NSW Snapshot of my area (Inner West Syd)

Discussion in 'Where to Buy' started by Hwangers, 29th Oct, 2017.

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  1. Hwangers

    Hwangers Well-Known Member

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    Hi all,

    I've started up a personal finance and development blog recently (thefrugalsamurai.wordpress.com) and the latest post is regarding a few property inspections (apartments) which I attended yesterday.

    Spot Check On Local Property Market

    Thought I would post some of the insights here:

    - Agents report lower inquiries compared with 6 months ago.
    - Vendor price expectations haven't quite adjusted compared to 6-12months ago.
    - Rental market is hot hot hot.
    - Much less investor activity compared with 12 months ago.
    - Buyer interest is much more subdued compared with 12 months ago.

    Looks like all the well commented on changes - APRA, bank policy etc have had an impact on this pocket of Sydney at least.

    Mind you this is only of apartments and is a small snapshot from my local area - but thought I would share some insights anyway.

    Oh - hope you guys enjoy the post too btw!
     
    Last edited: 29th Oct, 2017
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  2. Depreciator

    Depreciator Well-Known Member

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    The inner west is a huge area - and getting bigger because real estate agents keep trying to call more suburbs inner west. An agent the other day was calling Homebush inner west. I reckon you need to be more specific about the suburbs where these properties are because there would be sub markets - especially in apartments - in the inner west.
    Scott
     
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  3. HGM

    HGM Well-Known Member

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    Anything beyond Marrickville is not the Inner but the Wild West...
     
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  4. hash_investor

    hash_investor Well-Known Member

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    inner west is all the area starting from erskineville/newtown all the way upto Concord/Canterbury/Lakemba
     
  5. neK

    neK Well-Known Member

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    @hash_investor - Its expanded to Lakemba now? LOL
    Concord / Strathfield / Campsie is where it ends for me (drawing a circle from Martin Place GPO)... that said even that's a stretch.

    The reminder for me is the "Western Suburbs Ambulance Service" building at Summer Hill
     
  6. Depreciator

    Depreciator Well-Known Member

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    That's what agents like to say - that inner west boundary is very elastic and getting bigger as Sydney grows. Of course, it is a notional thing. My definition has always been that the inner west ends when terrace houses stop being a significant housing type. So that puts the Marrickville, Stanmore, Petersham, Summer Hill, Leichhardt and Rozelle at the outer edge.
    After that ring, the housing stock is mostly detached on bigger blocks.
    Of course, if I was flogging a property in Lakemba, I would be keen to call it inner west.
     
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  7. hash_investor

    hash_investor Well-Known Member

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    I have seen these regions defined on property sites as well. If you select the region inner west they give you all the suburbs upto concord/lakemba. parramatta and surrounds are the west, outer west is blacktown and beyond
     
  8. Depreciator

    Depreciator Well-Known Member

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    Yes, property sites are guided by agents. It's a long drive from Lakemba into the city, so it's not very 'inner'. But it's understandable that vendors and their agents like to call stuff out there inner west.
     
  9. Steven Ryan

    Steven Ryan Well-Known Member

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    FWIW, one of my apartments came up for rent in Marrickville recent (after 4 years, tenants moved on).

    After an internal repaint, ended up getting $50/wk more than expected on the first open (from multiple applications).

    Didn't have time for new photos and listed very late in the week.

    Helps being in a nice spot very close to train, light rail and bus.
     
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  10. Smasher

    Smasher Well-Known Member

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    Western Suburbs Magpies (RIP) home ground was for many decades in Ashfield. Then Lidcombe.
     
  11. Lacrim

    Lacrim Well-Known Member

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    Lakemba's not part of the Inner West. It's part of the Middle East :D
     
    Last edited: 30th Oct, 2017
  12. Hwangers

    Hwangers Well-Known Member

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    wow didn't realize it would cause such a robust discussion!

    Feel abit like this guy:



    These properties were in Ashfield, Croydon and Five Dock...
     
  13. Natascha

    Natascha Active Member

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    It‘s a funny market right now. We watched an auction this weekend in our neighbourhood in Glebe. 19th century Terrace 3bd, 1.5 bath, no parking (but possible with RLA), house needs updates sold for 2.975 (price guide 2.6-2.8 hadn’t reached reserve when it sold) Last year in March almost identical one in same row of terrace houses was sold for 2.05. The one that sold now had a bit more appeal but far from that amount I would have thought.
     
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  14. Depreciator

    Depreciator Well-Known Member

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    I spoke to an agent on the weekend at a house around the corner from me. He's a good agent and has been in the area for 15 years. He said Marrickville is still very strong. The property I looked at was this one:
    6 Ivanhoe Street Marrickville NSW 2204 - House for Sale #126581570 - realestate.com.au
    I'm not a buyer, but it's in a great position on a big block and I was curious to see just how bad that awful box on the back of it was. It's bad - what were they thinking. He was telling people the bidding would start at $1.9m. It goes to auction next Saturday and will shoot past $2m very quickly.
     
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  15. hash_investor

    hash_investor Well-Known Member

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    so who do we trust?

    vendors and agents who want to call it inner west so they can sell or vendors and agents who don't want to call it inner west so they can have less competition AND sell?
     
  16. Depreciator

    Depreciator Well-Known Member

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    I think it's really only an issue for out of town buyers. Some people in other states would understand that the 'inner west' of Sydney is a desirable part of the city and might jump at an apartment in, say, Lakemba advertised as being in the inner west.
     
  17. neK

    neK Well-Known Member

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  18. hash_investor

    hash_investor Well-Known Member

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    pretty far cry though. hardly anyone would ever buy something in Lakemba for a Merrickville price because they are both in the same region. just not gonna happen. some price difference would be attributed to the presentation of the given property itself instead of the name of the region it is advertised in. markets within markets in every region don't know why we got stuck on Lakemba. it is just a boundary on the other end hence I mentioned it
     
  19. Invest_noob

    Invest_noob Well-Known Member

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    I would consider anything 10 km west to south west of central to be considered inner west Screen Shot 2017-10-30 at 4.05.44 PM.png
     
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  20. neK

    neK Well-Known Member

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    Probably got stuck on Lakemba because it was mentioned and then used to highlight an example. But anyway, this is "inner west" moniker is similar to "Logan" moniker in SE QLD.

    Someone like me who hasn't got a clue about Brisbane and hasn't spent countless hours researching the area would think its all the same - just like someone who's not in Sydney would think "Inner West" is all the same, not realising how Marrickville and Lakemba has such a large variance.

    So to say its not just going to happen, well, there are plenty of people out there who run in without doing any DD, so from time to time an agent is going to get lucky :)