“Don’t Fear A Crash”: Dr Andrew Wilson

Kanebridge News: Let’s cut straight to it – your response to the almost daily diatribe being espoused by the naysayers in regards to the national housing market, specifically Sydney, and predictions about its alleged imminent failure?

Dr Andrew Wilson: Such attention-seeking crash predictions have consistently proved to be wrong in the past, and will again prove just as wrong this time. The prospect for the preconditions for falling house prices – sharp increases in interest rates – has never been more remote.

KN: How do you view market movement in the major capitals the next 12 months?

AW: Strong growth in all capitals – Melbourne, Sydney and Perth top performers all likely higher by 10%. Price’s growth will likely decline over the year as affordability falls through higher prices with flat interest rates and low incomes growth.

KN: And the residential rental market?

AW: Lower vacancy rates and higher rents for houses compared to units generally across the board.

KN: Perennial question then – advice for those trying to get into the property market this year?

AW: Maximise your buying potential. Be prepared to compromise. Be prepared to be disappointed. Consider buying first and then selling. As always, consult a financial advisor.

KN: How important is data use in property and how can a novice best apply such sets in regards to a purchase?

AW: Reliable, real-time data provides the foundation for property decision making – enhanced by objective, rational commentary that joins the dots.

KN: What do you see as the most important data consideration(s) when assessing movement in a specific market?

AW: Local supply and demand factors, matched with the overarching macroeconomic drivers and real-time market activity measures of prices and volumes.

My Housing Market’s founder Dr Andrew Wilson.

KN: Clearance rates across the country, specifically Sydney, have recently hit record highs — how do you analyse such numbers, given this is unprecedented?

AW: The Sydney market is responding to high levels of affordability with prices – despite recent strong growth – still at the levels of four years ago. Over that period mortgage rates have fallen by over 1% and incomes have increased by over 6%, giving buyers the capacity to pay more for property. With credit restrictions and coronavirus impediments now eased – the market has clear air to catch up.

KN: Your take on why we’re a property engaged culture?

AW: High aspiration for home ownership and investment underpinned by a strong financial sector and enhanced taxation benefits.

KN: To those that might not know you – you formerly worked as a chief economist for the Domain group, Australian Property Monitors before launching My Housing Market.

AW: Well, my background is in the science and philosophy of housing market economics — I was an academic researcher and lecturer at RMIT University before I worked my way to chief economist at Domain Group and, now, running my own offering and analytics through My Housing Market.

KN: What was the impetus to launch My Housing Market – and how does the platform differentiate itself from what else is out there?

AW: My Housing Market combines high-level, comprehensive, real-time data insights into property markets with detailed, credible and reliable expert commentary. The ‘what’ and the ‘why’.

KN: What is it about property that you’re drawn to?

AW: I have to live somewhere.

KN: Well played …

Kanebridge News uses real-time data supplied by My Housing Market.

Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.

Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.

The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.

Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.

Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.

“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”

Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.

“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”

Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.

All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.

Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.

The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.

The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.

“Don’t Fear A Crash”: Dr Andrew Wilson

A rapid fire tete-a-tete with the leading Australian economist and founder of My Housing Market.

A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out