Retirees prove a major factor in record Sutherland apartment sale

Media release

Monday 17th February, 2014

Empty nesters driving demand in Miranda and surrounding suburbs

  • Raine & Horne Miranda secures the record sale of $615,000 for a 2-bedroom apartment, beating the previous record by $45,000
  • Buyer enquiries are an average of 40 percent stronger than January 2013
  • The combination of affordable homes, strong buyer demand and lower interest rates is set to generate capital growth of 15 percent for Miranda and surrounding suburbs in 2014

Already the early year predictions that the St George and Sutherland Shires would be property markets to watch in 2014 are being realised, with the record sale of a two bedroom Sutherland apartment for $615,000.

3/716-720 Princes Highway, SutherlandThe spacious 18-month old, north-facing, two bedroom apartment at 3/716-720 Princes Highway, Sutherland sold well above expectations by Anthony Bouteris, Principal of Raine & Horne Miranda, after attracting 28 groups to open for inspections.

“This private treaty sale beat the previous record for a two bedroom apartment by $45,000,” said Mr Bouteris.

Mr Bouteris attributed the record sale to the combination of the St George and Sutherland Shire’s affordability and record low interest rates.

“This time last year, a near-new two bedroom apartment of this calibre would have attracted about 14 groups,” said Mr Bouteris, who added that downsizers from Gymea Bay, Lilli Pilli and Caringbah were conspicuous at open homes in Miranda, Sutherland and surrounding suburbs.

“Although this property sold to a first home buyer from Hurstville, who had the support of a cashed-up grandparent, the majority of aspiring buyers are empty-nesters looking to shift from bigger homes to apartments closer to shopping centres such as Westfield Miranda, as well as better medical and transport services.

“The property at 716-720 Princes Highway, Sutherland also appealed to retirees, as it was a first floor apartment, well serviced with a lift that delivers owners right to the front door,” said Mr Bouteris.

Further demonstrating the strength of the market, well-priced properties in the region, according to Mr Bouteris, are selling within one to two weeks, and faster in some cases.

For example, an older-style two bedroom home at 30 Auburn Street, Sutherland sold in just two weeks for $717,000, while a three bedroom fibro home at 24 Lisbon Street, Sylvania didn’t even make it to the internet.

“The Sylvania property sold for $65,000 above expectation to a family who actually lived outside the Shire,” said Mr Bouteris.

Given the current demand for entry level homes in Miranda, Sylvania, and surrounding suburbs, Mr Bouteris predicts that capital growth of 15 percent is achievable in 2014.

–ENDS–

For further media information contact:

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

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