outlook outlook insights august 2015 north ryde...19 20 b b 31 24 33 6 27 30 35 15 sydney cbd...
TRANSCRIPT
North Ryde accommodates all three of the Urbis economics and research fundamentals that make a sustainable suburb – Population, Infrastructure and Employment.
1 POP 2 INF 3 EMP
MACQUARIE CENTRE
NORTH RYDE TRAIN STATION MACQUARIE UNIVERSITY HOSPITAL
THE NORTH WEST RAIL LINK WILL FURTHER IMPROVE THE ALREADY STRONG ACCESSIBILITY
THE MACQUARIE CENTRE PROVIDES EXCELLENT RETAIL AND RECREATION AMENITY
THE MACQUARIE UNIVERSITY HOSPITAL PROVIDES EXCELLENT HEALTH SERVICES TO RESIDENTS
OUTLOOK NORTH RYDE
A CONTEXT ON BUSINESS, CULTURE, LIFESTYLE AND RESIDENTIAL
North Ryde is an emerging apartment market that has been classified as a Priority Precinct by the NSW Government.
STRATEGIC LOCATIONGood public transport accessibility to several major centres.
INFRASTRUCTURE INVESTMENTOver $12 billion of infrastructure investment in the region.
EMPLOYMENT GROWTHRyde LGA forecast to accommodate an additional 40,100 new jobs by 2041.
POPULATION GROWTHRyde LGA is projected to grow by 2,280 residents per year over the next 20 years.
DEMOGRAPHICS North Ryde has a well-educated and affluent population.
SALES PRICE GROWTHMedian apartment price growth of 8% per annum in the last five years
RENTAL GROWTHMedian two bedroom unit rental growth of 6.1% per annum in the last decade.
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OUTLOOK INSIGHTS – AUGUST 2015
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2 URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE© URBIS.COM.AU
POPULATION Population growth is an underpinning factor in demand for the residential property
market. Identifying regions with strong population growth improves the potential demand for new residential development though access to a growing market and future household formation.
INFRASTRUCTURE Locations supported by adequate infrastructure and services improve the
value derived from locational driven amenity. Key infrastructure including universities, hospitals and public transport increase the attractiveness of a location to renters and supports the local areas ability to sustain population growth.
EMPLOYMENTProximityand access to employment nodes is essential for strong residential growth. It supports future population
as well as opens up a local worker market for residential developments, with workers seeking housing within easy transit to their place of work. This can be provided either through developing close to existing and planned employment centres or within easy access to major public transport nodes connecting local residents to their place of work.
EMPLOYME
NT P
OP
ULATION
INFRASTRUCTURE
IP E
POPULATION, INFRASTRUCTURE & EMPLOYMENT
Residential property assets are a long term investment, with value underpinned by key fundamentals.The underlying drivers of residential property value have been identified as ‘locational’, with the amenity derived from proximity and access to employment, public transport, services, recreation and social infrastructure. Product alone is unlikely to drive demand like it has in the mid 2000’s, with place superiority now a key driver behind the success of high density residential developments.
Finishes and views will no longer compensate for developments in marginal locations. Long-term value growth will be the most important motivator for buyers moving forward, and in today’s new market demand those regions accommodating a unique formula will perform better long term.
Urbis has investigated the trends that will deliver sustained and confident growth now and into the future. This involves recognising the key fundamentals that investors should seek to secure returns as well as identify regions that will be the most desirable to live, work and play. To help identify these locations, Urbis has concluded that the most desirable locations will be those locations accommodating “P.I.E.”: Population, Infrastructure and Employment.
Long-term value growth will be the most important motivator for buyers
moving forward
NSW GOVERNMENT PRIORITY PRECINCTSThe NSW Government has identified ten Priority Precincts within Sydney with the aim to deliver more homes in places with access to infrastructure, transport, services and jobs. The Priority Precincts are generally located around a train station and facilitate the development of increased residential density to meet the needs of the growing Sydney population. Priority Precincts in proximity to North Ryde include:
• North Ryde Station: 3,000 dwellings and 1,500 jobs within a 10 minute walk of North Ryde Station.
• Herring Road, Macquarie Park: Up to 5,400 dwellings by 2031.
• Epping Town Centre: 3,750 dwellings within a 10 minute walk of Epping Station.
© URBIS.COM.AUURBIS MARKET OUTLOOK - CENTRALE NORTH RYDE 3
Sydney will continue to see population growth close to 80,000 per annum over the next 20 years.
Generation Y will be the largest population cohort to enter the housing market, with this group anticipated to experience growth in demand from 2016.
Sydney has experienced an historical undersupply of dwellings with demand for 24,700 dwellings per year between 2008 and 2013 whilst only 15,300 dwelling were completed.
METROPOLITAN SYDNEY RESIDENTIAL DRIVERS
SYDNEY POPULATION GROWTH STILL GROWING – OVER 1,500 NEW RESIDENTS PER WEEK
Sydney is Australia’s leading property market in size, value and quality of projects. The Sydney market is expected to continue to grow as population growth increases (projected at 1,530 per week for the next 20 years, as forecast by NSW Planning and Environment) and opportunities for infill development increasingly become rare. This aligns with historic actual growth observed between 2008 and 2013 which was 1,276 new residents per week, for a total increase of 66,350 per annum over this period.
According to the NSW Government, there were an average of 15,300 dwelling completions in Metropolitan Sydney between 2008 and 2013. However, based on actual population growth, there was demand for 24,700 dwellings per year. This equated to an undersupply of housing in Sydney over recent years, though it is noted that the imbalance has started to improve in 2014 with an increase in supply.
SHIFTING DEMOGRAPHICS FOCUS ON THE BIGGEST MARKETS – GEN Y
Sydney is expected to see a shift of Gen Y’s into home ownership, however there are some affordability constraints for this segment of the market. This age group has certain characteristics:
• They will marry later and have families even later.
• They are very accepting of density, however demand amenity.
• The majority believe they do not have to move to the outer suburbs once they have kids.
As such, large proportions are expected to remain in locations around key centres, notably the CBD and Inner/Middle Ring where they have a high level of amenity and accessibility to employment opportunities.
SYDNEY POPULATION GROWTH
AGE DISTRIBUTION IN METROPOLITAN SYDNEY
Source: Urbis; Australian Bureau of Statistics 2013; NSW Planning and Environment 2014
Source: Urbis; NSW Planning and Environment 2014
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
POPU
LATI
ON
ACTUAL POPULATION 1,530 NEW RESIDENTS PER WEEK
50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000
Gen A 0-4
Gen Z 5-9
Gen Z 10-14
Gen Y 15-19
Gen Y 20-24
Gen Y 25-29
Gen Y 30-34
Gen X 35-39
Gen X 40-44
Gen X 45-49
Boomers 50-54
Boomers 55-59
Boomers 60-64
Boomers 65-69
TG 70-74
TG 75-79
TG 80-84
TG aged 85+
NUMBER OF RESIDENTS
GEN
ERA
TIO
NS
RESIDENTS IN 2011 GROWTH IN RESIDENTS TO 2016
LARGEST MARKETEmployment ProximityCivic MindedMaintain Social NetworksDiversity is Key
BABY BOOMERSMore DownsizingLow Maintenance LivingLifestyle OrientatedAmenity Rich Locations
EPPI
NG
RO
AD
M2 MOTO
RWAY
2 3
17
28
23
B
B
B
B
B
37
B
T
CHATSWOOD (5MINS)
B
B
32
109
26
221413215
ST LEONARDS (10MIN)NORTH SYDNEY (16MIN)
1.0KM
36
3.0KM
18
3.0KM
16
2.3KM
1
NORWEST BUSINESS PARK (20MIN)
8
1.0KM
B
PARRAMATTA (25MIN)
12
MACQUARIE PARK (4MIN)
B
B
4 URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE© URBIS.COM.AU
North Ryde is located approximately 13km north-west of the Sydney CBD. The area provides a high level of amenity for residents including several shopping precincts, schools, hospitals and recreational parks. The region also provides significant employment nodes including Macquarie Park Business Precinct, Chatswood and Lane Cove West Business Park.
North Ryde is located approximately 13km north-west of the Sydney CBD and boasts a high level of amenity and social infrastructure.
Macquarie Park is located approximately 3km from North Ryde and includes Macquarie University, Macquarie Shopping Centre and Macquarie Park Business Precinct
25
19 20
BB
31
24
33
6
27
30
35
15
SYDNEY CBD (20MIN)
7
11
4
29
SYDNEY OLYMPIC PARK (25MIN)
Reta
il &
Ent
erta
inm
ent
Educ
atio
n
2
3
5
4
6
1 Macquarie Shopping Centre
Westfield Chatswood
Chatswood Chase Shopping Centre
Top Ryde Shopping Centre
Home HQ Homemaker Centre
North Ryde RSL
8
9
11
10
12
7 Ryde East Public School
North Ryde Public School
Mowbray Public School
Lane Cove West Public School
Ryde Secondary College
Chatswood High School
North Sydney Boys High School
North Sydney Girls High School
Saint Ignatius College Riverview
Macquarie University
UTS Kuring-gai
14
15
17
16
13
Hea
lth
19
20
22
21
18 Macquarie University Hospital
Macquarie Hospital
Ryde Hospital
Royal North Shore Hospital
Mater North Sydney Hospital
Park
s and
Rec
reat
ion
24
25
27
26
23 Lane Cove National Park
Magdala Park
Bleinheim Park
Rotary Athletics Field
Boobajool Reserve
Chatswood Golf Club
North Ryde Golf Club
Lane Cove River
Nundah Reserve
Yinnell Reserve
North Ryde Park
29
28
31
30
32
33
35
36
37
34 Riverside Corporate Park
Lane Cove West Business Park
Macquarie Park Business Precinct
Macquarie Park Cemetery
Oth
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B
Train
Bus
1.4KM
3.5KM
2.0KM
1.0KM
© URBIS.COM.AUURBIS MARKET OUTLOOK - CENTRALE NORTH RYDE 5
The M2 motorway and the North Ryde Train Station provides residents of North Ryde with direct access to Chatswood, St Leonards, North Sydney, the Sydney CBD as well as the Northern Sydney region.
New apartment developments are increasingly being developed in North Ryde and Macquarie Park off the back off the creation of Priority Precincts, improving transport infrastructure and access to employment.
LOCATION &ACCESSIBILITY
Image is a artists impression and indicative only. Distances are approximate
NORTH WEST RAIL LINK $8.3 BILLIONThe North West Rail Link is currently Australia’s largest public transport infrastructure project and a
priority rail project for the NSW Government. When completed, the rail link will be the first fully-automated rapid transit rail system in Australia. The project will deliver eight new railway stations and 4,000 commuter car parking spaces to Sydney’s growing North West and is estimated to be completed in 2018. The rail link will connect with the Epping to Chatswood rail link and pass through North Ryde and Macquarie Park.
LACHLAN’S LINE
$150 MILLIONLachlan’s Line is a transit oriented development that is centrally located between Macquarie Park
and North Ryde train stations. The development will provide housing for over 5,000 residents. A key feature of Lachlan’s Line is a significant ‘green spine’ that stretches from one end to the other, as well as a new pedestrian and cycleway bridge connecting the site directly to North Ryde Train Station. This development will also feature a supermarket based shopping centre and community facilities.
6 URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE© URBIS.COM.AU
INFRASTRUCTURE & INVESTMENT
Over $12.7 Billion in infrastructure investment to benefit the region
NORTHCONNEX $2.65 BILLIONThe development of a 9km tunnel linking theM1 Pacific Motorway at Wahroonga to The Hills M2 Motorway at West Pennant Hills that
will provide improved linkages to the National Highway route. The project is estimated to be completed in 2019. The project is important infrastructure for freight traffic and the wider connectivity within NSW to reduce congestion and improve traffic flow along Pennant Hills Road.
M2 MOTORWAY UPGRADE $600 MILLIONThe M2 Motorway forms part of the Sydney Orbital Network and
connects North Ryde to the rest of Sydney. A major upgrade of the Motorway was completed in 2013 which included widening the road and construction of additional exit and entrance ramps.
NORTH RYDE STATION PRECINCT
$500 MILLIONA mixed-use precinct with a focus on residential development as well as
retail, commercial and community uses to stimulate activity around North Ryde Station. There is high pedestrian and bicycle connectivity from North Ryde Station to nearby employment centres.
MACQUARIE SHOPPING CENTRE EXTENSION
$440 MILLIONThe expansion of the shopping centre including a new 5-storey building
containing a full line David Jones and Myer department stores, major supermarkets (Woolworths, Coles and Aldi), Big W and Target discount department stores, international retailers (Zara, H&M, Uniqlo, Forever 21), speciality stores and approximately 1,000 car parking spaces. The expansion was completed in October 2014.
© URBIS.COM.AUURBIS MARKET OUTLOOK - CENTRALE NORTH RYDE 7
EMPLOYMENTGROWTH
The Ryde LGA is expected to provide upward of 40,000 new jobs by 2041
PROXIMITY TO GROWING EMPLOYMENT CENTRESThe Macquarie Park Business Park has recorded significant growth in the last decade and is now the second largest business district in Sydney. The precinct hosts a range of corporations in industries including telecommunications, technology, pharmaceutical and electronics such as Microsoft, Sony, Optus, Johnson & Johnson and Goodman-Fielder. The precinct was estimated to accommodate almost 54,000 workers in 2011 and is forecast to increase by 24,000 by 2041.
Overall, there is forecast to be 40,100 new jobs within the Ryde LGA by 2041. In addition, the good transport links provided by the M2 Motorway and North Ryde Train Station provide residents with good access to major employment centres such as the Sydney CBD, Chatswood, St Leonards and North Sydney CBD. The investment in the North West Rail Link will also make the area more accessible to a number of key employment nodes such as the Norwest Business Park.
Employment growth is an important driver of residential demand with workers looking to live in close proximity to where they work. Forecast employment growth in Macquarie Park and nearby centres will potentially drive demand from new workers.
26,500 NEW JOBSNORWEST BUSINESS PARK
24,000 NEW JOBS
MACQUARIE PARK, BUSINESS PARK
33,400 NEW JOBSPARRAMATTA
7,300 NEW JOBSCHATSWOOD
12,900 NEW JOBSST LEONARDS
15,000 NEW JOBSNORTH SYDNEY
130,500 NEW JOBSSYDNEY CBD
8,700 NEW JOBSSYDENY OLYMPIC PARK
NEW JOBS BY 2041EMPLOYMENT GROWTH WITHIN THE SURROUNDING CENTRES
Source: NSW Bureau of Transport Statistics (2014)
8 URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE© URBIS.COM.AU
North Ryde and the wider Ryde LGA are projected to record significant
population growth
POPULATIONGROWTH
For the purpose of this profile, the North Ryde Catchment has been defined as the suburbs of North Ryde and Macquarie Park. This reflects the significant growth potential within the two suburbs through the North Ryde Station and Herring Road, Macquarie Park Priority Precincts.
The population of the North Ryde Catchment is forecast to increase by more than 20,000 people between 2013 to 2031. The forecast growth equates to an average of 1,145 new residents per year at a growth rate of 3.2% per annum. This is double the population growth rate forecast for Metropolitan Sydney.
The wider Ryde LGA has recorded steady population growth during recent years from 100,300 in 2006 to 112,500 in 2013 at an average growth rate of 1.6%. Similar population growth is projected over the next 20 years with the Ryde LGA population forecast to increase by an average of 2,280 residents per year.
Applied to the average household size in the 2011 census this equates to 890 new dwellings required per annum to accommodate projected demand. This increase in underlying demand could potentially underpin residential property in this area over this timeframe.
The North Ryde Catchment recorded a high proportion of Gen Y residents in 2011, equating to 32.9% of residents. This was well above the Metropolitan Sydney average of 28.7% and reflects the employment opportunities and amenity offered by the location. Conversely, the Catchment recorded a relatively lower proportion of Baby Boomer residents, accounting for 18.9% of residents.
The age profile of residents in the North Ryde Catchment indicates that younger buyers and renters are likely to represent the majority of growth in contrast to Baby Boomers looking to downsize and/or participate as investors.
CATCHMENT POPULATION GROWTH
Source: Urbis; Australian Bureau of Statistics 2013; NSW Planning and Environment 2014
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
POPU
LATI
ON
ACTUAL POPULATION 1,145 NEW RESIDENTS PER YEAR
RYDE POPULATION GROWTH
Source: Urbis; Australian Bureau of Statistics 2013; NSW Planning and Environment 2014
60,000
80,000
100,000
120,000
140,000
160,000
180,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
POPU
LATI
ON
ACTUAL POPULATION 2,280 NEW RESIDENTS PER YEAR
0 2 4 6 8 10 12
Gen A 0-4
Gen Z 5-9
Gen Z 10-14
Gen Y 15-19
Gen Y 20-24
Gen Y 25-29
Gen Y 30-34
Gen X 35-39
Gen X 40-44
Gen X 45-49
Boomers 50-54
Boomers 55-59
Boomers 60-64
Boomers 65-69
TG 70-74
TG 75-79
TG 80-84
TG aged 85+
NUMBER OF RESIDENTS (%)
GEN
ERA
TIO
NS
METROPOLITAN SYDNEY NORTH RYDE CATCHMENT
AGE DISTRIBUTION CATCHMENT
Source: Australian Bureau of Statistics 2011, Urbis
Government population projections for the Ryde Local Government Area estimate that the population will grow by approximately 2,280 new residents per annum to 2031.
Ryde will experience growth in its Generation Y population who are expected to be the largest age cohort in the property market as renters and purchasers from 2016 onwards (Generation Y comprises people born between 1980 and 2000).
The North Ryde Catchment is affluent with average incomes above the Sydney average.
People born overseas make up almost half of residents in the North Ryde Catchment, which tends to drive higher demand for apartment living.
Well educated white collar residents account for a higher proportion of the North Ryde Catchment compared to the Sydney average.
© URBIS.COM.AUURBIS MARKET OUTLOOK - CENTRALE NORTH RYDE 9
DEMOGRAPHICSNorth Ryde is an affluent area with a high proportion of well-educated and professional workers
The North Ryde Catchment has a significant white collar labour force, comprising 84% of employed residents, which is well above the Sydney average (74%). This includes a high proportion of professionals, accounting for approximately 33% of workers. This reflects the numerous business parks and commercial centres located in close proximity to North Ryde.
A high proportion of the population have a tertiary qualification with 38% having a bachelor degree or higher. This is supported by Macquarie University, with a large number of students also living in the Catchment area.
The North Ryde Catchment is very multicultural with approximately 46% of residents born overseas. This is well above the Sydney average and includes almost 9% of residents born in China.
The well-educated and professional workforce is reflected by a high average annual income in the North Ryde Catchment of over $120,000, which is 8% above the Sydney average. The significant proportion of affluent white collar residents within the North Ryde Catchment represents a key demand driver for apartments in the area.
HOUSEHOLD INCOME ABOVE $130,000 INCOME
WHO LIVES IN NORTH RYDENORTH RYDE CATCHMENT
SYDNEY
38
65%
46%
84%
38%
$102,323
37
73%
36%
74%
24%
$94,428
AVERAGE AGE OF RESIDENTS
FAMILY HOUSEHOLDS
BORN OVERSEAS
EMPLOYED IN WHITE COLLAR JOBS
BACHELOR DEGREE OR HIGHER
AVERAGE HOUSEHOLD INCOME
32% 26%
Source: Australian Bureau of Statistics 2011
MEDIAN INCOME
Source: Australian Bureau of Statistics 2011
13%
33%
10%
8%
18%
9%
3%
5%
14%
26%
12%
9%
16%
9%
6%
7%
0% 5% 10% 15% 20% 25% 30% 35% 40%
MANAGERS
PROFESSIONALS
TECHNICIANS & TRADES WORKERS
COMMUNITY & PERSONAL SERVICE WORKERS
CLERICAL & ADMINISTRATIVE WORKERS
SALES WORKERS
MACHINERY OPERATORS& DRIVERS
LABOURERS
SHARE OF POPULATION (%)
SYDNEY NORTH RYDE CATCHMENT
EMPLOYED RESIDENTS BY OCCUPATION, 2011
Source: Australian Bureau of Statistics 2011
$65,179
$87,974
$102,323
$57,921
$76,651
$94,428
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
2001 2006 2011
MED
IAN
INC
OM
E ($
)
North Ryde Catchment Sydney
RENTALWhile much of the existing rental stock within Ryde is comparably affordable to inner ring rental stock, the graph illustrates that there is a premium for new rental stock within Ryde. Urbis market research indicates that on existing unit stock new 1 bed stock achieves a 25.6% premium and 2 bed stock achieves 40.9%.
10 URBIS MARKET OUTLOOK - CENTRALE NORTH RYDE© URBIS.COM.AU
North Ryde has recorded strong price growth over the last five years
INVESTMENT MARKET
APARTMENT MARKETDuring 2014 the North Ryde Catchment recorded a median apartment price of $600,500 based on 218 settled transactions. Activity peaked in 2011 and 2012 with over 300 sales in both years, which represented a significant increase from the previous decade where sales averaged around 150 per year.
Apartment product within the Catchment has historically shown consistent and confident price growth recording a ten year median price increase of 4.4 % per annum. Price growth has been significantly higher in the last five years with a growth rate of 7.9 % per annum. The increase in the median apartment price over the last five years has been similar to the growth recorded throughout Sydney.
The creation of Priority Precincts at North Ryde Station and Herring Road, Macquarie Park by the NSW Government has generated significant interest from developers to develop new apartment buildings. Data compiled by Cordell Connect indicates that there are an estimated 3,664 residential apartments proposed to be completed in the Catchment area over the next five years.
Approximately 400 apartments are anticipated to be completed in 2015 to 2017 indicating that the majority of proposed supply is still in the planning stage. Overall, the North Ryde Station and Herring Road, Macquarie Park Priority Precincts are anticipated to accommodate 8,400 dwellings, creating a lively dynamic community. Looking ahead, the North Ryde Catchment will continue to evolve with new residential apartment developments to enter the market as well as the construction of new commercial and infrastructure projects. This continued investment will further enhance the amenity and employment opportunities for existing and new residents.
373
7
2015 2016 2017
1,430
2019
164
2020
1,690
0
2018
FUTURE APARTMENT DEVELOPMENT IN THE CATCHMENT NUMBER OF DWELLINGS PER YEAR
Source: Cordell Connect
CATCHMENT APARTMENT SALES CYCLE
Source: RPData, Urbis
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
0
50
100
150
200
250
300
350
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
MED
IAN
SA
LE P
RIC
E
NU
MBE
R O
F SA
LES
NUMBER OF SALES MEDIAN SALE PRICES
MEDIAN PRICE GROWTH - 5 YEAR
NORTH RYDE CATCHMENT
SYDNEY
8% 7%
NORTH RYDE CATCHMENT
SYDNEY
10% 9%
Source: RPData
NEW PRODUCT VERSUS EXISTING PRODUCT
Source: Housing NSW, Urbis
$420 $440
$528
$620
$0
$100
$200
$300
$400
$500
$600
$700
1 BED 2 BED
CATCHMENT - EXISTING PRODUCTCATCHMENT – NEW PRODUCT
© URBIS.COM.AUURBIS MARKET OUTLOOK - CENTRALE NORTH RYDE 11
RELATIVE PRICING COMPARISON
Centrale is competitively priced compared to other projects in similar locations
North Ryde is located within 13 kilometres of the Sydney CBD and has good access to key employment and infrastructure nodes. It is interesting to compare the relative price of product proposed for Centrale to other key areas of apartment development within Sydney. The map below demonstrates the relative price range of an average new 2 bedroom, 2 bathroom, 1 car park apartment within Centrale, Meadowbank, St Leonards, Macquarie Park, Chatswood, Lindfield, Epping and Rhodes. Asking prices for Centrale are generally lower when compared to sales prices achieved in 2015 across similar locations.
10km
5km
LINDFIELDCIRCA $1,090,000 TO $1,320,000
CENTRALE CIRCA $770,000 TO $900,000
CHATSWOODCIRCA $1,225,000 TO $1,500,000
ST LEONARDSCIRCA $930,000 TO $1,12,000
RHODESCIRCA $860,000 TO $970,000
MEADOWBANKCIRCA $840,000 TO $1,050,000
EPPINGCIRCA $830,000 TO $940,000
MACQARIE PARKCIRCA $790,000 TO $980,000
SYDNEY CBD
INDICATIVE AVERAGE PRICE – NEW 2 BED, 2 BATH, 1 CAR APARTMENTS
Source: Australand, Urbis
Note: The prices are indicative only. 2015 off-the-plan sales for 2 bedroom, 2 bathroom apartments with 1 car space
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
CENTR
ALE
MACQUARIE
PARK
EPPIN
G
MEA
DOWBA
NK
RHODES
ST LE
ONARDS
LINDFIE
LD
CHATSW
OOD
PRICE RANGE FOR NEW TWO BEDROOM STOCK
Sydney
Tower 2, Level 23, Darling Park 201 Sussex Street
Sydney, NSW 2000 02 8233 9900
This publication is prepared on the instruction of Frasers Property Australia and is not suitable for use other than by the party to whom it is addressed. As the publication involves projections and assumptions it can be affected by a number of unforeseen variables. The forecasts and assumptions are a prediction and whilst Urbis has made every effect to ensure
that the forecasts and assumptions are based on reasonable information, they may be affected by assumptions that do not necessarily eventuate or by know or unknown risks and uncertainties. It should be noted that past performance is not necessarily a reliable indication of future performance. The information in the publication does not represent financial advice
and should not be regarded as such. It has been prepared without taking into account your financial situation or investment objectives. You should consider the appropriateness of the information in regards to your current financial situation or needs. Urbis accepts no responsibility for the accuracy or completeness of any such material. The information is subject to change without notice and Urbis is under no obligation to update the information or correct any assumptions which may change over time. This study has been prepared for the sole
use of Frasers Property Australia and is not to be relied upon by any third party without specific approval from Urbis. This publication is subject to copyright. Except as permitted under the Copyright Act 1968, no part of it may, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) be reproduced, stored in a retrievals system or
transmitted without prior written permission. Enquiries should be addressed to the publishers.
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