NSW Time to buy PPOR in Sydney?

I assume this is yours?
9/72 Kurnell Road, Cronulla, NSW 2230 - Property Details
If this is the apartment its 1 house away from Kingsway which is a busy arterial road to beach.
Its also Kurnell Rd which is the rat run for Hume Rd.
I didn't buy a house on the corner of hume Rd and Kurnell Rd in 2014 for this reason it was $1.5million which is cheap for the area but **** location. Mind you Hume rd is better than Kingsway for noise.

I just went back 1 year looking at 2 bedroom apartments in the area I also feel $770k is a fare price. Yes you may or may not have gotten $800k

But using this as a case to prove a point is also weak. If you old it for $590k yes I would see your point but you are $30k of you believe you might have got?

Although yes I believe market is weaker in some areas very much so.

 

Yes this is mine.
I lived in this unit so know it very well. Kurnell road isn't as busy as what you make out, across the road is mostly houses so wasn't an issue with parking. Unit was north facing so was blocked from the Kingsway noise. Had the potential to turn into a 3 bedroom unit transforming the kitchen into a bedroom and putting the kitchen in the laundry/lounge. How many units have the opportunity for that? I used this point to say there was limited interest in open inspections as what there once used to be.

 

Thanks @Gockie , @icic and @fols for the opinions. I guess what you all say does have a point.

However, I have seen the other side at work too. I was closely following the prices in the areas like Edmondson Park and Leppington. In EP, the prices increase due to the news of the train station. However, once the train station actually opened, the property price had another 20% odd bump! May be coz it was the boom time. Anyways, I still feel there's a chance that could repeat in Hills District.

 

Look true
It would give you a 7.6sqm bedroom
Than strata approval
Than $30k +or more on moving the kitchen and laundry
Structural engineering reports to determine walls and so on.


I feel in the shire the biggest issue is the insane amount of apartment stock in pipe line,

Have a look at Highland property current projects
Home

They are just 1 agency and have so many new apartment buildings going up.

I feel this will put pressure on apartments.
But 50% growth in 5 years is not too bad.

 

I had an engineer come through before I sold and all I needed was 1 beam you could have hidden in a wall. I was going to do the renovation myself as I am a sparky, brothers a pumber, brother inlaw a chippy all in the shire but the money I was going to use I bought a house in Corio which is going bonkers so I am glad I made the decision not to.. Yes that's why I sold. So many apartments coming up- The brick pit in Kirrawee, They have knocked half of Caringbah High down and that will be units, Shark park units.. I was struggling to rent my unit out, not many viewers, plus I lived in it so no capital gains.. Take my money and run for the while..

 

In Cronulla the problem is all the new off the plan apartments are ultra expensive high end luxury apartments. This means there is no oversupply of normal priced stock (ie older units), which offer much better value for money. As an example, they are selling new 2 bedroom units for $1.5m+ and new 3 bedroom units for $2m+ in South Cronulla, with NO OCEAN VIEW, where the median is $850k for a 2 bedder and $1.35m for a 3 bedder.

The OTP stock will struggle to sell because it is expensive but it isn’t improving supply in the low to mid end of the market at all.

I do think the mood in the overall Sydney market has dampened though. People are choosing to sit on the sidelines for longer and taking a wait and see approach.

Good quality, well placed existing stock is continuing to sell quickly though.