browser icon
You are using an insecure version of your web browser. Please update your browser!
Using an outdated browser makes your computer unsafe. For a safer, faster, more enjoyable user experience, please update your browser today or try a newer browser.

Middle-ring suburbs city’s top price performers

Posted by on 29/06/2018

New record: This house at 9 Pyrl Road, Artarmon sold for $2.95 million – $350,000 above the reserve. New record: This house at 9 Pyrl Road, Artarmon sold for $2.95 million – $350,000 above the reserve.
南京夜网

New record: This house at 9 Pyrl Road, Artarmon sold for $2.95 million – $350,000 above the reserve.

New record: This house at 9 Pyrl Road, Artarmon sold for $2.95 million – $350,000 above the reserve.

Once known for its soaring television towers, Artarmon is quickly gaining a reputation for soaring house prices.

Over the past year the lower north shore suburb has established itself as one of the city’s most sought-after residential pockets with the median house price jumping from about $1.1 million to $1.6 million.

Artarmon is one of 117 Sydney suburbs that have grown by more than 20 per cent over the past year, new data from the Domain Group shows.

And the performance outshone upmarket suburbs Bellevue Hill and Woollahra, which were among only three suburbs to record a year-on-year fall in house price.

While some prestige suburbs are yet gain any significant ground, middle-ring suburbs have been the star performers, particularly those with two critical features – good public transport and sought-after schools.

Ryde and Epping in the north-west have enjoyed more than 30 per cent growth this year, as have Hurstville and Rockdale in the south.

 

Home owners in Sydney’s hottest suburbs are pouring into the market.

There are more than 700 auctions on Saturday and over the next two weeks the city will host back-to-back 800-plus auction days.

Many sellers have been drawn in by the record prices achieved by their neighbours.

Ryde also achieved its top sale price this year with a colossal eight-bedroom home on almost 2000 square metres selling for $3.25 million through Fred Jabbour of Richardson & Wrench Gladesville.

Artarmon’s price record has been broken twice this year. The current record was set last month when a five-bedroom family home at 9 Pyrl Road sold for $2.95 million – $350,000 above reserve.

“I’ve not seen so many people after a single property in some time,” said selling agent John McManus from LJ Hooker Willoughby.

“Buyers have finally discovered Artarmon because it is close to rail and the school is one of the top in the state,” he said.

The property last sold during the 2002 boom for $465,500.

 

Catherine Li from Ray White said competition in Ryde was fierce. This year she sold a five-bedroom home at 45 Wolger Road for $2,008,000. Two years ago it sold in a better condition for $1.6 million.

Epping’s record price for a single family home was also set this year when 19 Chelmsford Avenue sold for $2.56 million to an overseas Chinese buyer with FIRB approval through Ray White Epping. In 2012 it failed to sell with a price guide of $1.8 million to $1.9 million.

The suburb’s 30.9 per cent price surge has been aided by Chinese companies like Hifu Enterprises, which recently acquired 10 houses for about $2.8 million each. Another Chinese-backed company, SJD Epping, recently bought eight houses in a row for about $3.75 million each.

Senior economist for the Domain Group Andrew Wilson said the growth in these suburbs was evidence that it is not just investors pushing up prices.

“Frenzied activity between changeover buyers in the city’s middle-ring has been one of the key drivers of the Sydney market,” he said.

James McCowan, from Sotheby’s, said Bellevue Hill’s 9 per cent drop was likely due to more vendors in the “mid-range of $3 million to $5 million” selling their homes.

“Last year that mid-market was quite tentative with sellers sitting on their hands,” he said.

But a few higher sales had given those homeowners the confidence to sell this year, dragging the median down, he said.

While the median house price has grown by 16.6 per cent over the past year, with more supply coming on the apartment market has been slightly more subdued, growing by 11.5 per cent.

This story Administrator ready to work first appeared on Nanjing Night Net.

Comments are closed.