NSW Elizabeth Bay unit vs. House in Bogangar

Does anyone know what the long-term growth prospects are of a unit in Elizabeth Bay, in comparison to houses in Bogangar?

My partner has a unit in Elizabeth Bay. She's kicking herself because 3 years ago she wanted to buy a house in Bogangar (near where we live, northern NSW). Back then median house prices in Bogangar were about $750k, whereas median units in Elizabeth Bay were $950k.

Life got in the way and she forgot about it, and she's recently realised prices have shifted dramatically.

Bogangar median prices are now $1M and Elizabeth Bay units $800k.

I know the pandemic has probably contributed to this shift of fortunes, but my question is: long term, is this trend likely to continue? Should she hold on to her Elizabeth Bay unit? Or should she cut her losses and jump on the Bogangar Bandwagon?

 

I'd never heard of bogangar before but looks incredible! Whenver I see Bogan here I just think and laugh about some of the brillinat posts on here by @datto.

You say cut her losses on the Elizabeth Bay unit but in reality what is it now worth versus when bought (not the median unit price quoted above)? Surely it has gone up and she has equity now still?

Both look like having good lifestyle / blue chip locations hence good long term deman but as to which one will grow faster is anyone's guess?

Good luck

 

Change your data source.

EB isn't getting any further out from the city and will always be blue chip. If prices in the area had dropped & no-one noticed, there must be a catastrophe on the horizon.

Edit: I note this may have been an overpriced OTP unit which may take several years to make back the additional costs factored in to the purchase price - gst, development profit, marketing etc).

 

I think units are in for slow growth in Sydney, there's always new ones being built. They aren't making more land though.

If there is demand for house on land, the prices will keep going up. I had never heard of Bodangar either, to be honest I thought it sounded made up and a joke place... sounds like Coastal NSW is doing very well though.

 

Thanks for replying. I'm using realestate.com.au.

Are there better publicly available data sources?

I went off the annual trend for units in EB on realestate.com.au. Prices went down over last few years, though after my initial post I noticed prices have started going up again since January this year.

Also, this was't an OTP unit (off the plan?)

 

Averages and medians go up & down like the proverbial bride's nightie - in small statistical suburbs the figures are more volatile & can be skewed by a few projects settling around the same time. That is if there are normally 20 sales/month of established stock, a new tower hits completion pushing 20 new units into the sales figures, there's an instant spike.

You need to understand what makes up the stats and to remove the non-comparable data.

Use Portal.spatial.nsw.gov.au To search for sales data.

 

I think that that average price in E.Bay might have been skewed by the fact that there have been more studio(small) units sold in the Last year than even 1bedders & 2 bedders which are v scarce in for sale bracket--- My experience is E Bay is bonkers upwards if u can find something Incidentally studios have been selling for v good prices last year & earlier in this year- - not sure absolute present state- but not much stock overall--- Don't ask me to quote stats,averages etc- I just go by keeping my eye on El Bay market-( I have owned i.p there for 20 years) Also depends on your long term plans re PPof R Hope whatever U decide it goes well.

 

Yes sounds like OTP. I dont think brick art decos have gone anywhere but up

 

Whitecat, this is a one bedroom unit, built in the 70s.

If my partner had sold it a few years ago, she'd have been able to afford to buy a house on the coast in our local area, but prices there have gone crazy in the last year and she can't afford it.

So I'm wondering whether her unit will catch up in years to come. Or will it always lag far behind? I know very little about real estate and haven't got a clue.