Sutherland shire battling?

Been to a few open houses recently. Developers still want premium prices for the stock they've been unable to sell pre construction commencing. Lots still on offer on the apartment builds in Sutherland, Jannali and Engadine.

You can buy 3, 4 and even 5 bed free standing houses in Engadine now for less than the price of new 3 bed duplexes. One 5 bedder in Peppermint Grove went for under $900k just recently. Prices are now becoming much more property specific.... seem to remember just a few years back the tide lifted all boats fairly evenly.

Saw a lovely townhouse in Gymea about a month ago. Really liked it then realised it backed directly onto the F6 corridor. For 60 years you could feel safe that that road was never going to be built. Now.... chances are your peace will be disturbed soon.... hopefully that seller was able to offload.

 

Checked out a cracker in Casbah south a few weeks ago, bought as a Knock down in 2011 for 975k, big build has been done, no expense spared, would be $2m build. Excellent elevated port hacking and natio views. Was asking 3.5, now 3.25 and negotiable. I reckon $2.8-3m which is replacement cost with no growth in near a decade...

 

Any thoughts on apartments and houses in Miranda?

 

Sutherland Shire is dropping like a lead balloon.....very soon you will seen houses under $1m as a the norm again in places like Sutherland, Illawong...even Cronulla and Caringbah.

Duplexes are an absolute disaster.....even waterfronts are dropping like no tomorrow. It would seem finance is the real issue....a lot of very overgeared people...

As for Greenhills...stay away...lots of mortgage stress ...much better to target places like Cronulla, Caringbah....where there will be floor.

 

12 waring? Average build..nothing wow for 3.25

 

Bingo. Ah you went through it as well. I liked it with the exception of some finishes. I reckon it will go 2.8-3.0

 

I've seen drops in prices across most of the Shire

Sure there has been a few fire sales, but I haven't seen anything drop enough to have me sticking my hand up/in my pocket yet
I am looking

Prices have pulled back by 18-24 months, will the slide continue?
Most likely, though I see some houses still holding their ground.

Older units in complexes are struggling, likely due to new developments
Know some one who rented a 3/2/2 in the brick pit for $705pw, (they left an older house at $750), and the love it because it's NEW

Only those who bought in the last 2-3 years and are really in the poo and have to sell will lose out.....

 

The landlord would have paid around over $1.2m + 50k in stamps for that 3 bedder no?

Massive negative gear to be wearing if only rented out at $705 a week.

 

Nah more like 850-1m

 

The Gallery at Engadine - 1081-1091A Old Princes Highway, Engadine

Developer offering the "chance to win an $85,000 Range Rover". Plus they'll pay your furniture up to the value of 3% of your purchase price.

Never mind the values have dropped $100,000+ in the time the blocks are being built. Pulling out all stops not to reduce the sticker price.

 

It's almost in royal national park.
Why would you live their for that money?

 

The local Facebook NIMBYs aren't happy about this unit block, but it's a sign of the times.
There's a few low-rise blocks popping up, and a lot more in the works.

The lot across from the bowling club is looking to be big.
*EDIT* 10 townhouses going in there
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