Property

Published in Western Sydney Business Access | Parramatta Times | Blacktown News

 TRENDS | DALLS SHERRINGHAM

SYDNEY’S booming property market is showing signs of cooling after one of the most historic years of property growth, however Western Sydney remains hot.

Aff ordable prices and buyers looking to exit the city and apartment life means interest in the west is still high as the region celebrates breaking the Covid-19 shackles.

And interest is being ramped up by a big increase in listings which were held back during the pandemic.

Th e Inner West is sizzling with a couple paying $580,000 above the reserve price for a modest home at Ermington. A crowd of 100 people, including 19 bidders, descended on the auction for a house in Gregory St with development potential.

Th e average price in Ermington is $1.39M but the stiff competition pushed the price $580,000 over reserve to a record $2.38M.

Th e home had been in the same family since 1952 and was set on a 700sqm block, ideal for development.

It was the fi rst time the property on Gregory St was up for sale in about 70 years and the $2.38M price was a surprise for both the agents and vendors.

Selling agent Paul Tassone of Professionals-Ermington told media the reserve was set at $1.8M based on recent comparable sales in the area and $1.9m would have been considered a good price. “It was a crazy result,” Mr Tassone said, adding he had estimated the value was no more than $2M.

Th e registered bidders were a mix of buyers wanting to renovate the home, but the strongest competition was from developers wanting to replace the original house with duplexes, Mr Tassone said.

Part of the appeal was that the 708sqm block would be about 100m from a proposed shopping precinct and was across the road from a park and reserve.

Th ere was still strong demand for property but the key change since lockdown was a greater selection of housing.

Buyers are spoiled for choice. Th ere is no rush to move on what they see because the taps have been turned on full blast for new stock.

Well-located properties are the exception and were continuing to att ract signifi cant results because they were rare, according to experts.

Mr Tassone said inner suburbs were likely cooling faster than Western Sydney, which was continuing to draw buyers because of the more aff ordable prices.

Th e auction was one of more than 1000 held across Sydney om that weekend, a 91% rise in auction volumes from when the city emerged from lockdown in October.

Sydney’s house prices have increased by 30.4% in the past year, with the median price now $1.5m, following a fall in values of -2.9% between April and September 2020 when Covid fi rst hit.

Parts of Sydney’s are cooling with the monthly rate of growth halved since the heights of March this year, when prices reached a monthly growth rate of 3.7%— the fastest monthly increase the city has experienced in three decades.

October’s prices showed a modest dip from the previous month, when values grew at a rate of 1.9%, while house and unit price growth also slowed aft er growing by 2% and 1.5% in September.

According to Corelogic, property values rose 1.5% in October and are now up 23.8% for 2021.

A typical Sydney house is $320,000 more expensive than it was at the beginning of January, while units have experienced a gain of $100,000.

WESTERN SYDNEY MEDIA ALLIANCE

OCTOBER 2021 | EDITION 126 BUSINESS | LIFESTYLE WWW.ACCESSNEWS.COM.AU DECEMBER 2021 | EDITION 128 BUSINESS | LIFESTYLE WWW.ACCESSNEWS.COM.AU ISSUE 15 | OCTOBER 2021 TRUSTED LOCAL NEWS WWW.PARRAMATTATIMES.COM.AU ISSUE 17 | DECEMBER 2021 TRUSTED LOCAL NEWS WWW.PARRAMATTATIMES.COM.AU

POLITICS FILM Why new State REVIEWS leadership is good for the West: 2 Dune – 5 Stars. The greatest movie of the

MANUFACTURING EDUCATION Local firm’s game changing deal with ASIA: 46 World ranking for WSU Business

ParramattA ParramattA ParramattA

What it might look like to have flying cars over Parramatta CBD.

WEST WINNERS

COVID LESSONS “KEEP saying that the risk of getting a side effect to AstraZeneca is one person sitting in a full SCG, and the risk of dying from it is one in a million - the equivalent to a lightning strike.” Vivid stats voiced by infectious disease expert Professor Tony Cunningham as he took part in a Regional Roundtable webinar of internationally

WSABE 2021 celebrates hope, resilience PARRAMATTA Chamber of Commerce founded the Western Sydney Awards for Business Excellence in 1990, affectionately known as WSABE. On Wednesday, November 24, renowned experts held recently by a collaboration of Access News Australia and The Westmead Institute for Medical Research. The panel, who hail from a range of disciplines, spoke about their take on the lessons learned from COVID, and their prognosis of future trends in a post-pandemic world. See pages 4,5.

CARS OVER CBD CAN you imagine cars flying above the Parramatta CBD? Parramatta Chamber of Commerce president Luke Magee can certainly see it as a possibility after the Parramatta Times discussed a report from University of NSW suggesting the concept was not far away. “I hope it can be something we can look forward to in the future. It would be good for Parramatta, with its lack of parking,” Mr Magee said. “These flying cars could work like the proposed driverless cars where you park them outside the city and they come to pick you up." More page 2. IN its 160 years as a local government area, Parramatta certainly has grown up - all the way to the sky. Four days after a ceremony commemorating the declaration of Parramatta as a municipality, Sydney’s burgeoning second city welcomed Premier Dominic Perrottet to the “topping out” ceremony of the 225 metre 55 storey high 8 Parramatta Square, which, with adjoining 4 and 6 Parramatta Square, will house 9500 NSW Government workers. More page 8. 160 YEARS OF GROWTH

ISSUE 7 | OCTOBER 2021 TRUSTED LOCAL NEWS WWW.GREATERBLACKTOWNNEWS.COM.AU N

COVID Guide to vaccination centre across Blacktown: 19 COMMUNITY NITY Vale Warren rren Hardy, community ity warrior: 14 14

Special free event for you and your business: 13

From top left clockwise: Grange Avenue, Loftus St and Glengarrie Rd - all projects for possible development under the AIF program. HIGH growth greenfield precincts in Blacktown will bene-

two of the Accelerated Infrastructure Funding (AIF). More page 4.

Blacktown City

blacktown.nsw.gov.au High impact media that reaches Australia’s fastest growth region - Greater Western Sydney, home of Australia’s new 24-hour airport.

Targeted reach. Four powerful media brands in digital and print formats. Contact us today for a conversation about your success plans: graham@accessnews.com.au

STUNNING designs have been revealed for Western Sydney’s new 423-hectare park at Fernhill Estate, now on display for public feedback.

Minister for Planning and Public Spaces Rob Stokes said the fi rst draft landscape master plan for the historic site would celebrate Fernhill’s natural and heritage beauty.

“Fernhill Estate is an extraordinary place that has been closed to the public for a long time. Th is is the public’s chance to help shape this new and exciting chapter under the management of Greater Sydney Parklands,” Mr Stokes said.

“Th e draft landscape master plan honours the signifi cant Aboriginal and colonial histories of the site, celebrates the breathtaking landscape and will ensure Fernhill Estate is a place for everyone to enjoy.”

Minister for Western Sydney Stuart Ayres said the park would become a favourite for locals and visitors for many years to come.

“What was once a private property locked out to locals for more than a century will soon be a series of pathways, waterways and gardens on the estate of one of Sydney’s historic homes,” Mr Ayres said.

“Th is will give locals and visitors the chance to unwind in what will be one of Sydney’s best public parklands.”

Member for Mulgoa Tanya Davies said the draft plan for the estate refl ected the Government’s vision to create a city within a park.

“New walking trails will link Fernhill to its surroundings including the Blue Mountains, Mulgoa Village, Mulgoa Creek and St Th omas’ church,” Mrs Davies said.

“Th e plan includes a new playspace, circuit walk, restored gardens, picnic amenities, barbecue areas, a 300m boardwalk around the dam, kayaking spots and much more.”

Th e draft landscape masterplan also includes designs for new meandering pathways and seating, recreational facilities near to the main dam on the Estate along with garden plantings, restoring the historic gardens around Fernhill House and providing safe access to the Estate off Mulgoa Road.

westernsydneyparklands.com.au/fernhill-estate Artist impressions of the a redeveloped Fernhill Estate.

MOVING HOME

OR OFFICE?

So aside from the advantages you get in terms of us understanding your needs, you’re also going to benefi t from getting THE BEST PRICE!

In other words, we’re your ONE-STOP-SHOP when it comes to “removalist services!” So if you’re moving soon, contact us to discuss how we can help!

It’s our way of giving you that “extra” customer service that makes all the diff erence. SECURE PACKING

Our packing material exceeds industry standards and is available in various sizes. DISCONNECTION & RECONNECTION

We can organise your changeover & provide you with our expertise in disconnecting & reconnecting your utilities.

Sydney, Country NSW and Interstate

info@aaacityremovalist.com.au www.aaacityremovalist.com.au www.facebook.com/AAACityRemovalist/