New LEP to address property affordability in Sutherland Shire

Media release - 13th August, 2015

It was gazetted just six weeks ago, yet the 2015 Sutherland Shire Local Environmental Plan (LEP) is already having a major impact on property markets in the Sutherland Shire according to Anthony Bouteris, Principal of Raine & Horne Miranda.

The LEP introduces new zones and assessment standards such as height, density and landscaped areas, and Mr Bouteris says it means that current building heights for new apartment developments will increase from an average of six to nine storeys.

“We believe the LEP will add an extra 10,000 residential dwellings within the Sutherland Shire over the next decade, with the revamped Caringbah and Miranda town centres set to be major beneficiaries,” says Mr Bouteris.

“The expectation is that 3,000 new apartments will come online in the next two years alone, which will create more choice for entry-level property buyers, who are currently facing median prices above $1.3 million for a house in suburbs such as Miranda.

“We expect new two bedroom apartments to sell for between $750,000 and $800,000 once they come online. More importantly, given the injection of new dwellings it should help our region’s real estate affordability long-term.”

The new LEP comes hot on the heels of other major developments, which are driving more buyers to the Sutherland Shire.

“The revamped Miranda Westfield, with its new cafes and restaurants, is the latest destination to be and is attracting plenty of buyer attention to the region,” says Mr Bouteris.

“Foot traffic in Miranda is almost 24x7 thanks to the refurbished retail precinct.”

The LEP will also have an impact on real estate markets in Kirrawee and Woolooware.

“The $300 million residential development at the Cronulla Sharks’ Woolooware Bay residential precinct stands to benefit from the new LEP, as will the residential development at the old brick pit at Kirrawee, which is already delivering an extra 800 apartments,” says Mr Bouteris.

“A block of 28 units at Miranda also sold off the plan in four hours last week, which further highlights the way the market is responding to the announcement of the LEP.”

The established market is enjoying benefits too, according to Mr Bouteris.

“We recently sold an older style two bedroom apartment at 25/17-21 Willock Avenue, Miranda for $590,000 in just two weeks. This same property sold for $460,000 two years ago.”

Apart from the benefits for homebuyers, the Sutherland Shire Council is also determined that the housing affordability ambitions, which are central to the new LEP, will be supported by jobs growth.

“Currently between 60,000 and 70,000 people leave the Shire to go to work. As part of the LEP, Sutherland Shire Council is aiming to create more jobs to keep these residents living and working locally,” says Mr Bouteris.

ENDS

For further media information contact:

Anthony Bouteris, Principal, Raine & Horne Miranda on 0401 902 809

Andrew Harrington, National Communications Manager, Raine & Horne, on 02 9258 5400