NSW Sydney Market..where is it heading..a personal view..

In theory , if there is an oversupply , if there are financially stressed owners , if vacancy rates are high.

Somewhere to watch in the next downturn as Epping is a relatively well located area

Cliff

 

Chill,

What price is this that you mean ?
rental price or the selling price which affecting CG later on when selling the apartment in the future ?

 

I am on the same line of thinking as Cliff.

Epping NSW has been earmarked by the NSW Government for up to 20-30,000 new apartments in an extremely small pocket of land and the approvals to build the first of those apartments are going through council.

Noting that the surrounding suburbs have already:

- newly built residences
- under construction residences
- about to be constructed residences

then the should the market turn a few developers or owners may be burnt.

It is an interesting suburb to watch because it has great historical demand for its local schools but the lack of additional supporting infrastructure and poor vehicular transport planning may not assist.

Just my 2c.

 

I see, pardon me for my lack of experience in seeing the property downturn or oversupplied locations before.
(so if you guys can share some example, that'd be good).

But from the population growth perspective and also supporting Infrastructure in Epping, I'd say that it will not cause the existing property price in Epping any cheaper. I guess the rental rate would be stagnant due to the renter now have plenty of supply to choose from existing ones or the new apartments.

So that brings to the last question...
Does the oversupply issue in Epping may dampen or inhibit the property price later on the future ?

 

Wrt Epping, barring the local Coles supermarket, there's little economic activity to justify high density development there. It might get some due to spillover effect from the North Ryde suburb but the road to Epping from North Ryde is horrendous at peak hours. Short of buying up all the houses along that stretch of road, I cannot see the traffic situation improving. And I still do not understand the sizable apartment development opposite Carlingford Court.

Am I missing something?

 

House will always be safe. there will always be a demand for houses. God help people that purchased OTP apartments settling in a few years

 

Well it is Carlingford which has a lot of Chinese living there. So they just flog it off to Chinese investors and they buy them without looking. They are all pretty much built and many of them made a profit as they would have bought it in 2013.

 

I just returned from Carlingford Court along Carlingford Road. A lot of Asians living in the area and they like the schools there (Epping West, Carlingford, James Ruse etc). It's an area that is close to Eastwood, Epping, Ryde, Parramatta and most families move there based on the communities there. Will there be distressed sales? Only time will tell.

 

Not much economic activity, however it is becoming an increasingly important rail hub.

The NWRL will connect into Epping from Cherrybrook. The current line from Epping through Macquarie Park to Chatswood will be converted to the Metro System. From approximately 2019 construction of the second harbour crossing will start for a new Metro line to Barrangaroo, Martin Place and then through to Bankstown.

It will be easier to get by rail to more parts of Sydney.

Carlingford Court is oddly placed nowhere near the Railway Station.

Pennant Hills Road has always been a goat track. Before a major resurfacing around 2000, I broke the rear diff in my Land Rover Discovery after the axle was jarred by a major crack in the road.

 

Don't forget, the Pennant Hills Rd crawl will also improve as they'll put in the missing M2 M1 link.

The apartments at Carlingford Court I believe will start to be sold in 5 years time. The developers have to hold for 5 years otherwise they are up for GST and if they sell after 5 years, they are not considered new anymore. If the developers decide to mass sell them then, well I think the prices will be pushed down - too much supply.

 

With Epping units in the future, I think there will be a lot of variety in the builds at Epping, both in timing and in the style, so there will be something out there that appeals to the majority of buyers.

But yes, I can acknowledge one day (say 5 years time), maybe there will be so many apartments at Epping that it may push prices down just like at Rhodes.

 

I am interested to see what happens in the Hills area with all the units popping up by Dyldan (ie seven hills road, windsor road, bull and bush site and etc). Would love to move from my current PPOR (I live in a shoebox) but at the moment happy to acquire more IPs than PPOR. Isn't the units in Carlingford and Epping build by Dyldans as well?

Near Carlingford Court shopping centre where all the new apartments are build, I think there was a single house in the middle of all the unit complexes?

 

I don't recall seeing anything saying Dyldan, I haven't been paying attention. But I know that the single house between all the apartments near Carlingford Court has been knocked down and is currently a dev site.

 

The lone free ranger has gone down........I used to have a chuckle whenever I drove past.

 

Finally! I guess it's not pleasant to be sandwiched.

 

Might have been hanging out for a good price. Was it occupied at the time? Some owners can probably also be very difficult to contact.

 

Not sure but yeah, definitely brought up discussions whenever we drove past.

 

Here is some news....

Talked to friend who bought in Narara (near Gosford) for 340k in 2010....just sold it for $538k...after doing a reno for about 20k over the last 2 years.

She mentioned that the heat is starting to go off the market. The agent did a brilliant job in getting that price. A few Asian buyers put bids in....

 

...and there in lies opportunity....wealth transfer from the impatient to the patient.....

 

@sash we have a theory you only need 2 Asians to bid up. I think I'm too late for CC.