Apartments

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<p>I’ve spent almost 2 decades marketing and developing apartment projects of varied kinds, big and small, across lots of price brackets and in many locations, and I’ve been interested to observe how apartment living has evolved. We all know that more of us are now living in apartments, a trend that’s set to continue as we see much more high-density living becoming commonplace.</p>
<p>Over the past few weeks I looked at how important ‘place making’ has become as part of the development cycle as many inner-city areas are completely transformed. But there’s another more personal and communal side, a more everyday intimate side to apartment living that I think anyone associated with the development and marketing of apartments should be mindful of, and that’s the value of good neighbours.</p>
<p>Apartment living involves much closer connections between neighbours, a closer sharing of space and facilities. And while not living in the pockets of our neighbours, good relations and a friendly building in a high density community is always desirable.</p>
<p>While we have various area of legislation to help manage apartment buildings, even if the current rules are out-dated, which they are, just what makes a good neighbour and how people living in an apartment generally view the ups and downs of their lifestyle, gives some valuable insights.</p>
<p>Considering this topic further there are, as might be expected, some die hard and often repeated comments about neighbours and the ‘likes’ and ‘dislikes’ about apartment living.</p>
<p><strong>Community Connections</strong></p>
<p>Here’s a quote I recently came across. “<em>The human body has 7 trillion nerves, and you manage to get on every single one of them.” </em></p>
<p>The point is I guess that it’s more or less human nature that sooner or later someone or something will get on our nerves and when an apartment project is complete, or when a buyer comes into an already established building, there’s a neighbourhood, a vertical community that the buyer connects with.</p>
<p>In an apartment community, living in close proximity there’s some clear ideas on just what makes good (and unfortunately bad) neighbours. Most items on the list come down to some very basic things, some of which are addressed by rules and regulations, but there are some where improved planning and design can and does make a significant difference.</p>
<p><strong>Good Neighbours</strong></p>
<p>From experience and with lots of feedback from past buyers and my sales team, some of the key attributes of good neighbours revolve around predictable areas like parking, the use of common areas, security, noise, pets, rubbish, smells and building management.</p>
<p>It’s also thought-provoking, but I think not unexpected, that when you ask people, or read research about what individuals like and dislike about apartment living that many of the same topics are always on their list. On the downside many lists of ‘dislikes’ focus on smells, pets, noise and poor management. While the up-side the list often features cost (affordability), easy maintenance, security and personal safety and access to amenities, although in some markets cost might now be a more subjective measure.</p>
<p><strong>Common Areas a Common Concern</strong></p>
<p>Medium and high-density apartment living will always involve the use of shared areas, common property and when you look at some of the issues that people refer to here, I find myself thinking that ‘shared’ or ‘co-operative’ property could be a better way to describe such areas.</p>
<p>Well-designed key facilities that make up common property do play a big part in creating appealing projects, and good neighbours do not neglect or abuse common property. The key issues usually comes down to things like blocking parking access, the abuse of visitor parking, or leaving rubbish in common areas. It’s one of the reasons the building management is a common focus.</p>
<p>When it comes to subjects like smells, noise and pets there’s been lots of work done here, and I think that generally all new buildings avoid concerns of smells and noise and the rules around pets are usually very clear cut. I think that having foyer areas open to natural ventilation and the wider use of tiles have made a big difference to how buildings function and are maintained.</p>
<p>Building design does address noise, but it’s also important to have a well-connected community so that a friendly chat can help diffuse concerns over excessive noise.</p>
<p><strong>Building Management and Community</strong></p>
<p>While a review of Strata Legislation in NSW is hopefully soon on its way and has been a long time coming, good neighbours is still something that can not be forced into place by legislation. There’s always room and I think willingness for having good building community, a community of neighbours, where being social and friendly will usually occur naturally. Keeping an eye open on security, understanding that common areas are shared property and a co-operative approach to management will always be a positive.</p>
<p>In many markets a great deal of attention is paid to price movements and the demand for apartments, still I think we need to always remember that community and the value of good neighbours are important to buyers and all residents.</p>
<p>Market conditions are always evolving and I also consider that keeping these everyday issues in mind does help in planning and designing new buildings and also how we structure key marketing. I consider the value of community and good neighbours are part of what demographics aims to measure beyond the published figures we are all familiar with. A friendly and co-operative apartment community, no matter how big will always help sooth a majority of those 7 trillion nerves!</p>
<p><em>Peter Chittenden is managing director for residential of Colliers International. He can be contacted <a href="https://www.projectagenda.com.au/" target="_blank">here</a>.</em></p>
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The value of good neighbours in apartment living: Peter Chittenden

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<div>The Detailed Labour Force figures reported that Greater Sydney's unemployment rate fell to just 4.8 percent in April. </div>
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<div>When tracked in rolling annual terms to smooth out the monthly volatility, Sydney's unemployment rate has been cascading lower for 26 beautiful months now.</div>
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<div>The unemployment rate in Melbourne has also been trending lower for 17 months, although the unemployment rate in Brisbane has stopped falling for the time being after an impressive run. </div>
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<div>Across most of the capital cities ex-Sydney unemployment rates seem to be converging to around a 6 per cent level, neither great nor amazingly bad.<br><br>Adelaide has been the outlier on this measure.</div>
<br><div class="separator"><a href="/images/2016/05/31/UNEMPLOYMENT.jpg" target="_blank">Click to enlarge</a></div>
<div class="separator"><img src="/images/2016/05/31/UNEMPLOYMENT.jpg" alt=""></div>
<br><div>Over the past two years New South Wales and Victoria (read: Melbourne) have created more than 85 per cent of net new employment (+333,000 jobs), although Brisbane has had a more than decent past 12 months (+34,900 jobs). </div>
<br><div class="separator"><a href="/images/2016/05/31/DLF1.jpg" target="_blank">Click to enlarge</a></div>
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<strong><span style="text-decoration: underline;"><br></span></strong><strong><span style="text-decoration: underline;">Residex April update</span></strong><br><div>
<br>CoreLogic is reporting that Sydney's median home value has increased by 6.9 percent over the last quarter, the figure perhaps skewed higher by the running of some new parameters.<br><br>
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<div>In its monthly market update Residex reported that Sydney's median house price increased by 0.4 percent month of April to $1,046,000.  </div>
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<br>This is 10.6 per cent higher than one year ago, although the median looks to be struggling a bit to break new highs now.</div>
<br><div>Despite various gloomy predictions and talk of oversupply, Sydney unit prices increased by 1.3 per cent in the harbour city over the thee months to April to be 10.5 per cent higher over the year.<br><br>The median Sydney unit price is now at a new record high for unit prices anywhere in Australia of $695,000.<br><br><strong><span style="text-decoration: underline;">Dichotomy</span></strong>
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<div>How is this occurring despite lower stock turnover and somewhat lower mortgage finance in New South Wales?</div>
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<div>Without generalizing too much, the inner suburbs (where most units are located) are seeing feisty activity, but many of the outer or secondary suburbs are struggling. </div>
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<div>You can witness this trend in auction clearance rates, with the eastern suburbs, lower north shore, city &amp; south, and northern beaches sub-regions continued star performers. </div>
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<div>As you move away from the prized inner suburbs the market begins to look a little sketchier, while some areas are in all likelihood experienced declining prices.</div>
<br><div class="separator"><a href="/images/2016/05/31/Crs.jpg" target="_blank">Click to enlarge</a></div>
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<br><div>Remember that the reported median price is a midpoint of the frequency distribution, but it doesn't necessarily reflect what is happening across all markets.</div>
<br><div>Elsewhere, Residex reported that over the year to April there have been solid increases in house prices in Melbourne (10.8 per cent) and Brisbane (5.3 per cent). </div>
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<div>Residex noted that value declines in resources regions, although ongoing, appear to be easing.</div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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Sydney apartments surge: Pete Wargent

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<p>As many predicted some time ago, the newly created investment market, where we have seen approvals for high-rise apartments hit levels never seen before, will now see a massive correction.</p>
<p>In December 2008, the rules for off-the-plan apartments had a significant change when the ratio for foreign investors was moved from 50 per cent to 100 per cent. Developers could not believe their luck, as this decision created new rivers of gold, albeit an eight year run.</p>
<p>The governments then got involved by increasing stamp duty for foreign buyers, the Chinese government shut down the facilities permitting vast amounts of monies to be withdrawn from China and the major Australian banks stopped lending to foreign buyers. When combined, this has created the perfect property storm although the gamble of relying on foreign buyers acquiring the majority of these new apartments was always fraught with danger.</p>
<p>What we will see in 2017 is thousands and thousands of apartments off-the-plan coming back onto the market and the big question that remains unanswered is; what will be the percentage drop from the original contract prices? It has already been mentioned that analysis of every new development in Australia that settlement defaults will be between $1 billion and $1.5 billion every month over the next twelve month window.</p>
<p> </p>
<p>A saving grace will be that the existing housing market will continue to go on-wards and upwards simply because fewer and fewer households are selling due to the exorbitant selling costs – namely stamp duty. If you look at the approximate 700 hundred suburbs that make up Sydney – it would be fair to suggest that at least 70 per cent of these suburbs are not creating any new houses for consumption.</p>
<p>The NSW government has gone down the track of high density with next to no new infrastructure to absorb this construction so in many areas our roads will become gridlocked.</p>
<p>At some stage an independent body will commission a report to look at all the bushland within Sydney to then ascertain how many tens of thousands of residential building blocks can be created to ease the demand of all those wanting to live in Sydney.</p>
<p>We need to bear in mind that the population within Sydney will hit 5 million in a matter of months and our population growth is years ahead of initial projections. Building tens of thousands of apartments does not in any way, shape or form ease the demand for established houses.</p>
<p>Of course, there is always a few who throw in that recession word and don’t forget that a few some years ago suggested that 2016 would see Australia fall into a long overdue recession. They would have been somewhat aggrieved when last quarter Australia posted 25 years of economic growth.</p>
<p>Many property forecasters were quick to say, at or about this time last year, that the Sydney property market was easing (which it did) and that this was the start of a price correction. As a few of us pointed out this was more the case of buyer fatigue (which it was) with 2016 posting greater price growth than 2015. Whichever way you want to look at this the heart of the problem is that demand for established housing far exceeds supply.</p>
<p>A significant correction in the new apartment market will have next to no effect on the established housing markets because they are two different buyers. Secondly, the vast majority of the new apartment investor markets are foreign buyers so if they default there is absolutely no knock on effect into the established housing markets.</p>
<p>If anything, we will see the Australian buyers cherry-pick this market, given the cash rate will go lower and then, in turn, will chase returns. The family home is at record highs so via negative gearing households will be mopping up the newly created apartment markets at much lower entry levels with so many apartments expected to default.</p>
<p>Some will be saying what could possibly go wrong following Australia’s unprecedented 25 years of economic growth? Wages have fallen from 3.5 per cent growth in 2012 to 2 per cent in 2016. A positive sign is that population growth in 2012 was 1.8 per cent and in 2016 it dropped to 1.3 per cent. Household income growth and consumer spending are in decline so those economy drivers will be closely monitored in the September quarter of 2016.</p>
<p>Whilst some are saying retirees are doing it tough, we need to keep in mind that their homes are at presently at the highest value ever so many are taking advantage of that by taking out reverse mortgages – otherwise known as spending the kid’s inheritance (SKI).</p>
<p>The major problem with Sydney house prices is that planning by state governments, at best, has been appalling. Even today there is no plan – rather, approve thousands and thousands of new apartments, sell them offshore and bank the stamp duty and land taxes.</p>
<p>So next time you are caught in traffic, just think, how is Sydney going to cope with all these thousands of new apartments under construction?</p>
<h4>MOSMAN – 2088</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 52</li>
<li>Number of houses on the market last week – 52</li>
<li>Number of houses on the market this week – 47</li>
<li>Number of apartments on the market this time last year – 51</li>
<li>Number of apartments on the market last week – 34</li>
<li>Number of apartments on the market this week – 32</li>
</ul></ul>
<h4>CREMORNE – 2090</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 7</li>
<li>Number of houses on the market last week – 9</li>
<li>Number of houses on the market this week – 9</li>
<li>Number of apartments on the market this time last year – 22</li>
<li>Number of apartments on the market last week – 12</li>
<li>Number of apartments on the market this week – 14</li>
</ul></ul>
<h4>NEUTRAL BAY – 2089</h4>
<ul><ul>
<li>Number of houses on the market this time last year – 3</li>
<li>Number of houses on the market last week – 11</li>
<li>Number of houses on the market this week – 4</li>
<li>Number of apartments on the market this time last year – 29</li>
<li>Number of apartments on the market last week – 21</li>
<li>Number of apartments on the market this week – 19</li>
</ul></ul>
<p><em>ROBERT SIMEON is a director of </em><em><a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> </em><em>and has been selling residential real estate in Sydney since 1985. </em></p>
<p><em>He has also been writing real estate blog </em><em><a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> </em><em>since 2000.</em></p>
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Some property markets are correcting – other markets booming: Robert Simeon

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<p>The growing number of available apartments for-lease in Sydney; should send shivers down the spines of newbie investors that bought off-the-plan.</p>
<p>Not to mention, the investors that bought due to, fears of missing out (FOMO) and being pressured from so called financial-advisors (so called experts), the spruikers.</p>
<p>Unfortunately, this problem of oversupply and the lack of tenants won’t go away over the next few years, if not longer. Not even if you drank a few strong coffees and all to quell your fears.</p>
<p>Recent mainstream reports, are already talking about 200,000 new dwellings yet to be built and all coming to completion within the next 24 months.</p>
<p>Below is a preview of the growing local Sydney vacant-apartment market, in some of our suburbs. (Data sourced from leading property portal adds)</p>
<p><strong>Tips on how to get your apartment tenanted, in a market of growing apartment-rental oversupply.</strong></p>
<p>If you are one of the unfortunate investors, in any one of these apartment blocks or areas where there is a vast amount of vacancies; take these simple steps to have your property leased quicker than the others:</p>
<ul>
<li>Insist on obtaining access to your unit prior to settlement: to take internal photos for advertising and to show the property to prospective tenants.</li>
<li>If you bought through an agency or marketing-company, note that this same company sold to a lot of other investors: therefore, list your property with a local property management agent (PM), they will focus more on your property.</li>
<li>Find out from the selling agents/marketing company, how many apartments are available for lease in your block. This information will give you a clear idea of the rental price offering: therefore, don’t be scared to be the first to drop the asking price in the block, if required.</li>
<li>Make sure your agent is aggressive. When you have 11-15 property managers on a building site and all waiting for potential tenants at the open: you need an agent that can move fast and one that is not shy.</li>
</ul>
<p><strong>Signs of the times</strong></p>
<p><em>Our greater audience and readers, will no doubt have more tips on what to do. The four tips shared above, have worked well for our team, in the past and lately.</em> <em>Feel free to share.</em></p>
<p>The sooner your PM team has access to the unit, the better chance you have of renting your property and at a good price.</p>
<p><strong>Recent experience</strong></p>
<p>Our team has just leased a unit in a complex of 270 apartments. The team found out that there are approximately 256 available for rent; sold to investors that is. Our PM spoke to the landlord and he quickly put in place the tips shared above.</p>
<p>The leading selling agency and other PM agencies advertised at $620+/week on like units, for-lease. Our PM advertised the unit for $620 and on the day of the open: he scheduled for an early morning open, but he still had 10 other PM agents alongside offering their landlord's apartments.</p>
<p>When a tenant approached the group and walked around the building; our PM walked up to him, asked if he was after a rental. After discussions with the Landlord and further ongoing checks and balances from our team; they signed the tenant on a 12 month lease and for $600/week.</p>
<p>Two weeks on, and you will now see on the property portals and in the same building, adds for like apartments at $520-$580/week.</p>
<p>I dare say, there is probably another 150-220 apartments still available for lease in that complex.</p>
<p><em><span> </span></em></p>
<p><em><span>EDWIN ALMEIDA</span> is licensee in charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>.<a href="https://www.just-thin.com.au/"><br></a></em></p>
<p><em>He is also the creator of <a href="https://www.youtube.com/user/JustThinkProperty" target="_blank">Oz Real Estate.TV</a> and a presenter for <a href="https://propertyinvestingvault.com/" target="_blank">propertyinvestingvault.com</a>.</em></p>
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The rise and rise of Sydney rental apartments: Edwin Almeida's warning to landlords

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<p>It’s danger time for investors tempted to buy high-rise apartments on the Gold Coast. </p>
<p>There are few entities more skilled in the art of seduction than the Gold Coast propaganda machine. </p>
<p>What makes it doubly dangerous is that the Gold Coast can spin a pretty plausible story right now, as long as it ignores its appalling record on capital growth.</p>
<p>There’s the high level of spending on infrastructure. There’s the billions that corporations, both Australian and foreign, want to throw at casinos, resort hotels, cruise ship terminals and mega high-rise apartment blocks. There’s the marketing appeal of the 2018 Commonwealth Games.</p>
<p>Marketers can pull together some credible-sounding data which suggests that the oversupply of the past has been soaked up and that markets are growing again.</p>
<p>The marketing machine will have little trouble mounting a case that the market is beyond recovery and is rising rapidly. And there is no shortage of gun-for-hire companies purporting to be independent and willing to make a statistics-based case for the viability of all those new mega towers.</p>
<p>Last week a report claiming the Gold Coast will need another 133 apartment towers just to cope with the impending population boom got widespread media coverage. It’s amazing how readily media will take a piece of crystal-ball-gazing and turn it into fact for consumption by a gullible public.<span style="line-height: 1.3em;"> </span></p>
<p>A bullish and self-serving forecast was converted into a statement that the population <span>will</span> jump 76% in the next 20 years. And “many of those people <span>will</span> need to be housed in high-rise apartments” and the population growth <span>will</span> “mean demand for 156,000 new dwellings to cope with the influx”.</p>
<p>I wonder how many investors will pause to consider the outcome if those predictions are wide of the mark. Population projections are never accurate. Even in the short periods between the official census counts, government and private sector population estimates are shown to be faulty, and sometimes wildly inaccurate.</p>
<p>Property investors are essentially herd animals and the impulse to follow the pack as it starts to stampede towards the latest Gold Coast mirage will be irresistible for many. The FOMO Syndrome will drive too many to pay too much for generic high-rise dwellings in an oversupplied market and spend the next five to ten years regretting it.</p>
<p>It’s all happened many times before on the Gold Coast. But investors seldom learn the lessons of history, in some cases because they are blissfully ignorant of it.</p>
<p>They need to know that the Gold Coast has not yet fully emerged from the most recent glut of high-rise apartments, one that has taken six years to absorb. In that time property values have gone backwards in all the major high-rise suburbs – and are still in reverse.</p>
<p>Two major research sources – Australian Property Monitors and the Real Estate Institute of Queensland – confirm that the median prices for apartments Surfers Paradise, Main Beach, Broadbeach and Southport remain significantly lower than they were five years ago.</p>
<p>And prices are still falling. In the past 12 months, prices have fallen further in Surfers Paradise (down 2.9%), Main Beach (down 4.1%) and Southport (down 4.3%). </p>
<p>In the cases of both Surfers Paradise and Broadbeach, apartments are worth less today than they were in 2005. For both Main Beach and Southport, prices are still at the same levels as 10 years ago. The investors who bought in these locations a decade ago have had no capital growth at all. How many markets can you say that about?</p>
<p>In Surfers Paradise, prices fell in the past three months, the past 12 months ago, the past three years, the past five years and the past 10 years. Not a single growth figure to be found. Of all the big-name markets around Australia, perhaps only Noosa on the Sunshine Coast is a bigger dud.<span style="line-height: 1.3em;"> </span></p>
<p>Those who bought in the Gold Coast high-rise markets five years ago have lost a lot of money. In Main Beach, the median unit price has dropped from $652,000 in 2010 to $561,000 today. The average punter is $91,000 worse off. There are similar results for Surfers Paradise, Broadbeach and Southport.</p>
<p>And it’s all about to happen all over again. Only this time, the outcomes will be worse, because the towers being built are larger and more numerous.</p>
<p>For investors who are susceptible to a strong marketing pitch, it’s time to be afraid, be very afraid.</p>
<p><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em></p>
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Beware the Gold Coast propaganda machine: Terry Ryder

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<p>A large proportion of housing demand is currently being driven by investment.</p>
<p>Unfortunately in Australia we only receive information on owner occupier and investment ownership of properties every five years with the census.</p>
<p>Because of this, RP Data's Analytics team have built a set of rules to determine the probability that a home is owned by either an investor, owner occupier or the Government.</p>
<p>The Reserve Bank has specifically noted that they have concerns with the high level of speculative investor activity, specifically in Sydney and Melbourne. The following thematic maps show the capital cities and measure the proportion of homes owned by investors across each region.</p>
<p>The geographic trends in investor activity are very clear from these maps; investors are heavily concentrated within the inner city apartment markets.</p>
<p>The below maps clearly highlight that investors overwhelmingly focus their attention on inner city unit markets.</p>
<p>When the Reserve Bank raised concerns that there is too much investor activity taking place, it is also clear that the concentration risk is very much centred geographically within these inner city unit markets.</p>
<p>If we did see investors pulling out the market 'en masse' or investor demand dry up for one reason or another over a short frame of time, then there is a heightened risk of declines in market value.</p>
<p><strong>Investor concentration in Adelaide's markets:</strong></p>
<p><img src="/images/2014/10/15/Adelaide-houses.jpg" alt=""></p>
<p> </p>
<p><img src="/images/2014/10/15/Adelaide-units.jpg" alt=""></p>
<p> </p>
<p> <strong>Investor concentration in Brisbane's markets:</strong></p>
<p><img src="/images/2014/10/15/Brisbane-houses-470x580.jpg" alt=""></p>
<p> </p>
<p><img src="/images/2014/10/15/Brisbane-units-423x580.jpg" alt=""></p>
<p><em>To see the concentration of investors in Canberra, Darwin, Hobart, Perth, Sydney and Melbourne markets, click below. <br></em></p>
<hr class="system-pagebreak">
<p>  <strong><strong>Investor concentration in Canberra's markets:</strong></strong></p>
<p><em><img src="/images/2014/10/15/Canberra-houses.jpg" alt=""></em></p>
<p><img src="/images/2014/10/15/Canberra-units.jpg" alt=""></p>
<p> </p>
<p><strong><strong>Investor concentration in Darwin's markets:</strong></strong></p>
<p><img src="/images/2014/10/15/Darwin-houses.jpg" alt=""></p>
<p><img src="/images/2014/10/15/Darwin-units.jpg" alt=""></p>
<p><em>To see investor concentration in Hobart, Perth, Sydney and Melbourne markets, click below.</em></p>
<hr class="system-pagebreak">
<p> <strong>Investor concentration in Hobart's markets:</strong></p>
<p><em><img src="/images/2014/10/15/Hobart-houses.jpg" alt=""></em></p>
<p><img src="/images/2014/10/15/Hobart-units.jpg" alt=""></p>
<p> <strong>Investor concentration in Melbourne's markets:</strong></p>
<p><img src="/images/2014/10/15/Melbourne-houses.jpg" alt=""></p>
<p><img src="/images/2014/10/15/Melbourne-units2-580x548.jpg" alt=""></p>
<p><em> To see investor concentration in Sydney and Perth markets, click below.</em></p>
<hr class="system-pagebreak">
<p><strong><strong>Investor concentration in Perth's markets:</strong></strong><em><br></em></p>
<p> </p>
<p><em><img src="/images/2014/10/15/Perth-houses-394x580.jpg" alt=""></em></p>
<p> </p>
<p><img src="/images/2014/10/15/Perth-units-403x580.jpg" alt=""></p>
<p> <strong>Investor concentration in Sydney's markets:</strong></p>
<p><img src="/images/2014/10/15/Sydney-houses.jpg" alt=""></p>
<p><img src="/images/2014/10/15/Sydney-units.jpg" alt=""></p>
<p> </p>
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Heavy investor concentration exposes inner city unit markets to risk

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<div>It looks increasingly as though 2016 is going to be a becalmed year for Sydney's property markets.<br><br>Some articles doing the rounds this week suggested that apartment prices had already fallen in Sydney, but as you would expect different market sectors and sub-regions have behaved somewhat differently.</div>
<div> </div>
<div>Mainly these declines would relate to new stock or "off-the-plan" or high-rise apartment purchases, some of which in my opinion is quite over-priced and quite risky, and some outer suburban or secondary locations where auction clearance rates have tanked. </div>
<div> </div>
<div>Residex released its April market update on Friday which showed that <em>median</em> apartment prices in Sydney had increased by +11.5 per cent over the year to March, to a fresh all-time high of $691,500.</div>
<div> </div>
<div>Following a +2.4 per cent increase in March, the median unit price growth has all but overhauled median house price growth in the harbour city, which has slowed to +12.2 per cent over the year to March. <br><br>This need not be such a surprise - at this stage in the cycle the stamp duty on detached housing in desirable locations has become increasingly prohibitive, acting as a drag on price growth.  </div>
<div> </div>
<div>Sydney's median house price is now $1,042,500 which is +$271,500 higher than when the latest round of doomsday predictions were rolled out at the beginning of 2014. And this median price is also +$381,500 than in the middle of 2012 when some other crash predictions were being bantered around.<br><br>With the additional stamp duty burden ramping up by nearly $18,000 over the past four years, rational buyers will increasingly look towards properties they can add value to, or scale down their entry price accordingly. <br><br>While auction results are still throwing out some enormous results (for example, this <a href="https://www.realestate.com.au/property-terrace-nsw-potts+point-115126003" target="_blank">Potts Point terrace</a> was resold for a thunderous $13 million this week, almost doubling the record price for a Sydney terraced house) it does look as though the wider market away from the inner suburbs has now slowed in accordance with APRA's wishes. </div>
<div>
<br>According to Residex medians, there was a continued steady growth in the year to March for Brisbane houses (+3.5 per cent) and Brisbane units (+4.2 per cent). <br><br>
</div>
<div><strong><span style="text-decoration: underline;">Economy more upbeat</span></strong></div>
<div> </div>
<div>There have been quite a few positive signs for the economy of late - an extraordinarily strong NAB business survey saw conditions at their equal highest level in 8 years, and the AIG Performance of Manufacturing Index gauge surging to its highest reading in 12 years. <br><br>Lately there has been a strong bounce in commodity prices, sending some of the oversold major resources companies on a serious bull run.<br><br>The March Labour Force figures showed that the national unemployment rate has kept ticking down to its lowest level in two-and-a-half years, and quite a bit sooner than had been expected. <br><br>More detailed employment figures due out on Thursday will confirm that Sydney's economy is rather enjoying its infrastructure and building boom. </div>
<div> </div>
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<div class="separator"> </div>
<div>As for the much-feared "mining cliff", well that  has all but been and gone, meaning that resources construction will no longer be such a significant drag on the economy in about 12 to 18 months time.</div>
<div>
<br>The latest available data only runs to December 2015, but as we are now about three-and-a-half years beyond the peak estimates have shown that some three quarters of the decline may now be in the rear view mirror, while record residential construction activity has helped to offset the decline.<br><br>That said, Western Australia and the Northern Territory still evidently have quite a way to fall back yet.</div>
<div> </div>
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<div class="separator"> </div>
<div>Good news, and futures markets are now less than convinced of the need for a further interest rate cut in this cycle.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">Financial Stability Review (FSR)</span></strong></div>
<div> </div>
<div>In other news the Reserve Bank of Australia (RBA) released its April 2016 Financial Stability Review (FSR) on Friday. </div>
<div> </div>
<div>The RBA noted that spreads on Australian banks' wholesale funding costs had increased a little over the past six months, partly due to one-off factors related to international regulation. </div>
<div> </div>
<div>That said, spreads have declined a bit of late as the outlook has brightened, and having successfully issued some $50 billion in bonds since the beginning of the year Australian banks are set to comfortably meet their funding requirements through this calendar year.</div>
<div> </div>
<div>Despite the moderate increase in spreads, banks' long and short debt pricing spread to swap remains a world away from where it was in, say 2012, let alone from the unholy spike of 2008.</div>
<div> </div>
<div>In any event Australian banks are now less exposed to wholesale funding risk because first deposit funding and now equity funding have been stepped up respectively.</div>
<div> </div>
<div>There has been very little impact on deposit rates. </div>
<div> </div>
<div><a href="/images/2016/04/18/FUNDING.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div>
<img src="/images/2016/04/18/FUNDING.jpg" alt=""><br><br>
</div>
<div>Non-performing asset ratios on domestic books are generally speaking in pretty good nick, having continued to improve in the latter half of 2015.</div>
<div> </div>
<div>
<div class="separator"><a href="/images/2016/04/18/FSR1.jpg" target="_blank">Click to enlarge</a></div>
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<div class="separator"> </div>
<div>For the majors non-performing loans are also in very good shape, although the resources regions and mining towns of Western Australia and Queensland are expected to cop some default action, an unfortunate occurrence which has been known about for some time. </div>
<br><div class="separator"><a href="/images/2016/04/18/FSR2.jpg" target="_blank">Click to enlarge</a></div>
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</div>
<div>The RBA highlighted the potential for apartment oversupply and possible related settlement risks, while noting that there has been little evidence of the latter to date, and also little evidence of any meaningful slowdown in demand from China. <br><br>Despite the high levels of apartment construction, I'm coming around the view that with more than half of the dwelling stock effectively financed by offshore investors - overwhelmingly from China - such a ratio of apartments may never make it to the rental market that the actual impact on supply could yet prove to be a fizzer. <br><br><strong><span style="text-decoration: underline;">No stress?</span></strong><br><br>The RBA remains relatively unperturbed with household debt levels, for although gross household debt has increased so too have aggregated mortgage buffers (balances held in offsets and redraw facilities), up to an enormous 17 per cent of outstanding loan balances - that's the equivalent of more than 2.5 years of mortgage repayments at current interest rate levels.<br><br>The RBA reiterated that most household debt is held by the households that can afford to service it, with half of household debt held by the top quintile of income earners. Meanwhile, indicators of stress on overall loan portfolios remain low. <br><br>However, this review did acknowledge that the households without mortgage buffers are often those in the lower income brackets, which may present a market risk in time. <br><br>As such, housing markets in lower socio-demographic areas may be at greater risk if either interest rates or unemployment rates rise. <br><br>This certainly rings true in the case of Sydney where house prices in the west and at the city fringe have recorded particularly punchy price growth since 2012 - a dynamic which tends to mask any underlying household mortgage stress - but with auction results pointing to ongoing weakness, the fundamentals out west all look rather fragile.</div>
<div> </div>
<div>
<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
</div>
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The becalmed market: Pete Wargent

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<p>The Perth market, where vacancies are low and there is upward pressure on rents, is seeing strong demand led by first-home buyers. Perth provides buyers with high-quality developments on the affordable end of the market. </p>

<p>Renowned demographer Bernard Salt said Perth is the “the right place for the moment”, predicting its property market will boom over the next several years. </p>

<p>If you're a first home buyer, here are four residences you can secure in WA's capital for less than $640,000.</p>

<p><strong>1. The Crest Burswood</strong><br>
Two-bedroom apartments from $635,000<br>
Address: 120 Goodwood Parade, Burswood QA 6100</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the-crest-burswood-120-goodwood-parade-burswood-3376c18e904ac70c361ab0868b478fcc.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the-crest-burswood-120-goodwood-parade-burswood-3376c18e904ac70c361ab0868b478fcc.jpg?itok=XM-ifvHS" width="580"></a> <a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/nw-crest-home.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="292" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/nw-crest-home.jpg?itok=RbTN3avK" width="580"></a></p>

<p>Delivered by Norup + Wilson, The Crest offers world-class facilities in Perth’s inner south-east. Situated nearby Perth parklands, residents can take weekend strolls along Swan River or a short trip to the Perth CBD by train.</p>

<p>The 21-storey tower features full wrap-around balconies, extensive joinery and an abundance of light. Two-bedroom apartments in the project start from $635,000 with one-bedrooms from $380,000. Designed by Wood Bagot, the homes offer a 15-metre heated pool, outdoor cinema, rooftop garden area and Smeg appliances.</p>

<p> </p>

<p><strong>2. One54, Tuart Hill</strong><br>
Three-bedroom townhouses from $639,000<br>
Address: 154 Banskia Street, Tuart Hill WA 6060</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one54-tuart.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="431" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/one54-tuart.jpg?itok=NUWwAjoa" width="580"></a></p>

<p>Situated in a conveniently-located, up-and-coming suburb, One54 is ideal for downsizers, young professional sand families. Double-storey, three-bedroom townhomes sell from just $639,000. Delivered by Griffin Projects Group, One54 Tuart comprises 15 residences with quality finishes, open-plan living spaces and front and rear landscaping.</p>

<p>Tuart Hill is located in close proximity to Westfield Innaloo, Osborn Park’s industrial hub, Herdsman Lake and Main Street.<br>
 </p>

<p><strong>3. The Precinct, Mount Pleasant</strong><br>
Two-bedroom apartments from $615,000<br>
Address: 893 Canning Highway, Mount Pleasant WA 6153</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the-precinct-893-canning-highway-mount-pleasant-85fe3ae4cc986d1b4ab67c207143f657.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the-precinct-893-canning-highway-mount-pleasant-85fe3ae4cc986d1b4ab67c207143f657.jpg?itok=svRYiHbF" width="580"></a> <a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the-precinct-893-canning-highway-mount-pleasant-9356927c346977cea7c35db0389457c4.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the-precinct-893-canning-highway-mount-pleasant-9356927c346977cea7c35db0389457c4.jpg?itok=yZr34Nh7" width="580"></a></p>

<p>Another development delivered by Norup + Wilson, is their Mount Pleasant project, The Precinct. Apartments in the 22-level multi-residential tower come in one, two and three-bedroom configurations, with two-bedroom apartments beginning from $615,000.</p>

<p>Amenities in the project include 10 ground-floor restaurants, resort-style pool, outdoor and indoor gym, sprint track, residents’ lounge and sky lounge. Designed by Woods Bagot, the residences offer views spanning from Kings Park and the CBD to the converging Swan and Canning Rivers.</p>

<p> </p>

<p><strong>4. One Mabel Park, Jolimont</strong><br>
One-bedroom apartments from $430,000<br>
Address: 22 Pollen Grove, Jolimont WA 6014</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/one-mabel-park-salvado-road-jolimont-421c5ad98bb199ca06517246c8882e32.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="313" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/one-mabel-park-salvado-road-jolimont-421c5ad98bb199ca06517246c8882e32.jpg?itok=QdwjlytX" width="580"></a></p>

<p>One Mabel Park, located in the small suburb of Jolimont within the City of Subiaco, offers buyers the potential of $25,000 HomeBuilder rebate and a 75 per cent stamp duty rebate. The luxury development only has one apartment remaining under $500,000 – a one-bedroom, one-bathroom residence with a large balcony and quality finishes.</p>

<p>Designed by Cameron Chisholm Nichol, One Mabel Park is located next to Henderson Park and Jolimont Lake. Each apartment has been designed to make the most of the unique dual park setting, creating a sense of connectedness with views to the parklands and CBD from the east-facing apartments.</p>

<p>Amenities include an air-conditioned resident’s gym, double-glazed windows, electric vehicle charger and sustainable water systems.</p>
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Here are four new residences you can acquire for less than $640,000 in Perth

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December 2020: New developments you can secure in Perth under $640,000

<p>&quot;Where is it cheapest to buy?&quot;</p>

<p>It&#39;s a question that many different people ask, and is difficult to answer. Property prices vary within suburbs and, depending on what you&#39;re looking for, you may be able to find a good home for lower than the median headlining price - remember, <a href="/expert-insights/investing/how-to-determine-the-median-house-price">the median is the middle number in the data set</a> and so there are equally as many properties below that figure as above.</p>

<p>[smartcode_project:default project_id=29140]</p>

<p>In saying that, when the median is lower it does generally suggest that recently transacted properties have been cheaper.</p>

<p>Looking at RP Data&#39;s median unit prices for suburbs across New South Wales, we collected all suburbs with prices from $250,000 to $300,000 into the list below.</p>

<p><strong>Albion Park Rail</strong></p>

<p>$257,000</p>

<p><strong>Alstonville</strong></p>

<p>$276,000</p>

<p><strong>Bateau Bay</strong></p>

<p>$280,000</p>

<p><strong>Batehaven</strong></p>

<p>$252,000</p>

<p><strong>Bathurst</strong></p>

<p>$258,000</p>

<p><strong>Bogangar</strong></p>

<p>$299,000</p>

<p><strong>Camden South</strong></p>

<p>$275,000</p>

<p><strong>Carramar</strong></p>

<p>$256,000</p>

<p><strong>Cessnock</strong></p>

<p>$274,000</p>

<p><strong>Coniston</strong></p>

<p>$270,000</p>

<p><strong>Fairy Meadow</strong></p>

<p>$295,000</p>

<p><strong>Glenfield Park</strong></p>

<p>$255,000</p>

<p><strong>Goonellabah</strong></p>

<p>$270,000</p>

<p><strong>Iluka</strong></p>

<p>$263,000</p>

<p><strong>Jamisontown</strong></p>

<p>$298,000</p>

<p><strong>Jesmond</strong></p>

<p>$265,000</p>

<p><strong>Katoomba</strong></p>

<p>$265,000</p>

<p><strong>Lake Illawarra</strong></p>

<p>$250,000</p>

<p><strong>Long Jetty</strong></p>

<p>$275,000</p>

<p><strong>Maitland</strong></p>

<p>$250,000</p>

<p><strong>Metford</strong></p>

<p>$270,000</p>

<p><strong>Minto</strong></p>

<p>$250,000</p>

<p><strong>Mount Druitt</strong></p>

<p>$280,000</p>

<p><strong>Murwillumbah</strong></p>

<p>$255,000</p>

<p><strong>Oak Flats</strong></p>

<p>$250,000</p>

<p><strong>Ourimbah</strong></p>

<p>$299,000</p>

<p><strong>Penrith</strong></p>

<p>$290,000</p>

<p><strong>Sapphire Beach</strong></p>

<p>$282,000</p>

<p><strong>Sawtell</strong></p>

<p>$278,000</p>

<p><strong>Scone</strong></p>

<p>$250,000</p>

<p><strong>South West Rocks</strong></p>

<p>$293,000</p>

<p><strong>South Windsor</strong></p>

<p>$293,000</p>

<p><strong>St Marys</strong></p>

<p>$261,000</p>

<p><strong>Warwick Farm</strong></p>

<p>$278,000</p>

<p><strong>Werrington</strong></p>

<p>$265,000</p>

<p><strong>West Ballina</strong></p>

<p>$265,000</p>

<p><strong>West Gosford</strong></p>

<p>$255,000</p>

<p><strong>West Wollongong</strong></p>

<p>$299,000</p>


jduke-EHk3XBmHkn

The 38 most affordable suburbs for apartments in NSW: $250,000 to $300,000

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<p>Entering the Sydney market as a first home buyer can seem like a daunting task and finding affordable housing in NSW's capital often proves difficult, especially when you don't know where to look.</p>

<p>If you're a first home buyer or your budget is on the tighter side, here are six residences you can get for $600,000 in Sydney and its surrounds.</p>

<p><strong>1. <a href="/buildings/vicinity-point-30-32-guess-avenue-wolli-creek">Vicinity Point, Wolli Creek</a></strong></p>

<p>One-bedroom apartments from $465,000<br>
Address: 30-32 Guess Avenue, Wolli Creek NSW 2205</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2016563265_1_1_201019_044310-w1600-h1200.jpeg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2016563265_1_1_201019_044310-w1600-h1200.jpeg?itok=FrbuhJiz" width="580"></a> <a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/vicinity-point-30-32-guess-avenue-wolli-creek-08ae804af7915941dbf2e9b21f3f7993.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/vicinity-point-30-32-guess-avenue-wolli-creek-08ae804af7915941dbf2e9b21f3f7993.jpg?itok=obzOFLh6" width="580"></a></p>

<p>In Sydney, scoring an apartment for less than $500,000 is a steal – and just 15 minutes from Central Station sits Wolli Creek’s luxury development, Vicinity Point, at a price range that will suit the budget of first home buyers.</p>

<p>Located near the Cooks River, Vicinity is offering a one-bedroom, one-bathroom residence with a car space at $585,000 or without the car space at $465,000.</p>

<p>The modern apartments are “strikingly contemporary”, the marketing reads, offering stylish kitchens, neutral colour palettes and oversized terraces. Developed by Level 33, Vicinity Point is located nearby riverfront parkland, cycleways and Kogarah Golf Club.</p>

<p><strong>2. </strong><strong><a href="https://www.urban.com.au/buildings/bloom-arncliffe-213-princes-highway-arncliffe?last_source_news_article_id=39412&amp;ref=news_related_project"><strong>Bloom Arncliffe, Arncliffe</strong></a></strong></p>

<p>One-bedroom apartments from $595,000<br>
Address: 213 Princes Highway, Arncliffe NSW 2205</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/imagegen.jpeg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="368" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/imagegen.jpeg?itok=SLUzfm9I" width="580"></a></p>

<p>Bloom Arncliffe features timeless design by EJE Architecture, offering a selection of one, two and three-bedroom ready-to-go apartments from $595,000. Located closeby Sydney’s southern beaches, the project is perfect for a first-time owner or smart investor.</p>

<p>The one-bedroom apartments offer sweeping views of the Sydney CBD and Botany Bay, floor-to-ceiling sliding doors and a private balcony, and features onsite amenity including a ground-floor marketplace with restaurants.</p>

<p><strong>3</strong><strong>. <strong>Central at the Langston, Epping</strong></strong></p>

<p>One-bedroom apartments from $590,000<br>
Address: 12-22 Langston Place, Epping</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cbus6315.9-roi_renders-domain-1440x1080-4_1200x550.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="266" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/cbus6315.9-roi_renders-domain-1440x1080-4_1200x550.jpg?itok=NJIxUyoc" width="580"></a></p>

<p>The Langston community at Epping is set to become a vertical village, with exercise, shopping and co-working facilities, built on Epping’s highest vantage point. Central is the project’s second stage, offering a new 24-storey tower with the majority of apartments priced for first home buyers.</p>

<p>A one-bedroom, one-bathroom apartment at Central is priced from $590,000, offering amenities such as podium-level gardens, a wellness hub, pool deck and sky lounge. These apartments are also eligible for the NSW Government’s $10,000 first home owner grant, as well as other first home buyer schemes.</p>

<p><strong>4</strong><strong>. <a href="/buildings/kew-schofields-stage-1-rose-garden-23-27-schofields-road-schofields"><strong>Rose Garden, Kew Schofields</strong></a></strong></p>

<p>Two-bedroom apartments from $495,000<br>
Address: 23-27 Schofields Road, Schofields NSW 2762</p>

<p><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kew-schofields-23-27-schofields-road-schofields-a22ac95f9735b71a52863378df6a8e35_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/kew-schofields-23-27-schofields-road-schofields-a22ac95f9735b71a52863378df6a8e35_0.jpg?itok=xBisHZk5" width="580"></a></p>

<p>Located in Sydney’s fast-growing north-western corridor, The Rose is positioned moments from Rouse Hill and the future Schofields town centre. Two-bedroom apartments in the project are priced from $495,000, and feature contemporary finishes, barbeque facilities and outdoor communal spaces.</p>

<p>Whilst Schofields may not be the most attractive suburb for the first home buyer, the suburb offers an affordable entry point for a two-bedroom apartment and has seen its population grow by over 30 per cent in the past five years. The median value for both houses and units have steadily risen and will most likely continue to, as the metro links the nearby Tallawong station to Sydney’s CBD.</p>

<p><strong>5<strong>. Aura, Cante</strong><strong>r</strong><strong>bury</strong></strong></p>

<p>One-bedroom apartments from $588,000<br>
Address: 396-398 Canterbury Road, Canterbury NSW 2193</p>

<p>AURA offers first home buyers the opportunity to live in the Inner West with entry prices under $600,000. A one-bedroom plus study configuration begins at $588,000 and includes contemporary design, entertainer’s balconies and large courtyards.</p>

<p>Designed by Glyde Architects, AURA includes expansive open district and city skyline views as well as designer stone kitchens and wood texture cabinetry throughout. A security storage cage is available for all residents, making the home a smart decision for owner-occupiers and downsizers.</p>
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Here are five residences you can get for $600,000 in NSW's capital and surrounds.

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