Sydney city Property set to drop

Further out west is not expectd to drop much

Near double-digit downturn predicted in pockets of Sydney: CoreLogic-Moody's Analytics

 

Odd that Ryde is expecting -9% on houses but flat on units. With all the units popping up there including that Sheperds waterfront one, prices would lower from the extra stock

 

Or is it a case of waterfront apartments are more expensive than the median? New apartments coming on line that tend to command more $$$ than an older property?
Anyway... people can still afford to buy properties to say, $1 mill to live in. But maybe the steam has come out of the $1.6 mill homes and higher price bracket of much of Sydney. And this is where the majority of the Ryde area freestanding home market sits.

But... We've had an amazing boom period, and I think it was one of the strongest performing areas of Sydney in terms of % growth in this boom, so anybody who has owned for a while won't really care. Still, good schools here, good community, good transport access, easy access to the city and Parramatta and Macquarie Park..... very good area to live.

 

The area has changed a lot though. It can be very jarring to see it now compared to even the recent past if you grew up in the area.
This was brought home to me when talking to a high school friend recently, who had moved to London for work and was back briefly for a wedding. He lived most of his life until he finished uni in the area (his family lived in Carlingford - he went to primary school and high school there and went to Macquarie Uni). He said that the the area around his parents place was hardly recognisable to when he left for London a few years ago, let alone comparing it to our high school days in the area in the 1990s.

 

Mostly the same... but there's so many more apartments (particularly visible in Carlingford/Rhodes/Meadowbank/Epping/Macquarie/Ryde/West Ryde). Ermington's got new apartments and Townhouses and lot of Duplexes have recently been built in Dundas.

Rhodes/West Ryde/Eastwood/Epping and perhaps Carlingford and Macquarie too has become quite Asian.

I think there's no trouble in filling the new dwellings with tenants though.

 

It has been Asian for a long time (definitely was when I was in high school there in the 90s - Most of my high school class was of Asian background - the high school friend I was referring to earlier is of Hong Kong Chinese background).
It has been the increase in housing density that has been most jarring. I know it has given may of my peers second thoughts about raising a family in the area (where as if it had remained lower density suburban, they would have done so without a second thought).

 

Well, you can still easily buy homes in the area on 650sqm+ and not have apartment blocks nearby, but you'll have to pay for that privilege. The building of apartments was quite widespread through metro Sydney though - maybe the Upper North Shore had less of it? Or they can move to the Hills. At least they'll soon have the train line.....

 

Quite a few of my peers ended up moving to the inner city (the thinking is well if I have to live high density I may as well do so closer to the CBD).
Others who stayed in the area have had to earn a lot more than their parents did to get a house in the area

Some moved there, mainly those whose work doesn't involve commuting to the CBD.
However there was also a large chunk from high school who lived in the Hills district and I can think of many parents who stayed after their children moved out and still have very large houses - empty nesters in West Pennant Hills, Castle Hills, Kenthurst etc. They moved to big new houses there in the 90s that are now just have the (now older) parents.
I wonder how much of the Hills market are empty nesters?

 

Both the above makes sense. If I couldn't afford to buy a house in the area, then an apartment near the city is a good option.

Re: Empty nester in the Hills... yes.... my parents have a big empty house in Carlingford. And an aunty "downsized" to a big house in West Pennant Hills (around 2000sqm land). But she had a house on acreage in Kellyville and recently sold that.
A friend will basically have a big empty house in Bella Vista Waters. And the reason? PPORs are exempt from any assets test and are CGT free on sale.

But also... I've got a big house in Epping and there's only 2 of us! Though we could easily live in a 2br apartment, we like our house.

If you make the tax laws different, there would be some incentive for older people to sell their big houses. But that's not a thing right now.

 

Haven't had much to do with the hills for a few years but open houses in 2013 were a high percentage of empty nesters selling up, seem a lot were moving to newer houses in rouse hill kellyville area. Most of the buyers were asain and Indian with children younger than school age seemed a percentage of these families were going to have grandparents living with them.

Good percentage of interest in the area is school catchment related. Though I know of 3 families that have moved or are looking to move from carlingford area for north shore as they are worried there children are only associating with other Asian children.

 

upper north shore is no better, they built a lot of apartments in waitara, turramurra, and now asquith, n even mt colah. The only suburb i can think of is warrawee, but this is a super expensive area