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Inner West market on the move again

May 1, 2018

NSW Real Estate Review, March 2018

After taking a breather after its record run six-year run, Sydney’s Inner West market is starting to pick up again, according to Paul Pettenon, Principal of Raine & Horne Concord.

Paul said that demand for quality, well-located property is robust, with Raine & Horne Concord securing the sales of two substantial family homes at 312 Concord Road, Concord for $1,860,000 and 115 Davidson Avenue, Concord for $1,905,000.

Another significant transaction in March was the sale of a classic 1920s Californian Bungalow at 14 Queen Street, Concord West for $1,770,000. With listings in ample supply, buyers can afford to be more selective, noted Paul. “However, many vendors are responding appropriately by establishing realistic asking prices for their properties.”

Property prices within a two kilometre radius of the new north-south rail link are drawing plenty of investor interest, according to a media report, with prices likely to increase by 15% over the next few years. The rail link is to be rolled out ahead of the planned airport at Badgerys Creek, scheduled for completion in 2026. The confirmed first stage, set to connect St Marys station to Bringelly has driven an immediate upswing in local home prices. Raine and Horne St Marys Sales Manager Peter Diamantidistold news.com.au that investors had streamed into the area since the announcement after a lengthy absence from the market. “If we were to have 10 people at an inspection, seven or eight would be investors. In November seven or eight were owner occupiers,” Peter said.

Meanwhile, former Australian cricketer Michael Clarke joined the chorus of support for Central Coast real estate, buying into and personally endorsing one of the region’s newest boutique developments, Viciniti, in Point Frederick.

Attending a VIP launch in Gosford before Easter, the ex-Australian captain said it was clear to him there was no doubt that Gosford was a growing area, and the investment was a “great opportunity.”

Headed by REINSW vice president and Raine and Horne Terrigal & Avoca Beach director Brett Hunter, the Viciniti project has an expected 14-month turnaround, with the apartments ranging in price from $420,000- $1.4 million.