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Sydney will have a $1 million median in two years if current growth is sustained; 5000 inquiries for new city apartment block
Topic Started: 10 Sep 2014, 03:15 PM (515 Views)
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Sydney will have a $1 million median in two years if current growth is sustained

Jennifer Duke | 10 September 2014

Sydney’s growth statistics, if sustained, will see the median price pushed up to above $1,000,000 in less than two years.

All eastern seaboard capital cities have seen their housing prices rise, according to the latest edition of the Bendigo Bank/REIA Real Estate Market Facts report released today.

The report, which looked at the June quarter 2014, reported a good result for eastern capitals but a far different story in Hobart and Perth.

Melbourne saw the greatest increase, with a 3.3% lift to $658,000. This was closely followed by Sydney, up 3.1% to $811,837. Notably, this is the first time Sydney has pushed past the $800,000 mark.

New South Wales retains the title as the least affordable place to buy a home – a title it has held since March 2009.

If this 3.1% growth rate was continued for Sydney, a quick calculation reveals that in seven quarters of consecutive 3.1% increases on each new figure will take the median house price to $1,005,203 (rounded to the nearest dollar).

The trend overall for Australia, however, was a 2% increase over the quarter, to $617,232, explained REIA president Peter Bushby.

“The report is good news for home owners in Melbourne, Sydney, Brisbane, Adelaide and Canberra, which all showed increases in the median house price over the last quarter,” said Bushby.

“Darwin also saw a very slight increase while house prices are down in Perth and Hobart,” he said.

“While Sydney and Melbourne house prices have received a lot of media attention lately, the report also showed solid growth for Brisbane with a quarterly increase of 2.2% seeing the median house price now at $470,000,” he said.

Adelaide and Canberra recorded increases of 0.8% and 0.9% respectively, with Darwin up 0.1%.

Read more: http://www.propertyobserver.com.au/forward-planning/investment-strategy/market-trends/35502-sydney-will-have-a-1-million-median-in-two-years-if-current-growth-is-sustained.html
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5000 inquiries for new city apartment block

September 10, 2014 - 12:14PM
Toby Johnstone

Crown Group has 5000 reasons to be confident ahead of the launch of its marketing campaign for a 220-apartment tower on Clarence Street in the CBD.

Despite the limited number of apartments in the 25-storey block, thousands of local and international buyers have already registered their interest.

With about 100 of the apartments to be kept by Crown as serviced apartments and 25-30 per cent to be offered exclusively to overseas buyers, those available to locals are likely to sell out at the launch.

"We'll have to quarantine either whole floors or specific apartment types to satisfy the demand in Singapore and Jakarta," said the director of sales at Crown Group, Adam Sparkes.

"The demand here in Sydney from locals is so strong. . . if there was any apartments not taken up overseas we would expect them to be absorbed by local buyers," he said.

Colliers International plans to launch more than 1200 apartments across four major developments before the end of the year, the first one in Waitara this Saturday.

There are about 100 apartments on offer as part of the VIP release of Park Rise. But the managing director for residential at Colliers, Peter Chittenden, said a sell-out was likely given that more than 100 people had already registered and paid a $5000 deposit.

"At this point in time we are seeing no real relaxation from buyers," Mr Chittenden said.

"And we certainly haven't seen any lack of enthusiasm from the developers who are buying the sites."

At the weekend launches of smaller apartment developments buyers were also bullish.

Despite the rain a crowd of 100 buyers crammed into the display suite of Foveaux, a boutique off-the-plan development in Surry Hills.

A mix of owner-occupiers and investors snapped up 80 per cent of the 53 apartments on offer, spending as much as $1,995,000, while leaving the cheaper $730,000 units untouched.

Read more: http://smh.domain.com.au/real-estate-news/5000-inquiries-for-new-city-apartment-block-20140909-10dta3.html
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Count du Monet
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I remember seeing 1 million dollar median Sydney story headlines 10 years ago!

What went wrong? :lol
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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szokolay
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I guess it hit the limits to growth. Baby hamsters grow very rapidly in their first days of life, it's been calculated that if they kept up that early growth rate for a full year they would weigh about 2 Billion kilos each lol.
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