 years’ time, the completion date will arrive quicker than most of us can anticipate and personally, I believe this will have a major impact on the desirability to live within our neighbourhoods. The changing face of Parramatta and its expansion is happening at a lightning speed rate – amazing for those of us who grew up locally. What’s most important is the State Government’s influence in bringing the (much) neglected city into the future. Projects such as the relocation of the Powerhouse Museum, fast rail link to the city and Western Sydney Stadium will forever change our memories of what Parramatta was before. I recently took my children to the Parramatta River Foreshore Reserve for a few hours last weekend and as we walked through the mall in Pitt Street and across (and now under) the Lennox Bridge, I started to understand Council’s plan to blend the old with the new, placing an emphasis on preserving the heritage of our past and providing families and the community at large with a safe space and a world class city to rival any other. These are certainly exciting times ahead.
Average sale price
Joel Hollings
The competitor
$858k
$758k
30 days
56 days
Our average days on the market
Joel Hollings 0413 921 841 8869 5602 joelhollings@mcgrath.com.au
A word from John McGrath When I started in real estate 35 years ago, Western Sydney didn’t have the relevance it does now. It’s taken just three decades for this quiet, outlying region to transform into the country’s third largest economy and home to almost half of Sydney’s residents today. In the 1980s, housing affordability wasn’t a major issue in Sydney. People could generally buy a long-term home close to the city where most of them worked. There was nothing really pushing people to move ‘out west’ unless they particularly liked the area, wanted more land or wanted to be close to manufacturing jobs. However, since then Sydney’s economy and population has exploded, necessitating massive urban sprawl of housing to our west. As the region’s population grew, so did services. Major shopping centres, schools, hospitals, transport and recreational amenities were developed and this attracted more families again. While all this development was going on, the sheer size of Western Sydney and its distance from the CBD kept property affordable. It was an ideal starting point for young families buying their first home and unskilled immigrants looking to start a new life amongst fellow countrymen in the west’s rising immigrant communities. In the early 2000s, we saw more of Sydney’s middle income bracket move west seeking more land to build their dream homes (remember the McMansions of the early 2000s)? Sydney’s property boom during this period made housing close to the city more expensive and encouraged more people to ‘go west’ for value. Ongoing population growth boosted by surging immigration has forced governments to invest in further infrastructure to service this burgeoning region. House prices have gone up a lot – in fact, CoreLogic figures* show that among the 22 Sydney suburbs with a 20-year annual compound growth rate in median house prices of 10% or more, 91% of them were in Western Sydney. Parramatta has cemented itself as Sydney’s second CBD and evolved from a suburb ‘on the outskirts’ in the 1980s to the geographic heart of our rapidly expanding city today. Parramatta is a thriving economic hub with more than $10 billion to be invested in transport, education, health, sport and cultural projects between 2016-2021. his includes Stage One of WestConnex, the Parramatta Light Rail, the redevelopment of Westmead health precinct, a new cultural centre including the Museum of Applied Arts and Sciences on the Parramatta River; and a new 30,000-seat Western Sydney Stadium to replace the old Pirtek Park and swimming centre. A dramatic 18% increase in Parramatta’s population is expected between 2016-2021. Western Sydney has several other significant economic hubs, including Liverpool, Blacktown, Penrith and Rouse Hill. Rouse Hill was among the 22 suburbs with the best house price growth, averaging 10.9% per annum since 1998. This suburb is still developing but it has already become a crucial suburban centre for the North West. Rouse Hill is part of the NSW Government’s North West Growth Corridor, in which more than 33,000 new homes will be built by 2026. A new hospital is being planned and the 10-year-old Rouse Hill Town Centre is undergoing a $300M expansion that will include 80 new retailers and hundreds of new apartments. Developers are proactively acquiring large parcels of land for residential development, particularly around the Metro Northwest’s Tallawong railway station, not far from Rouse Hill Town Centre. The broader Western Sydney is still growing today. It’s the one part of Sydney that still has so much promise and the space needed to capitalise on it. A million more people are expected to live there by the early 2030s and by 2050, it will house more people than Brisbane and Perth combined.
Despite all this promising growth, there are two things holding the region back. Not enough employment to enable residents to work locally, which necessitates a long commute on trafficclogged roads to the city. This commute is getting longer and there’s a generation of young people who would rather rent for life near the CBD than travel from a home they own out west. But everything is about to change and it means big things for the Western Sydney property market. The first big change is with regard to public transport that will reduce the commute to the city. Next year, the North West will have its first heavy train line with the 52km Metro Northwest connecting Cherrybrook, Castle Hill, Bella Vista, Kellyville and Rouse Hill directly to the CBD. The 33km WestConnex is on its way, which will transform the city-west connection and take 25 minutes off the Parramatta to CBD trip. The Metro West fast train service from Parramatta to the CBD will also transform the commute, with travel reduced from 32 minutes to potentially as little as 15 minutes. Parramatta Light Rail will connect several western precincts for the first time, enabling easier access to local jobs and entertainment options. The second big change for the region is the Western Sydney Airport. This brand new 24/7 curfew-free international airport is going to re-shape the region from top to bottom. It’s the game changer of a lifetime. Initially, the most important thing it will do is generate jobs. During the construction phase, 11,000 jobs will be created with 30% going to locals. A further 27,000 jobs will follow in the five years after the airport opens in 2026, with 50% targeted to locals. The surrounding ‘Aerotropolis’ will become one of Sydney’s biggest economic zones, with endless opportunities for investment. This 10,000 hectare greenfield site will enable major local and international companies to set up shop with direct exporting and importing made easy. There will be many major associated infrastructure projects, including a brand new train line likely to run from Macarthur to Schofields with a connection to the Metro Northwest at Tallawong station in Rouse Hill. Western Sydney is now a key focus of government infrastructure planning. The Greater Sydney Plan divides Sydney into three cities including the Central River City around Parramatta and the Western Parkland City around the airport. The aim is for all Sydneysiders to live within 30 minutes of their jobs and everything else they need for a great life. If we look at Western Parkland City alone, the population of this region which incorporates Liverpool, Penrith, CampbelltownMacarthur and the airport precinct is estimated at 1,070,000 today. By 2036, it will be more than 1,500,000, with 185,000 new houses and 200,000 new jobs compared to 2016. That’s just one example of the incredible growth ahead for Western Sydney, making it one of the most exciting property markets in Australia today. *CoreLogic figures supplied to McGrath, 12 months to April 2018, 20-year annual compound growth rate in median house prices among suburbs with more than 100 houses total and 40 or more sales in 2018
Testimonial Frank Zammit – 49 Lavinia Street, Seven Hills
Colin Campbell & Irene Choo – 3 Fifth Avenue, Seven Hills
Joel was a pleasure to do business with. Friendly, honest, reliable and efficient service. The whole sale process went smoothly and quickly. Sold after the first open home for a great price!
Joel was very professional, highly experienced and had an excellent knowledge of the area. He was honest, respectful, helpful, culturally sensitive and personable. He was upfront on price at negotiation stage. He communicated well, gave us clear instructions and kept us informed with every step and development throughout the campaign. His expertise in negotiations with buyers brought about a win-win outcome. Thank you, Joel and to your super-efficient team for a successful campaign.
Glen Goodfellow – 48 Sarsfield Street, Blacktown Joel helped us to sell our house in this low market. Really appreciate his professional service and very good market experience. Rabih Berjawi – 33 Sturt Street, Lalor Park I have sold a number of properties now with Joel and can say that the service is exceptional and he and his team continue to impress me. His up to date knowledge of the market has no doubt maximised the gains I have made on my properties over the years not only when the market was increasing but also when the market was not as strong. I would recommend Joel to anyone who is looking at selling or buying a property. He’s not only knowledgeable but he is an honest agent that you can trust. Leah Quinto – 5 Columbia Road, Seven Hills I would highly recommend Joel as a best agent. He knows the market very well and first open house, he sold it. Thank you very much Joel for a job well done. Allan Dela Fuente & Justyna Lupa – 17 Funda Crescent, Lalor Park Joel has amazing insights in the area. He was able to articulate to us a clear strategy to get our house sold quickly and within ours and the market’s expectations. This assisted in us being satisfied with the whole sale process. Joel was also able to provide assistance afterwards and continues to enable us with his consultancy. We definitely made the right choice in asking him to be our agent and we highly recommend him in the future.
Phinu & Biby Mathew – 1/17 Girraween Road, Girraween Joel and his team is proactive in communicating and resolving any issues. Deb Waugh – 43 Charlton Road, Lalor Park Joel utilised his extensive real estate knowledge of the area and the market in successfully securing the sale of my elderly mum’s home. Joel brought a positive attitude and approach through every step of the sale process. Great communication and recommendations on the sale approach at the appropriate level kept us informed. Vince & Nina Vaccaro – 23 Kellaway Street, Doonside Joel was a pleasure to deal with, easy to understand, always returned my calls promptly and answered all my questions without hesitation. An absolute gentleman. Glen St George – 33 Collins Street, Seven Hills Joel delivers what he tells you he will. He is very confident in his approach and comes across as totally honest and practical with his processes. I highly recommend Joel and his team.
Why Joel Hollings
16 years $83.75m 96 30
Total value of properties sold in FY18
Number of properties sold in FY18
Our average days on the market
$858k 4
Real estate industry experience
Our average sale price
Highly experienced McGrath team members
25th 5th
of the top sales agent within the McGrath network
ranking in sales volume within the McGrath network
Aug 2018
A selection of recent sales
23 Lavinia St, Seven Hills $1,025,000
8 Jade Place, Seven Hills $845,000
14 Athabaska Ave, Seven Hills $905,000
48 Sarsfield St, Blacktown $855,000
5 Nile Ave, Seven Hills $835,000
107 Mississippi Rd, Seven Hills $830,000
49 Lavinia St, Seven Hills $820,000
7 Holburn Cres, Kings Langley $985,000
122 Myrtle St, Prospect $1,075,000
74 Rausch St, Toongabbie $930,000
3 Fifth Ave, Seven Hills $1,061,500
28 Wheeler Street, Lalor Park $780,000
Our local area statistics SEVEN HILLS
Average price to buy
Average rent per week
Median house property price
$785k
$440pw
Visits per property in Seven Hills
High demand
State average
Average days on market
Who lives in Seven Hills?
899
854
51
No. of homes sold this year
108
Older couples & families
Established couples & families
Maturing couples & families
19.6%
15.8%
Fully owned
Renting
31%
31%
Average price to buy
Average rent per week
Median house property price
$690k
$420pw
Visits per property in Lalor Park
High demand
State average
Ownership
LALOR PARK
Average days on market
Who lives in Seven Hills?
35
No. of homes sold this year
80
Older couples & families
Established couples & families
Maturing couples & families
18.1%
16.6%
31%
31%
Average price to buy
Average rent per week
Median house property price
$735k
$420pw
Visits per property in Seven Hills
High demand
State average
BLACKTOWN
Who lives in Blacktown?
Ownership
38%
854
Renting
Average days on market
Purchasing
786
Fully owned
Ownership
11.8%
12.7% Purchasing
38%
350
854
45
No. of homes sold this year
240
Older couples & families
Independent youth
Maturing couples & families
16.7%
16%
Fully owned
Renting
27%
38%
12.7% Purchasing
35%
McGrath offices in our immediate area, working together
846
Rouse Hill
Sales people
The Ponds
96
Castle Hill Epping
Blacktown
Concord
Liverpool
Offices connected throughout our network
Ryde
Parramatta
Edgecliff
Bankstown
China Desk Servicing Mandarin speaking clients
Peter Sutherland Dedicated to exceptional client service, Peter Sutherland is an exemplary Sales Agent at McGrath Blacktown. Refreshingly honest and transparent, Peter is renowned for his down to earth, calm approach. He genuinely enjoys coming to work each day and is inspired by the role he plays in helping people achieve their goals. Drawing on his expertise in property management and sales, Peter brings invaluable insight for his clients, whether owners or investors. These skills perfectly combine with his intimate local knowledge to give Peter an unparalleled edge. Peter works alongside Senior Sales Agent Joel Hollings, and together they share the record for the highest residential sale in Seven Hills. Pettver and Joel make an unstoppable team of tenacious negotiators who deliver blue ribbon service and stellar results. A born and bred local, Peter is passionate about what the Blacktown area has to offer residents and is an energetic sponsor of the All Saints Toongabbie Tigers football club.
Peter Sutherland 0432 561 586 8869 5604 petersutherland@mcgrath.com.au
Joel Hollings 0413 921 841 8869 5602 joelhollings@mcgrath.com.au