Inner Sydney

<p>One of Australia’s most successful residential property developers, Meriton, has continued to make a significant impact on the property landscape in 2021.</p>

<p>Since its formation in 1963, Meriton has grown to become the nation’s largest apartment developer.</p>

<p>Founded by billionaire property entrepreneur Harry Triguboff, the developer is known for its sophisticated designs and high-quality apartments.</p>

<p>With developments all across NSW to choose from, Urban&nbsp;selected just four of the newest on offer across inner-city Sydney.</p>

<p><strong>1.&nbsp;Orchid,&nbsp;Eastgardens</strong><br />
Address: 9 Oscar Place,&nbsp;Eastgardens&nbsp;NSW 2036<br />
Two-bedroom apartments from $835,000</p>

<p>[smartcode_project:default project_id=29389 project_image_fid=85679]</p>

<p>Orchid is the final stage in Meriton's&nbsp;Pagewood Green, delivering 256 residences in various configurations.</p>

<p>Designed by PTW, the stunning interiors flow seamlessly from the indoor living area to outdoor entertaining balconies and terraces.</p>

<p>Rooftop garden retreats on Level 17 boast elevated dining pavilions, lush gardens and panoramic views.</p>

<p>Pagewood Green&nbsp;will boast its very own 6,000sqm retail precinct anchored by a major national supermarket and an array of supporting retailers including food, medical and leisure.&nbsp;</p>

<p><strong>2.&nbsp;Polo Collection, Rosebery</strong><br />
Address: 55 Rothschild Avenue, Rosebery NSW 2018<br />
Two-bedroom apartments from $710,000</p>

<p>[smartcode_project:default project_id=7588 project_image_fid=72298]</p>

<p>Set amongst tree-lined streets and only minutes from the CBD, Polo Collection pays homage to Rosebery’s industrial past while providing residents with a home&nbsp;of the future.</p>

<p>Polo Collection comprises 275 luxury apartments with grand proportions across four striking buildings.</p>

<p>Developed by&nbsp;Meriton, the project connects residents to the Sydney CBD, Green Square and the harbour as one of the city’s most connected inner-city suburbs.</p>

<p>Designed by&nbsp;SJB, the homes boast a modern and distinctive style, with floor-to-ceiling glass, expansive floorplans and views over Sweetacres Park. &nbsp;</p>

<p><strong>3. Spectrum, Mascot</strong><br />
Address: 42&nbsp;Church Avenue, Mascot NSW 2020<br />
Two-bedroom apartments from $1,025,000</p>

<p>[smartcode_project:default project_id=5873 project_image_fid=72323]</p>

<p>Secluded from busy roads on a prime corner position, Spectrum presents four boutique residential towers in Mascot.</p>

<p>Delivering 367 spacious apartments,&nbsp;Meriton’s new Bayside development features inspired design, ample storage and premium finishes.</p>

<p>Spectrum enjoys&nbsp;Due North&nbsp;and east views towards the Sydney city skyline, as well as resort-style amenities, including a gym and sauna.</p>

<p>The site is located in close proximity to beautiful parks and podium gardens.</p>

<p><strong>4. Viola, Eastgardens</strong><br />
Address: 3 Finch Drive, Eastgardens NSW 2036<br />
Two-bedroom apartments from $995,000</p>

<p>[smartcode_project:default project_id=29390 project_image_fid=85686]</p>

<p>Viola is the third stage in&nbsp;the Pagewood Green master-planned community described by Meriton's Harry Triguboff as his most ambitious project in 50 years.</p>

<p>Designed by&nbsp;Fox Johnston, it combines&nbsp;luxurious oversized apartments with never-to-be-built-out views of the city and championship golf courses offering buyers a rare opportunity to purchase their dream property in the affluent eastern suburbs of Sydney.</p>

<p>Offering a superb collection of 175 apartments over 16 levels designed for a lifetime of quality and comfort, resort style facilities include an indoor pool, spa and sauna, fully equipped gymnasium, onsite childcare centres and onsite supermarket, retail shops and cafes.</p>


Urban takes a closer look at what is on offer across the Meriton range in Sydney's inner circle.

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The best of Meriton's inner-city Sydney apartments

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<p>Within the inner suburbs of Sydney, buyers with a budget of $700,000 or less are limited to studio, one- or two-bedroom apartments, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. </p>
<p>However there is still a wide range of factors to consider such as location, size and quality of development, living area size, aspect and natural light, parking and many other fundamental aspects such as nearby infrastructure and potential oversupply issues within the immediate area, the HTW noted. </p>
<p>"If considering buying within this market segment, it is generally important to purchase something to which you can add value by doing minor renovations and buy within smaller scale, good quality buildings that have some character and are located in convenient positions where people want to live, close to public transport, schools, parks, local shops and cafés, etc," the valuation firm said. </p>
<p><a href="https://www.realestate.com.au/sold/property-apartment-nsw-darlinghurst-133362654" target="_blank">6/1 Darley Street, Darlinghurst</a> (pictured below) was advertised for sale throughout April and May with an asking price range of $550,000 to $580,000, and sold for $513,000 on 29 May 2020.</p>
<p><span>Interestingly, the previous sale was five years ago in July 2015 for the same price of $513,000 when it sold prior to auction, the report noted. </span></p>
<p><span>This is a small, one-bedroom apartment with an approximate living area of 37 square metres and no outdoor areas or parking. </span></p>
<p><span>This style of property is aimed at investors, or to a lesser extent, first home buyers.</span></p>
<p><span> The rental market has been negatively impacted due to COVID-19 which directly affects how much investors are willing to pay for investment properties of this nature. </span></p>
<p><span>Furthermore, the rental history for this property as per RP Data indicates that the asking rent during 2010 was $425 per week and the recent asking rent as at March 2020 was $495 per week, however this appears to have now reduced to approximately $400 per week.</span></p>
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<p><span>This is a good example of an entry-level property below $700,000 within a popular inner-east location and approximately two kilometres of the </span>Sydney CBD, the report noted. </p>
<p>This property also benefits from heritage character and could prove to be a good purchase for a first home buyer, or a steady longer- term investment, provided of course that you could cope with the reduced rental income in the current market.</p>
<p>The report noted other matters to consider for this type of property are some lending policies on properties with a living area of less than 50 square metres requiring a larger deposit.</p>
<p> <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/28/darlinghurst%201.jpg" alt=""></p>
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<p><a href="https://www.realestate.com.au/sold/property-apartment-nsw-marrickville-133585994" target="_blank">8/73 Warren Road, Marrickville</a> (pictured below) is another example of an entry-level property in the inner west region of Sydney, the report noted. </p>
<p><span>It is located approximately 9 kilometres from the CBD and sold for $655,000 on 13 June 2020.</span></p>
<p><span>This is a two-bedroom, one-bathroom apartment situated within a two-level walk-up building </span>constructed circa 1970.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/7/28/marrickville%20.jpg" alt=""></p>
<p>The unit benefits from updated interiors and a single car space.</p>
<p>The property is positioned in a quiet street and located approximately 500 metres from Marrickville train station and local shops.</p>
<p>Similar two-bedroom units can achieve a rental income of approximately $450 to $500 per week.</p>
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<p><span>In the east, you are generally looking at studio or </span>one-bedroom units with car accommodation at this price point, which is entry level for first home buyers or local investors, the report noted. </p>
<p>Slightly further away in the inner south, suburbs such as Botany, Mascot, Rosebery, Zetland and Waterloo, which typically have a large supply of modern units, provide more options for those looking to buy in the area.</p>
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<p><span>"In the current market, investors should look away from over supplied areas and large unit developments and instead focus on older style walk-up units requiring renovation to add value. </span></p>
<p><span>"The oversupplied areas will always be more volatile due to large supply and many similar style developments. The properties likely to perform the best are those that are unique, with views or proximity to the beach or harbour, or those that can offer value add through renovations," the valuation firm said. </span></p>
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What $700,000 can buy in Inner Sydney: HTW residential 

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<p><span>It is not uncommon to see residential properties undergoing renovations throughout the inner suburbs of Sydney, according to the latest Herron Todd White (HTW) residential report. </span></p>
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<p><span>The valuation firm suggests in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. </span>This month’s HTW residential report highlights where renovations are on the rise and the price points and outcomes those markets can expect.</p>
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<p><span>The HTW report notes narrow laneways with skip bins and trucks parked on the kerb is an all too familiar sight for many older heritage style localities in suburbs such as Glebe, Surry Hills and Darlinghurst. </span></p>
<p><span>"This trend has been evident for many years now and we expect it to continue into the future, even within this current COVID-19 pandemic," the valuation firm said. </span></p>
<p><span>"One of the reasons we anticipate minor renovations to be evident in the short term is due to people being locked-up at home and looking for constructive projects to complete around the </span>house which will serve many purposes such as increasing the presentation of their homes and also providing much needed stimulation throughout this lockdown period," the valuation firm explained. </p>
<p>The report notes this could partially explain the continued demand and long queues at Bunnings Warehouse over recent weekends.</p>
<p>Even larger renovation projects have continued to be evident as owner-occupiers look to improve the value of their properties and engage builders and tradesmen at potentially reduced costs, at least in comparison to recent years.</p>
<p>A slowing construction sector, low interest rates and lack of supply in many locations and sectors are likely to encourage renovation projects in the near future.</p>
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<p><span>"Investment properties such as older style home units are also likely to see continued renovations as potential tenants are provided with greater choice at reduced asking rents," the valuation firm said. </span></p>
<p><span>It will be imperative that investment properties are presented in the best possible condition, otherwise tenants will quickly choose a competing property in superior condition or alternatively demand a discounted rental price for any sub-par properties.</span></p>
<p><span>When renovating it is essential to understand the main goals for doing so, whether that be to sell, rent, or purely to renovate to personal taste to live in long term regardless of how this appeals to the local market.</span></p>
<p><span>A few significant aspects to consider when deciding to renovate are in relation to possible heritage restrictions, planning limitations, site access and the scope of works being carried out, the report noted. </span></p>
<p><span>"We hear of many renovation success stories, however a significant part of this requires understanding the intended personal objectives of renovating a property and if renovating with the aim of selling for a profit, then timing of the market cycle (which can involve some level of luck) is important," the valuation firm said. </span></p>
<p><span>"Some other techniques to ensure </span>renovations are not overcapitalising is by focusing on what the local market desires most, researching recent sales of similar properties (on completion of the renovations) and then ensuring the cost to do the chosen works does not blow out your budget or exceed the market value of the finished product." </p>
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<p>A recent example of a blank canvas property at <a href="https://www.realestate.com.au/sold/property-house-nsw-glebe-133206994" target="_blank">47 Wigram Road, Glebe</a> (pictured below), which sold for $1.86 million at an online auction on 4 April, almost $200,000 above reserve, indicates that there is still demand for this type of original property that requires a full renovation.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/6/10/glebe%201.jpg" alt=""></p>
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Renovation trend continues in inner Sydney during COVID-19 pandemic: HTW residential 

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<p>Recovery for investor stock in inner Sydney and eastern suburbs has been patchy and is largely dependent on the supply pipeline in the given area, according to the latest Herron Todd White (HTW) residential report.</p>
<p>The valuation firm asked their valuers to give an educated outlook on the residential market in their service areas.</p>
<p>"This time last year, we were discussing the reality of being amidst a property downturn, particularly due to tightening credit availability as a result of the banking royal commission along with widespread negative market sentiment.</p>
<p>"We are now experiencing very different conditions with most inner city agents reporting persistently low levels of listings and this, combined with the renewed interest caused by interest rate declines, is set to cause the market to continue to recover," the valuation firm stated.</p>
<p>This is particularly the case for good quality, owner- occupier dwellings.</p>
<p>The first home loan deposit scheme commenced on 1 January 2020 and is likely to have a direct impact on the lower end of the property market but also flow-on effects to mid-level properties.</p>
<p>The usual possible headwinds for the Sydney property market include affordability constraints, credit availability and wider economic and political matters.</p>
<p>"Surry Hills is one to watch this year, particularly since the completion of the light rail, which has improved the public transport servicing the area and implemented traffic calming and management measures to reduce congestion," the valuation firm said.</p>
<p>This combined with the removal of construction and the associated aesthetic improvements should see a price increase in the area.</p>
<p>It is then likely that the neighbouring bridesmaid suburbs of Darlinghurst and Redfern will see some value uplift as a flow-on.</p>
<p>"Similarly, Randwick, Kensington and Kingsford in the east will benefit from the completion of the Randwick section of the light rail last December, with the Kingsford section due to open in March this year," the valuation firm added.</p>
<p>Kingsford in particular, with a median house price of $1.98 million according to realestate.com. au, could well prove popular for buyers priced out of the neighbouring suburbs of Randwick ($2.35 million) and Kensington ($2,571,500).</p>
<p>After being one of the worst performing inner city suburbs in 2018, Pyrmont appears to be recovering, largely due to plans to redevelop the fish markets and surrounding Blackwattle Bay precinct.</p>
<p>In addition, Mirvac is looking to redevelop the nearby Harbourside shopping centre and The Star casino is undergoing expansion and refurbishment, with a proposal for a new hotel atop the building.</p>
<p>Redfern is well serviced by public transport and is close to the city, yet provides plenty of green spaces.</p>
<p>It appears to be comparatively affordable in relation to its surrounding suburbs with a median of $1.4 million for a three-bedroom property (realestate.com.au).</p>
<p>The median for a similar property in Surry Hills is $1.65 million and across the park in Paddington is a whopping $2.235 million.</p>
<p>A renovated three bedroom house in Surry Hills has recently been sold for $1.615 million.</p>
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<p>The three bedroom, one bathroom house is located at <a href="https://www.realestate.com.au/sold/property-house-nsw-surry+hills-132799382" target="_blank">25 Bennett Street</a> (pictured below).</p>
<p>It features stone topped kitchen, chic bathroom, and easycare garden.</p>
<p>The location is within close proximity to parks, Oxford Street and the CBD.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/2/10/surry%20hills%20.jpg" alt=""></p>
<p>"The suburb as a whole is shaking its social stigma and it remains a popular choice for young professionals and families with the eastern corridor of the suburb considered the most desirable," the valuation firm commented. </p>
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<p>As always, high density, investor centric markets should be treated with caution, particularly those with large pipelines of new apartments, including Waterloo, Zetland and Rosebery.</p>
<p>Whilst the current supply pipeline may settle and even return to below average levels in 2021, the timing of projects settling throughout 2020 is unfortunate for purchasers, as many projects sold off the plan in the peak of the market.</p>
<p>Therefore any purchasers unable to settle may be required to off load at a loss.</p>
<p>A recent example is <a href="https://www.realestate.com.au/sold/property-apartment-nsw-waterloo-131445738" target="_blank">106/16A Gadigal Avenue, Waterloo </a>(pictured below) in the Emblem development (below) that was sold off the plan on 17 June 2015 for $970,000 and re-sold (nine months after completion) on 21 August 2019 for $910,000.</p>
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<p>The report suggests the other factor impacting this market segment is the ongoing negative sentiment related to building issues in newer, large scale developments.</p>
<p>This could potentially continue to be a significant factor and it is imperative that purchasers take due care when buying into newer large scale developments.</p>
<p>There are a few other elements that will unfold throughout the year that could have specific effects on some locations throughout the inner regions of Sydney.</p>
<p>For example, the lockout laws are set to be wound back across much of inner city Sydney (although not in Kings Cross).</p>
<p>"It will be interesting to see if this has some impact on property prices through changes to nightlife premises operating hours and the flow on impacts of noise and patron behaviour.</p>
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<p>"CBD apartments are likely to also benefit from light rail completion and traffic flow alterations, while the WestConnex motorway construction is likely to continue to impact Rozelle, Lilyfield and some inner western areas." </p>
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Inner Sydney market continues to recover in 2020: HTW residential 

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<p>Market activity has generally been subdued within inner Sydney over the past six months, according to the latest Herron Todd White (HTW) residential report. </p>
<p>The report suggests that prices have continued to decline in all but the bluest of blue chip areas.</p>
<p>"Within the CBD itself, unit prices have been declining since 2017, largely due to continued supply and decreasing investor demand," the valuation firm said. </p>
<p>Realestate.com.au shows a decline in the median unit sale price for the suburb of Sydney from $950,000 in January 2019 to $925,000 in March 2019, after a peak of $1.1 million in 2017.</p>
<p>The perennially oversupplied Green Square area of Sydney (covering parts of Zetland, Alexandria and Waterloo) has also fared badly.</p>
<p>Its median prices fell from $900,000 in January 2019 to $875,000 in March 2019 alone, after a 2017 peak of $955,000, according to realestate.com.au. </p>
<p>Furthermore the strong supply pipeline is set to continue throughout the next 18 months, with multiple new developments due for settlement, all at a time when investor demand is decreasing.</p>
<p>Median house prices have also been decreasing since the start of the year with inner suburbs on the western side of the CBD such as Forest Lodge.</p>
<p>Its median house price declined from a median of $1.5 million in January 2019 to $1.39 million at the end of the first quarter of 2019.</p>
<p>Realestate.com.au indicates that the median price there peaked at $1.78 million in 2017.</p>
<p>On the eastern side of the CBD, the diminutions have been less severe, with Paddington decreasing from an overall market cycle peak of $2.34 million at the start of 2019 to $2.27 million in March 2019 according to realestate.com.au.</p>
<p>"The inner city has a multitude of property types and price points," the valuation firm said.</p>
<p>"The price point seeing the most value retention in the current market appears to be affordable one and two-bedroom units within suburbs along the city’s eastern fringe, particularly those more suited to owner-occupiers – those in well finished buildings, boutique or well- regarded complexes, with views and parking being particularly sought after.</p>
<p>According to realestate.com.au, units in Potts Point have remained generally stable in price since the start of 2019, with medians of $785,000 in January 2019 and $778,000 in March 2019.</p>
<p>"There have been some weaker results for two bedroom units in trendy Surry Hills." </p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/19/surry%20hills%201%20.jpg" alt=""></p>
<p>For example 507/437 Bourke Street (pictured above), a two-bedroom warehouse conversion sold for $1.6 million in April 2019 after being purchased for $1,655,000 in April 2016.</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/19/surry%20hills%202.jpg" alt=""></p>
<p>Furthermore, 36/45-49 Holt Street (pictured above), a semi-modern two-bedroom unit within 500 metres walk of Central Station sold for $1,002,000 in March 2019, previously selling for $1.1 million in June 2016.</p>
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Inner Sydney median prices continue to decline: HTW residential

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<p>The inner Sydney residential market is cooling off, according to the June report from valuation firm Herron Todd White.</p>
<p>Dwelling values are down almost 7%.</p>
<p>The majority of the suburbs are returning to longer-term auction clearance rate averages with typical auction rates over recent months being closer to the 60% mark, the valuation firm noted.</p>
<p>Auction numbers and clearance rates for these areas during early to mid 2017 were generally well above 70%.</p>
<p>Housing market conditions in general have continued to slow after a period of sustained growth over recent years in the inner west and inner regions of Sydney which HTW noted include a vast range of property types that appeal to a broad spectrum of purchasers including first home buyers, upsizers, downsizers and investors. </p>
<p>Sydney’s inner west has seen dwelling values fall by 6.8% as of 1 May 2018, it advised adding this region of Sydney had been performing extremely well for a sustained period of time.</p>
<p>"It is not uncommon for a previously heated market to experience some correction."</p>
<p>There are also property types and locations that continue to be in high demand such as Annandale, which was named the most popular inner west suburb in a recent survey, the report noted.</p>
<p>The new unit investment market in particular is now feeling the squeeze as banks have tightened lending criteria across the board with a focus on interest-only loans and investment loans.</p>
<p>"This is intensified with lending restrictions on certain postcodes, most of which are high-density apartment markets around the city fringe locations.</p>
<p>The valuation firm suggested that "based on recent indications we anticipate that the property market will continue in a similar fashion for the remainder of 2018."</p>
<p>"We consider that the market will generally remain subdued with longer selling periods as buyers can be more selective and the frenzy style buying conditions are no longer a factor."</p>
<p>"Oversupply is a strong word, but there is some evidence of this in certain areas."</p>
<p>The market is still going through many large-scale developments, particularly around Green Square.</p>
<p>It remains unknown whether investors and overseas purchasers will have any issues when it comes time to settle the report suggests.</p>
<p>The valuation firm suggests that "we are seeing is an increasing number of units which sold off the plan in the past two to three years being valued below purchase price when they become due to settle".</p>
<p>During the heated market conditions experienced in recent times, it was common that most property types and locations performed well, however given that we are now within a different part of the property cycle there is likely to be a contrast between good quality properties and inferior alternatives.</p>
<p>The HTW June report predicts that property types that appeal to the broader market (owner-occupiers and tenants alike) and location fundamentals such as proximity to train or light rail, shopping, cafes, parks and other services and amenities will continue to be key in ensuring that a property performs well.</p>
<p>While other factors that may have a material effect on the market could relate to interest rate changes (RBA or bank rates), the banking royal commission, legislation and politics, media and overall consumer sentiment.</p>
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