Sutherland shire battling?

Hi all,
What’s people’s thoughts of how bad the Sutherland shire is going compared to the rest of Sydney?
I feel it is really not holding up very well

 

I had an agent come round this week and showed me the file of recent sales and current on market. A lot of examples showing a pull back in the market e.g. listed for 1.15M, then 1.1M, and finally sold for 990k. These were 4/2/2 houses, though.
I don't know what the unit market is doing. Can't be good once the brickpit goes live.

 

Once brick pit is live in addition to all the other units coming on the market there will be massive over supply. A few local agents I’ve spoken to are saying first home buyer stuff if really taking a hit.

 

Alot of apartments 100%
House's are doing well all things considered.

In the bays where it's mainly OO still strong.

Sutherland Shire is a big place. Sutherland is a different market to say Burraneer. Miranda Kirawee market is alot if apartments coming online.
But big place.
Say like Nielsen's park compared to Maroubra.

 

How much of Brick pit has been presold? This will have a big impact.
Also how much of it was investor's.

I feel sorry for investors as apartments were so expensive another $250k would buy a fibro house.

 

Not exactly sure, I did hear recently a lot of it is struggling to sell. Also I heard a decent portion (20%) of it has be allocated to housing commission, though not sure if that’s true.

 

Doesn’t feel that big to me tbh.

 

I agree with @Illusivedreams
The Sutherland council area is a large and varied area

OO houses have held up very well

Apartments, well there is just such a mix, of old and new, but in Sutherland, Kirrawee, Miranda unless you have been holding for 4+ years all the new releases are going to hurt your CG, if you were hoping to rent out a new IP don't expect a great return as you will be competing with older cheaper units.

We live in a tightly held Sutho street of houses, the majority are still held by the first owners, in the last 12 odd years only 3 of 17 have ever been offered for sale (a 4th is soon to be listed, they have been told that they can expect $100,000 less than for the same time last year)

I've enjoyed the ride, but if you bought at the over hyped prices of a year ago you may have overpaid !

In less than 12 months houses will be back at realistic prices, if you hold a unit, sorry

 

Here are my anecdotal experiences as someone who lives in the Shire. A lot of the younger generations (Gen X and Gen Y) are leaving the Shire and buying houses in the Illawarra region and commuting to Sydney for work. A lot of the older generation (baby boomers) are also leaving the shire and retiring down the South Coast.

The demographic of people who live in the Shire are very anti apartments. Sure, I know a few people who have bought units off the plan in the Kirrawee Brick Pit and units in Engadine, but the other 95% have bought freestanding houses in the Illawarra or Shoalhaven Region.

 

Do you think within a year it will stop falling?

 

Units in Sutho and Engadine have come off 5-10%.... 6 months ago was the absolute top.

 

Houses, yes
Units, NO
But that is a broad comment

A fibro house backing onto the train line down first ave in Jannali may take a bit longer than a potential development site in Gymea.

Same as a Cronulla unit won't take too much of a hit, but compared to one of the older units on the other side of Oak road from the brick pit

I hold a unit in the heart of Sutho, bought just over 2 years ago, it is still up and unlikely to decrease in value

 

Heaps of duplex stock discounted around Caringbah, and more coming. I’ve seen stuff come off 15-20% from what agents were talking up 6 months ago... obviously those asks were ambitious!

Looking at the high end, Burraneer and similar ($3m+) it’s slow, more so than normal.

Anecdotally, finance is a problem

 

100% agree with caringbah (south) duplexes, it’s ridiculous how many there are in that area.

 

Big place, Lilli Pilli and Heathcote. Como and Kurnell. Very different places...socioeconomic, demographic etc.

 

It works both ways.

Like my self many people for Eastern Suburbs are moving to the shire

We sold a town house in the East and purchased a House in the bays. We have at least 6 other families who have moved with kids in the last 3/4 years.

For some it's expensive for us compared to East it was a bargain. 4 years later I still feel like the area where we are is amazing and underpriced compared to East.

 

South Village is now up and running (the brick pit)
I know someone who just signed to lease a 3x2x2 for $690pw
According to a local agent that is cheap as mosf of tbe 3 beders are low $700's

Am personally wondering how the Green Hills estate has settled, if it has pulled back in price yet ?

Particularly with the amount of units built and continuing to be built at the Sharks stadium, when this next stage is finished there is talk of a retail complex on the club side of Shark Park.......

That side of the Shire makes for a longer drive these days........

Maybe a fast ferry from Kurnell could be an option !

 

Here's corelogics data, Sutherland dwelling values look to be down 10.9%

That is from November 2018, so another 3% or so has probably come off these figures for Syd.

 

People in Greenhills are very very wealthy.
I know a few who bought and settled/ finished construction. I don't think this area was for people struggling with 95 LVR.

 

What does your post in respect to Sutherland relate to?
Sutherland is highly over developed. It's all apartments now. Since so many new completion are being met Over the past 12 months , I would highly avoid.
Although Sutherland is great as it's got 2 train lines and it's a junction of the Heathcote line and Cronulla so getting to the city and Bondi Junction is quick and easy.