{"id":7774,"date":"2016-04-24T01:00:21","date_gmt":"2016-04-23T15:00:21","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7774"},"modified":"2016-04-24T01:00:21","modified_gmt":"2016-04-23T15:00:21","slug":"sydney-developers-go-crazy","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/sydney-developers-go-crazy\/","title":{"rendered":"Sydney developers go crazy"},"content":{"rendered":"

 
\nGeorge Raptis<\/strong> tells us that while Sydney is taking a breather, it is still performing well.\u00a0 Good properties are short and demand is strong.\u00a0 He says developers are going crazy.
\n 
\nTranscript:<\/strong>
\nKevin:<\/b>\u00a0 As you heard at the start of the show, this week and next, we\u2019re going to be looking at Australia, at the different property markets. Where better to start than in the Sydney market, one of the hottest markets we\u2019ve seen in a long time? Our expert on the ground there is none other than George Raptis from Metropole Properties in New South Wales.
\nGeorge, it\u2019s been an incredible time \u2013 hasn\u2019t it \u2013 for that market?
\nGeorge:<\/b>\u00a0 It sure has, Kevin.
\nKevin:<\/b>\u00a0 Let\u2019s have a bit of an overview. We\u2019ll have a look at the Sydney market first and then take me into the state overall. Tell me what you\u2019re seeing there now.
\nGeorge:<\/b>\u00a0 It was a head-spinning 2015, wasn\u2019t it? Property markets had started 2016 with a bunch of mixed predictions: some people calling for property bubbles, others forecasting lower but some continuing capital growth.
\nThe scorecard is in for the first quarter, and yes, our property market have slipped down a gear a little. The Sydney market is taking a well-earned breather, with house prices dropping in some locations, but overall, they\u2019re up nearly 50% from the previous market trough in 2012.
\nKevin:<\/b>\u00a0 What\u2019s impacting the market now, both positive and negative, George?
\nGeorge:<\/b>\u00a0 I\u2019d say the fundamentals for our harbor city <\/b>property market are sound because jobs are being created here and the population continues to grow strongly, actually. There was a lot of the media reporting that Sydney markets dropped. That\u2019s true; the market is still fragmented with a shortage of good properties, especially in areas like the inner western and eastern suburbs, at a time when there is still strong demand from both homebuyers and investors.
\nKevin:<\/b>\u00a0 Are there any areas that you\u2019d avoid, both in Sydney and in the state?
\nGeorge:<\/b>\u00a0 I haven\u2019t been in [1:44 inaudible]<\/b> a long time, as you know. There are certain areas that I am concerned about, especially areas in previous industrial areas where they\u2019re now over-developing, a lot of new things mushrooming out of the ground.
\nThe last time I saw it was the last boom here in Sydney in the 1999\u20132003 fall when a lot of people bought speculatively, a lot of off-the-plan type properties and when they were due to complete, unfortunately, evaluations came in low and they couldn\u2019t get them rented because so many of them looked the same. I have a little bit of concern about that particular segment in the market, for sure.
\nKevin:<\/b>\u00a0 How would you describe investor sentiment right now?
\nGeorge:<\/b>\u00a0 The current low in the property market is creating, in my opinion, a great opportunity for both homebuyers and investors, especially those with a long-term perspective. But you have to be careful; as we know, property selection is critical.
\nAuction clearance rates are always a pretty good barometer, in my opinion, as far as how people are feeling as far as sentiment is concerned. Since the auction markets kicked in at the beginning of the year, it\u2019s been quite positive. Auction clearance rates have been hovering around that mid-70% band.
\nOur economy here is strong. The government is spending some serious money on infrastructure. We have strong population growth and low vacancy rates currently. All of that means that some segments of our market here are likely, in my opinion, to revive in the second half of 2016.
\nKevin:<\/b>\u00a0 Are there any developments or infrastructure projects on the go \u2013 in the planning or underway \u2013 that you think are going to impact the market in New South Wales?
\nGeorge:<\/b>\u00a0 I\u2019d have to say you need to look at places like the inner west where the state government spent a fortune on that new light rail and what that has actually done for that location there and how easier it\u2019s made it for people to commute in and out of town. I\u2019d be suggesting looking at where the new light rail is going to be servicing the eastern suburbs of Sydney. I think that\u2019s going to impact that particular market big time.
\nKevin:<\/b>\u00a0 Let\u2019s have a look at what buying opportunities there are right now. What\u2019s the best buying in the capital now \u2013 where and what do we get for our money?
\nGeorge:<\/b>\u00a0 I\u2019d still suggest looking at properties in the inner and middle ring, established properties where there is that scarcity and demand. Home buyers are selecting a lot more carefully now, their decisions being driven more by lifestyle. In other words, a lot of them are trading backyards for balconies in well-located apartments in a lot of Sydney\u2019s gentrifying suburbs. They\u2019re the sort of areas that I\u2019d be focusing on, for sure.
\nKevin:<\/b>\u00a0 What are we going to get for our money in those areas? Are we looking at units or houses?
\nGeorge:<\/b>\u00a0 You\u2019d predominantly be looking at units. Entry level for something in the inner west, you\u2019re talking somewhere in the vicinity of $500,000 and up from there.
\nKevin:<\/b>\u00a0 At $500,000, that would be single bedroom, or would it be a two-bedder?
\nGeorge:<\/b>\u00a0 In the inner west, that would single bedroom. In some cases, there is still a possibility of getting a two-bedroom apartment.
\nKevin:<\/b>\u00a0 What sort of rental return would you get on one of those?
\nGeorge:<\/b>\u00a0 I was actually speaking to our property management head the other day, and the rental market has picked up a lot in the sense that vacancies have tightened up a lot, we\u2019re seeing big numbers of people attending open for inspections, rents are starting to creep. I think the next headline that the media might <\/b>jump on the bandwagon \u2013 and this might be a bit of crystal ball gazing \u2013 is I think we might hear those two words \u201crental crisis\u201d again.
\nKevin:<\/b>\u00a0 Good talking to you. George Raptis from Metropole Properties in Sydney.
\nGeorge, always good catching up, mate, and thanks for your very valuable time.
\nGeorge:<\/b>\u00a0 Likewise, Kevin. Thanks very much.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

  George Raptis tells us that while Sydney is taking a breather, it is still performing well.\u00a0 Good properties are short and demand is strong.\u00a0 He says developers are going crazy.   Transcript: Kevin:\u00a0 As you heard at the start of the show, this week…<\/p>\n","protected":false},"author":176692471,"featured_media":7096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,22,27],"tags":[103],"class_list":["post-7774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-research-topic","category-trends-topic","tag-podcasts"],"yoast_head":"\nSydney developers go crazy - 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\/sydney-developers-go-crazy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sydney developers go crazy - 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