{"id":21473,"date":"2018-06-14T01:00:37","date_gmt":"2018-06-13T15:00:37","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21473"},"modified":"2018-06-14T01:00:37","modified_gmt":"2018-06-13T15:00:37","slug":"sydney-hidden-gem-michael-ossitt","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/sydney-hidden-gem-michael-ossitt\/","title":{"rendered":"Sydney hidden gem \u2013 Michael Ossitt"},"content":{"rendered":"

Once we dig deeper, we find that even though a market may be slowing down a little bit \u2013 which are all the signs coming out of Sydney \u2013 there are markets within markets. And one of those we\u2019re going to feature today in the show with Sydney buyer\u2019s agent Michael Ossitt<\/strong>.<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin:\u00a0\u00a0<\/strong>As we know and we\u2019ve identified many times in the show, there are different markets all around Australia. It\u2019s very easy to put all your eggs in one basket, to say that the Sydney market is tanking or the Sydney market is going to be improving, but once we dig deeper, we find that even though a market may be slowing down a little bit \u2013 which are all the signs coming out of Sydney \u2013 there are markets within markets. And one of those that we\u2019re going to feature today in the show and talk to a buyer\u2019s agent about is Frenchs Forest.<\/p>\n

I\u2019m going to introduce Strand Property Group director and Sydney buyer\u2019s agent Michael Ossitt, who joins me.<\/p>\n

Michael, it\u2019s interesting, isn\u2019t it, when we dig deeper into an area like Frenchs Forest to find that there are some absolute hidden gems in amongst what could be a declining market.<\/p>\n

Michael:\u00a0\u00a0<\/strong>Absolutely, Kevin. This is the thing about what\u2019s reported in the media about the strength of the Sydney market \u2013 or not the strength of the market, as the case may be \u2013 and when you dig deep into smaller markets, you actually see demand still outstripping supply, which I believe is the case in this area.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>One of the indicators we like to look at in the show is how long it takes to sell a property, and looking at your figures \u2013 or I think the figures that may have come out of Location School \u2013 it takes on average 52 days to sell a house in Sydney, but in Frenchs Forest, it\u2019s only seven days. What\u2019s behind that? Is it a shortage of stock? Is it realistic prices?<\/p>\n

Michael:\u00a0\u00a0<\/strong>It\u2019s definitely a shortage of stock. What we\u2019ve had in Frenchs Forest over the last couple of years is a proposed rezoning of the area. Many people might know there\u2019s a brand-new hospital under construction at the moment, which will open at the end of the year, and the council and now the state government have actually proposed to rezone the area around the hospital to create more dwellings.<\/p>\n

What\u2019s happened is existing residents around the area are sitting on their hands to see what happens, because there\u2019s potentially obviously an uplift in valuation of their property if it does get rezoned to medium density housing.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>Just a couple of points come out of that, and one is I wonder what the reaction is of locals who don\u2019t want to sell. Always when you get an indication that the council are going to put more density in, you get a lot of objections to that.<\/p>\n

Are you seeing that at all, Michael?<\/p>\n

Michael:\u00a0\u00a0<\/strong>Absolutely. There\u2019s definitely quite a bit of tension in the area, just the uncertainty of what\u2019s going to happen. You have residents who have been there since the 1960s when the suburb was first established. These people have grown up in the houses, had families there, and now with the introduction of new development, it has shaken things up a little bit. And some people don\u2019t necessarily want to sell, and so it has been forced upon people somewhat.<\/p>\n

So, yes, there are definitely two sides to it in that respect.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>Those people who are holding on, waiting for a better time to put it on the market, maybe when things get a little further down the track\u2026 I think the hospital is due to open in October this year; is that right?<\/p>\n

Michael:\u00a0\u00a0<\/strong>Yes, end of October.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>I think it\u2019s a false premise \u2013 isn\u2019t it \u2013 to think \u201cI\u2019ll sit on my hands and wait,\u201d when probably the best time to be selling is right now when the demand is so high and stock levels are low.<\/p>\n

Michael:\u00a0\u00a0<\/strong>Yes, you definitely have more buyers than there are sellers, so to negotiate a good price is certainly a good opportunity.<\/p>\n

I think what\u2019s happened in reality is that you have vendors with maybe too high an expectation at the moment because of that. They\u2019re taking sentiment from the rest of the Sydney market. You probably have a case of vendor expectations being too high, and maybe buyers looking at the moment a little lower, although things are obviously moving a lot quicker than the rest of Sydney.<\/p>\n

But in terms of the long-term projection, I think it\u2019s a good opportunity for both sides, really, certainly buyers.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>Is there still talk of a second harbor crossing?<\/p>\n

Michael:\u00a0\u00a0<\/strong>That\u2019s on the cards for the long-term. I know the state government wants to make that happen. I don\u2019t expect anything to actually come to fruition for maybe another ten years. It would take that long to build it.<\/p>\n

But if that does happen, it certainly opens this area up in terms of much quicker access into the city. The proposal is for a tunnel to go under Middle Harbor, which would bypass the notorious Spit Bridge, which is obviously a bit of a bottleneck.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>That\u2019s a bottleneck that one, for sure. I\u2019ve been caught on that one for a few occasions.<\/p>\n

Of course, Frenchs Forest is pretty close to the city, isn\u2019t it? We\u2019re only like 10 or 12 kilometers away.<\/p>\n

Michael:\u00a0\u00a0<\/strong>Yes, probably 13 kilometers from the CBD. So, it\u2019s been under the radar in terms of people\u2019s knowledge of the area, but you still have close proximity to the city. You\u2019re probably less than five kilometers from the beaches, Dee Why, Manly and Queenscliff, those areas.<\/p>\n

Yes, we find that a lot of people are looking at the area now from close to the city or close to the beaches and actually seeing more value in that area.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>The median has grown a bit too, I think, just looking at some of the stats, from $1.5 million up to just a touch over $1.6 million this year.<\/p>\n

Michael:\u00a0\u00a0<\/strong>Yes, and that\u2019s what we\u2019re seeing. We\u2019re definitely seeing a trend in the Sydney average median. It certainly peaked at the start of last year, and it has slowly eased back through the end of last year and again in the beginning of this year, but what we\u2019re seeing in the data is that the median in Frenchs Forest has gone up from $1.58 million in March last year to $1.65 million at the beginning of this year.<\/p>\n

So, it\u2019s actually continued to strengthen while the rest of the Sydney market has cooled off. I think that just goes to show that demand that\u2019s there.<\/p>\n

Kevin:\u00a0\u00a0<\/strong>Good work, Michael. You enjoy your time in Frenchs Forest. Happy selling, and thank you very much for joining us.<\/p>\n

Michael Ossitt has been my guest, and Michael is from a company called Strand Property Group. He is the director and buyer\u2019s agent for them.<\/p>\n

Michael, thanks for your time.<\/p>\n

Michael:\u00a0\u00a0<\/strong>Thank you, Kevin. Have a good day.<\/p>\n","protected":false},"excerpt":{"rendered":"

Once we dig deeper, we find that even though a market may be slowing down a little bit \u2013 which are all the signs coming out of Sydney \u2013 there are markets within markets. 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