{"id":3910,"date":"2015-04-02T01:00:07","date_gmt":"2015-04-01T14:00:07","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=3910"},"modified":"2015-04-02T01:00:07","modified_gmt":"2015-04-01T14:00:07","slug":"new-south-wales-property-market-update-march-2015","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/new-south-wales-property-market-update-march-2015\/","title":{"rendered":"New South Wales Property Market Update &#8211; March 2015"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today\u2019s show, together with <strong>George Raptis<\/strong> from Metropole Property, we look at the property market in New South Wales. We talk about some of the no-go areas in Sydney and the areas showing some really good potential.<br \/>\n&nbsp;<\/p>\n<h4>Transcript:<\/h4>\n<p><b>Kevin<\/b>:\u00a0 We\u2019ve left the big one till last, and by \u201cthe big one,\u201d I\u2019m referring to New South Wales, more particularly Sydney. There\u2019s been a lot of talk about what\u2019s happening in Sydney. Those ripples have gone right through the country. We\u2019re seeing politicians scrambling now to come up with different ways to get people into property.<br \/>\nBut let\u2019s find out what is happening on the ground in Sydney, talking to buyer\u2019s agent George Raptis from Metropole Properties. George, what are you hearing? Is it as bad as what we\u2019re hearing?<br \/>\n<b>George<\/b>:\u00a0 Hi Kevin. Gee, you can\u2019t pick up a newspaper today without seeing what\u2019s going on in the Sydney property market. I guess it\u2019s splashed all over the front pages everywhere on the media and so forth.<br \/>\nLook, Sydney still remains the standout performer of all the capital city markets. I guess what we are experiencing is stock levels that are at an endemic low. Where we are struggling is we\u2019re struggling with a chronic undersupply of property.<br \/>\nProperties that are being advertised currently are being sold at a faster rate than what they\u2019re being added. Obviously, that creates a bit of a furor out in the marketplace. We finished the year strong 2014. 2015 has picked up where we\u2019ve left off. Auction clearance rates around that mid-80% band. Some areas are probably in the low 90s. Sellers are confident. They\u2019re reading in the papers every Sunday how things are selling above reserve and what have you.<br \/>\nInterestingly, buyers are still confident. But what I\u2019ve noticed is that your first-time buyers have really dropped off, and we\u2019ve had that surge of investors that are entering the market and coupled with what we would call the change-up buyers \u2013 in other words, people in a position where they are up-sizing, down-sizing, that sort of thing \u2013 so it\u2019s a bit of licorice allsorts, really.<br \/>\n<b>Kevin<\/b>:\u00a0 There\u2019s a bit of talk also about wanting to put some prudential controls in against agents in terms of under-quoting and so on with restrictions on that, even talks of banning \u201coffers over\u201d and things like that. What\u2019s your view on that, George, as a buyers\u2019 agent?<br \/>\n<b>George<\/b>:\u00a0 Look, having been on the other side of the fence, I can understand looking at it from both perspectives. Look, it can only be a good thing. At the end of the day, we want buyers to be protected, we want people to get realistic information.<br \/>\nThe last thing you want to see is people being in a position where they\u2019re traipsing from one auction to the other, spending good money after bad on Strata Reports or Pest and Building Inspections and end up at the auction and do get blown out of the water on the first bid. So I can only see it as a good thing and that\u2019s something obviously the various real estate institutes are working towards.<br \/>\n<b>Kevin<\/b>:\u00a0 I want to find out from you, too, about some of the no-go areas in New South Wales \u2013 you may even want to focus on the Sydney market \u2013 and also look at some of the areas that you think might be worth our while investigating.<br \/>\n<b>George<\/b>: \u00a0 No-go zones would be where we\u2019re going to see a bit of an over-supply of properties, especially in those old commercial, industrial estates where they\u2019ve gone by the wayside and have been replaced now with big, monstrous high-rise developments where they\u2019re building thousands and thousands of these new things. I\u2019d advise to keep well away from those sorts of things.<br \/>\nAlso where there\u2019s abundance of land where they\u2019re unlocking new estates, where they\u2019re building new properties and selling them off to would-be investors or first home owners and then unlocking the next estate and so forth. I\u2019d be keeping away from those.<br \/>\nWith regards to some good opportunities, especially in Sydney, if we\u2019re talking apartments, there are some good little pockets of property where you can still get into something under that $500,000 threshold, which by Sydney standards I think is very good.<br \/>\nLittle pockets in like the south of Sydney, places like Bexley, which are about 12 or 13 kilometers from the CBD, showing you can still buy a good two-bedroom unit there for under $500,000. Places like Penshurst, which is about 16 kilometers south of the CBD, but on that Illawarra train line, where you can still buy two-bedroom apartments for under $500,000. I think it\u2019s good value by Sydney standards.<br \/>\n<b>Kevin<\/b>:\u00a0 What would that be renting at? What sort of returns would you get?<br \/>\n<b>George<\/b>:\u00a0 It depends on the price, it depends on the quality of the property, and so forth. But look, you should be getting somewhere in that 4% or 4.5% rental yield.<br \/>\n<b>Kevin<\/b>:\u00a0 That\u2019s good. And still getting reasonable growth on those units?<br \/>\n<b>George<\/b>:\u00a0 They\u2019re showing some really good growth, because what people are looking for is a bit more bang for buck but they still want to stay within the parameters of their comfort zone \u2013 in other words close to their jobs, friends, close to infrastructure, transport hubs, recreational facilities, and so forth.<br \/>\n<b>Kevin<\/b>:\u00a0 Good stuff. Always great talking to you. George Raptis from Metropole Properties. That\u2019s the wrap on Sydney. Thanks for your time, mate.<br \/>\n<b>George<\/b>:\u00a0 Thank you, Kevin.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today\u2019s show, together with George Raptis from Metropole Property, we look at the property market in New South Wales. We talk about some of the no-go areas in Sydney and the areas showing some really good potential. &nbsp; Transcript: Kevin:\u00a0 We\u2019ve left the&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":3912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[101],"class_list":["post-3910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New South Wales Property Market Update - March 2015 - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/new-south-wales-property-market-update-march-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New South Wales Property Market Update - March 2015 - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In today\u2019s show, together with George Raptis from Metropole Property, we look at the property market in New South Wales. 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