Sutherland Shire property market driven by downsizers: HTW residential
Downsizers are playing a significant part in driving the local market in the Sutherland Shire, as they sell their larger family homes for smaller three- bedroom units or duplex homes, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at what things traditionally matter to property markets and how current crisis is playing into decision making.
"These types of properties appeal to the downsizer market as they cash in on their large family home for a more modern and low maintenance alternative," the valuation firm said.
Prestige units located in central areas near transport and shops have always been popular with the empty nester demographic and more recently, low maintenance duplexes with a lift, minimal stairs or the ability to have a bedroom and bathroom on the ground floor are also proving popular.
A one bedroom apartment with parkland views in Miranda has recently been sold for $531,500.
Situated at 74/7-15 Jackson Avenue (pictured below), the apartment is close to Miranda Station, shops, cafes and restaurants.
It comes with kitchen with gas appliances, enclosed balcony, sleek bathroom and lock up garage.
"We have also noticed a trend in the downsizer market to demolish the existing family home and build a duplex pair, staying in one and selling or renting the other," the valuation firm said.
The report notes upgraders have also been active in the market over the past six months, with young families moving from a unit or townhouse to a detached dwelling or duplex.
"Upgraders are looking for something near transport, schools and shops, and often prefer modern or renovated properties so that they can move in with nothing to do.
"This is a change to what we have seen in the past as this demographic tended to prefer a dwelling they could renovate themselves and therefore increase the value," the valuation firm continued.
First home buyers are generally attracted to two- bedroom units along the railway line, particularly from Sutherland to Cronulla.
A two bedroom apartment in Sutherland is currently on the market with a price guide of $600,000 - $650,000.
The two bedroom, one bathroom apartment is situated at 17/76 Auburn Street (pictured below).
It comes with open plan living and dining area, covered balcony, modern kitchen and double garage.
However the recent increase in new unit complexes around the Miranda, Kirrawee and Caringbah areas created an oversupply with developers having to implement incentives such as cash back or stamp duty rebates to clear the remaining stock, the report notes.
"This oversupply issue has started to ease in recent months as the number of complexes under construction has reduced. Despite this we are still seeing examples of units that were completed mid 2019 for sale, with developers offering incentives to clear the remaining stock," the valuation firm said.
