Welcome Guest [Log In] [Register]


Reply
Every homeowners’ dream: Sydney residents enjoy $30 million property bonanza; All suburbs bordering Sydney’s transport system likely to experience same boom
Topic Started: 14 Aug 2014, 05:43 PM (487 Views)
Admin
Member Avatar
Administrator

Quote:
 
Residents in $30m bonanza

Samantha Hutchinson

It is every homeowners’ dream. A group of eight residents in Sydney’s Epping had their homes individually valued at about $1.2 million in early 2012. This week they netted more than three times that amount when their homes sold in one line for a price believed to higher than $30 million.

Put together, the slab of eight 1920s bungalows at 11-27 Cliff Road marketed by CBRE has the capacity to yield up to 138 apartments under new planning rules that allow residential developments of up to five storeys in the once-quiet streets around Epping’s centre.

“We never viewed this as an investment, it was always just the family home,” resident Chris Robertson told The Australian Financial Review. “We’re sorry to be leaving it. But yes, we got a good price.”

The planning changes came at a fortuitous time for Mrs Robertson and her family, who have been living in the same house for 30 years. Her husband, an engineer took redundancy a number of years ago. “I suppose this is a windfall, totally unexpected, but it gives you options to do a lot more . . . also to help family and other people,” she said.

The deal was sealed on Friday after more than six months of negotiations.

Resident Fiona Maher was noticeably upbeat about the deal. A resident of 16 years with her family and three children, she admits she was relieved the bidding process had come to an end.

“It’s been stressful, but it’s also been exciting,” her daughter, Bronte Maher, said. “Originally it was shocking to see the quiet Cliff Road and these streets around here being developed into apartments, but when we saw building down the street we knew it was only a matter of time.”

The deal has highlighted the fickle fortunes of the property market where the difference between marginal and meteoric rates of capital growth can be determined by something as arbitrary as the mark of a planner’s pen.

But some experts said that, in time, all suburbs bordering Sydney’s transport system and railways lines are likely to experience the same boom.

“The main driver for house prices is going to be closeness to major transport nodes and, in particular, railway stations,” Urban Taskforce chief executive Chris Johnson said.

“And this same thing is going to rip along all railway lines in the city. . . because the only way we’re going to be able to house future growth is through higher rise buildings that offer reasonable access to the city and jobs,” he said.

Located 20 kilometres north-west of Sydney’s city centre, Epping is characterised by elegant bungalows on blocks as large as 800 square metres in close reach of a major railway station and good bus links.

In a city where issues of affordability and land constraints have pushed demand for new housing to fever pitch, Epping’s attributes of large blocks and good public transport links have not been lost on the NSW Department of Planning and Infrastructure.

The Department earmarked the area for medium- and high-density development in March last year, along with other suburbs including North Ryde, Randwick and Macquarie Park.

Both local and international developers have been clamouring for a slice of the suburb ever since.

Residents on Cliff Road, Hazelwood Place, Forest Grove and many of the other roads sprawling out from Epping’s train station said they had been approached by developers hoping to buy up an aggregation of land. Neighbours and local action group members Joy and Chris Dunkerley got used to the sound of developers knocking at their doors.

“Twenty? We’ve had that and then some come to the door,” said local action group member Joy Dunkerley.

Local action groups including the Common Good Group have urged residents to form into groups of at least two homes in order to present developers with land the requisite size to develop apartments.CBRE agents Matthew Ramsay and Danny Shi would not comment on the deal.

Otherwise, they’ll be left behind in homes overshadowed by apartments towering five storeys high with untold impact on their value.

Read more: http://www.afr.com/p/business/property/residents_in_bonanza_brKDKdsHAAkThFj8UzuleN
Follow OzPropertyForum on Twitter | Like APF on Facebook | Circle APF on Google+
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
Join the millions that use us for their forum communities. Create your own forum today.
« Previous Topic · Australian Property Forum · Next Topic »
Reply



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy