Apartment upgraders driving Kingsgrove property sales

Media release - 8th July, 2014

  • 3-bedroom, 1-bathroom home in Kingsgrove snapped up by young upgraders for $970,000
  • Kingsgrove houses are popular with upgraders moving from apartments in Hurstville and the Inner West
  • Days-on-market for Hurstville apartments is 7 days

In a sign that Sydney’s southern real estate markets are continuing to respond positively to record low interest rates, an older-style, 3-bedroom, 1-bathroom house in Kingsgrove has sold for almost $1 million.

Kingsgrove is in high demand as a family-friendly suburb because it has a first-rate local shopping centre and excellent train and bus links to the Sydney CBD and the airport,” said Greg Davis, Principal of Raine & Horne Beverly Hills, who sold the home at 43 Monaro Avenue, Kingsgrove for $970,000 to a young couple looking to upgrade to a bigger property.

43 Monaro Avenue, Kingsgrove“The $970,000 price tag was fantastic for this type of home in Kingsgrove, and both the seller and the buyer were happy with the outcome.

“When the tenants left recently, the owner took the opportunity to update the home with a new kitchen and bathroom along with a fresh coat of paint. The new owners are likely to extend the home to make it more suitable for their needs.”

Mr Davis expects to see the continued growth of Kingsgrove and Beverly Hills as upgraders continue to shift from units in nearby Hurstville and Sydney’s Inner West.

“Kingsgrove has three sought-after high schools including St Ursula’s College, one of Sydney’s best performing Catholic systemic schools, the highly-respected Kingsgrove High School, which has a reputation for educational excellence, and Kingsgrove North High School. These schools bring buyers to the area.”

As for the Hurstville property market, Theo Skropidis, co-Principal of Raine & Horne Hurstville, says apartments are being snapped up almost as soon as they hit the market.

“The average days-on-market for Hurstville apartments is about 7 days, with the suburb very popular with the Asian community thanks to its excellent shopping facilities and railway access to the city,” said Mr Skropidis.

According to Mr Skropidis, older-style, 2-bedroom apartments in Hurstville are selling for between $450,000 and $500,000, with near-new apartments available from $650,000 to $700,000.

“Hurstville is a hotcake area and everything is selling, with locally-based owner-occupiers and investors leading the race for property,” said Mr Skropidis.

“Those selling are then moving on to suburbs such as Carlton, Kingsgrove, Beverly Hills and Penshurst that have railway stations that enable them to travel back to Hurstville’s popular retail precinct.

“The shift from Hurstville is creating a ripple price effect for suburbs such as Kingsgrove.”

-ENDS-

For further media information contact:

Greg Davis, Principal, Raine & Horne Beverly Hills on 0409 223 547

Theo Skropidis, co-Principal, Raine & Horne Hurstville on 0419 273 932

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400