Scary view

.....I see cranes....I see cranes everywhere

- 11/136 Homer Street, Earlwood NSW 2206 - Apartment For Rent - $790

(this is looking down on Wolli Creek and Tempe area)

 

and yes I know that with increasing immigration and increase births etc....Sydney is still short the number of apartments it needs......but looking at a view like that is scary as an investor

 

Sydney is going to be an apartment living. But even then yes, it looks scary. I still got emails from OPT group, they are building at new locations every 1-2 months.. Don't know when and what the end products will be like
At least in sydney, oversupply fear is not in blood like in Brisbane.. that will change the market sentiment greatly imo

 

Still heaps of demand to live in Sydney.... given some people commute roughly 3 hours (90 min plus each way) or more to get to and from work, if I was faced with that everyday I'd rather choose to live in a well located apartment or townhouse than a far flung freestanding home. Or change jobs....

 

Agree about the commute. The sucky part is that Sydney has such crap transport only going to get worse (one of the things I love in NY apart from 1000+ tv channels and unlimited internet is that I can be pretty much anywhere I want in 30 mins or less).

I always hoped we would have solved the transport issue before I moved back.

 

I never understood Wolli Creek and it's plethora of highrise......however, it does have a train station and despite nothing else it isn't far from the CBD and airport for those that need that access.

 

Don't they have a few more people in NY? Crappy free to air tv?
Highly congested roads?
Crime?

 

NYC has REAL western culture!

Sadly, Sydneys culture is being 'gentrified' for new-and-shiny. Thats right folks, lets bulldoze another nightlife strip to make way for... wait for it... high-rise apartment block with (of course) the customary "ground floor level retail, eateries, and cafes". Yawn. Like Sydney needs more of that. Why arent we opening up more public spaces? Theatres? Art Galleries?

 

Oh and might I add, of the 5 or 6 shops on the ground floor, 3 will be non-descript bland/sterile cafes, 1 will be a hairdresser or something, and at least one will be what I call a "Chinese boxing shop". You know, the stores that have no real signage and look like half-completed shop fit-outs, and are the place qhere Chinese folks bring their healthy products (baby formula, vitamins, honey et al), for boxing and shipping/packing straight back to the mainland. These shops are such an eyesore and dont exactly provide much use/amenity to the 96% of everyday citizens who, you know, AREN'T running a side business of selling AU health goods in China for 3x-10x price mark-ups... these shops seriously need policing. Sure, anyone can open whatever shop they like (same 96% argument could be made for XXX adult shops too, I guess) but these boxing shops are EVERYWHERE and are hurting the amenity and liveability of suburbs. They are also making for a rather uninspiring community-culture, too.

 

@C-mac

More theatres and live venues? All of the nimbys moving into suburbs like Newtown and the valley then complaining about the live venue noise.

There's a theatre in Hunters Hill for sale atm if you're looking $3.9m EOI. Marian St struggles at Killara, Tom Mann, Seymour Centre, Theatre Royal, Star city, Parramatta Riverside, Willoughby Centre, Zenith Centre, Horden Pavlova, Henry St Penriff just off the top of my head.

 

I think live music venues more specifically, versus theatres. Sadly, some bean-counter somewhere decided that live music venues are only viable businesses if they are 'complimented' (read: destroyed!) By 50 pokie machines per venue :/

On the theatre front though it feels like our ESB cities do well with the beautiful big venues that host $200 per-ticket and upwards major theatrical events (Aladdin, Kinky Boots, et al). And there are some nice small venues (many are comedy-clubs which are great!) But we need to build more of this small-venue stuff to start fostering a cultural presence again. Im sorry, but hip cafes and Prada shops does not equal 'vibrant culture'. In this way Sydney to me is becoming more like Singapore 'culturally' which isnt a complement to Sydney.

 

Yep lots more people....but we live in Brooklyn Heights (think Glebe) 1 stop to Wall Street (eg Martin Place) and 3 stops to LES/WV eg Paddington/Surry Hills

Never had an issue with crime in NYC, yes lots of it around but that would be like saying you don't want to live in Sydney because of Lakemba eg.....not an issue.

 

oh and yes NYC = very very crappy FTA.
(almost no one I know doesn't pay for cable)

 

The subway system in nyc is awesome..though it's hot as hell in summer. Sydney is a much nicer city, suppose it would be as it as less population.

Nyc feels like new Delhi and expensive

 

Hmm, so what's people's view on the outlook for Sydney apartments then?

I'm in the conundrum currently whereby our Townhouse/Apartment which is well located (Rosebery, NSW) and not a typical 'run of the mill' Meriton, etc. will soon be swamped with Green Square and surrounds.

There is a large number of new developments happening in and around us in Rosebery also. Due to planning, I doubt we'll see the high rise towers appear but most certainly we're seeing 4 - 6 story, whole block developments (I.e. Otto, Gusto, etc.).

We're concerned about the impact this will have on values, rents, etc. albeit this place is currently our PPOR (looking to upgrade to house).

I'm thinking we're close to the top in terms of price we may be able to achieve but having never sold and fear of making a potential mistake (who knows if we'll even be able to get a house in Sydney), we can't make up our mind.

 

It is a pricey market, but the stock has demand attached to it. Green square and surrounds is very desirable living and there isn't all that much in terms of liveability close to the CBD and surrounds. Young professionals will lap it up and live there. 15 minute commutes to the city are reasonable.

In terms of investing - settlement risk is something to be wary of. There's more and more commentary and anecdotal evidence of foreign buyers not settling thats giving rise to some decent opportunities in the 'secondary new market'. I think thats just beginning to run its course this year, and will likely be more pertinent next year and 2018 looking at supply coming online numbers.

'Scary' in terms of cranes and apartment supply is Brisbane CBD and surrounds. There's an insane number of cranes going up that don't correspond to demand levels at all. Most readings of supply vs demand have a pretty large and growing imbalance there. Rents are falling, etc. if they continue down that path the apartment market will likely move slower (or different direction) than house price growth (brisbane houses vs units have tracked pretty closely for a decade long period, whereas most states have had houses>units).

 

Irish gal here (just moved to Oz recently). It's going to be a scarier view when those cranes are gone and there are unfinished developments absolutely everywhere.

 

Good analysis @Redom