The Sydney market continues to boom, however the questions now being asked include, “How long will it last?”, and, “Will it continue in 2014?”.
At this stage, the continued lack of properties available for sale and high demand from buyers would make you think the market will continue at a strong level.
While units can sometimes be seen as an investment with less capital growth than a house, this notion would appear to be challenged in Chatswood. In 2011, we sold a 1 bedroom unit in Chatswood for $560,000. We believe that same property has just been re-sold, 2 years later, for $700,000. That’s a 25% growth in 2 years… Amazing!
This month, we sold a 2 bedroom unit in North Parramatta for $511,000, within 7 days of the property hitting the market.
We sold a 2 bedroom townhouse in Chandos Street, Crows Nest, in just one week, achieving a price of over $1 million. A valuer who lived in the building told Cameron Macdonald from our office, “You’ll never get over $1 million …”
Also, we recently offered an 1880’s home at 9 Mann Street, Chatswood for sale by way of Expression of Interest, due to its local heritage listing. Buyers came from as far away as Drummoyne and Surry Hills. In this case, it was the style of the house, rather than the suburb, that attracted the buyers. This property sold for over $1.7 million.
So October was a strong month and it appears November will be the same. Competition amongst buyers is currently strong, making it more challenging to purchase a property. Remember though, whether it’s a unit or a house, always do a strata and or a building inspection on the property.
Robert McElhone, Principal, Ray White Chatswood