NSW New Units or OTP in your area

I work around the north Ryde area and have seen apartment blocks go up year after year. I look left right and centre and still more being built up.

In your local area, have you seen this as well? In anticipation of oversupply, and hopes of getting a bargain in the next few years when Sydney slows down.

These are the ones I have seen ...

1. Apartment blocks -- new build along Herring Road close to Macquarie Shopping Centre. Wonder what the vacancy rate is for those...
2. The old stamford hotel is now knocked down and build is starting soon.
3. Along Epping road, new apartment block build is starting (Macquarie Green)
4. Around Delhi Road, near M2, near the cemetery, near Macquarie station
5. Heard someone told me the student accomodations near the University are going to be knocked down and apartment blocks to be built.

 

My grapevine tells me that the area on the other side of Epping Road near the Centrale development is also mooted to be rezoned to medium/high density.

Walking distance to the station, set of shops at Coxs Road, close to Epping Boyz etc

 

Also there's a build on a corner of Lane Cove and Epping roads.

 

I'm based in Marrickville. There's been plenty going on. Not many monster projects (height restrictions will do that) but lots of 12-30 apartment type of developments and a few larger ones. But there is so much demand to live there that the risk of oversupply is close to nil. Almost everything is being snapped up before construction is completed.

When the light rail extension was announced to terminate at Dulwich Hill developers snapped up houses all around the stop. A small handful of developments are complete or nearly done there and DAs are out on a heap more which will be developed in the next couple of years.

Things will get interesting though. From memory there is a ~16-18 hectare industrial area of Marrickville that will be rezoned for residential and developed over the next 20 years. I think they were talking about 3000+ new apartments plus lots of open public spaces. 3000 is a lot.

 

Where I live, 52 units were completed and all up for rent (sold to Chinese overseas) and few more blocks to be built in an area with existing low rise units. Going to be tough for unit owners.

 

@larrylarry - the FIRB places restrictions on how much of a development can be sold to overseas buyers.

 

2 huge developments going on in North Sydney on Pacific Hwy. One for 242 apartments (Skye by Crown) had a sign along the line of "don't miss out on the last six floors of high rise left". 2br from $1.2m...

Was listening to The Property Couch podcast and there was a great point of how a lot of the big sitcoms (Friends, Big Bang, Seinfield) are based around apartment living so it's becoming a more acceptable style of living in the capitals.

 

Thanks. I found it interesting that none is for sale and the only lease agent is ironfish. Good for the renters but a worry for those investors with old units. The suburb is changing.

 

We know people who have been buying up properties in Epping for development... A scary thought of traffic around Beecroft Rd, carlingford road, Ray road etc.

 

Always has been everywhere else in the world - just not here in Australia as we would rather concrete over productive farmland in return for $2.

It has taken our planners over 50 years to realise this. The impact of greenfield vs brownfield development has on demand for services, utilities etc results in better utilisation and lower travel time.

 

As long as population is increasing, apartments will be good options. But we also have satellite cities where apartments aren't so popular...there's still land. One of the attractions for overseas buyers is to be able to buy landed properties because they can't afford landed properties in their countries.

 

It doesn't explain why foreign investors are buying up units and not buying in regional centres where affordability and land are non-issues (but capital growth is).

 

Which country are you referring to?

Looking at from a limited lenses of overseas relatives they'd say: apartment is ok as less maintenance, they looks posh as well . Buy near transport, closer to city, people want to live there.

 

Are there any plans of road expansion around that area? ( Not sure how! ) Every so often when I go through that area, near Epping train station, traffic is unbelievable!

 

My opinion is based on my exchanges with friends from china, singapore, Malaysia, Hong Kong etc. some want to hold it long term but some want to make money. Those with young families would love to own a house closer to city like northern suburbs with good schools and easy access to Asian food. They are paying a lot of money to stay in financial hubs like Hong Kong and singapore, and they are just matchboxes.

 

As for development in Epping, that's also my question. Traffic nightmare in 3 to 5 years time.

 

That's also a very nightmarish suburb with respect to traffic. Having said, I should have bit the bullet and bought in artarmon.

 

But also suburbs with really convenient public transport. So it even out
Should have bought house in Ryde 2 year ago.

 

True but I'm sure they prefer to drive their mercs around. hindsight is a wonderful thing.