Housing Supply Falling Along The East Coast
Supply-chain issues are affecting house-and-land packages.
2 min
A dire undersupply of new housing lots is on the horizon due to construction delays and is expected to dire up the price of house-and-land packages on the Australian east coast this year following a surge in prices in 2021.
Housing analyst Colin Keane, a director at Research4 expects months of delay.
“It has no supply and customers are still lining up,” said Mr Keane.
Surprisingly, Sydney didn’t take top prize for the most lot sales but did take the ribbon when it came to price growth, up 34% in 2021 from $534,000 from $430,000 for house-and-land packages.
According to Mr Keane, a lack of active supply drove a 50% drop in sales volumes in the latter half of 2021 following record sales volumes in the first half of the year.
“The lack of supply resulted in an estimated nine months of demand being left on the table.
’The number of active [housing] estates dropped from 150 to 75 in one quarter, with a further 21 expected to end in early 2022. [This is] a massive impact on capacity to supply [new lots], he told Financial Review.
Further, the average size of a Sydney housing estate had slumped from a long-term average of 275 to just 78 lots in 2021.
Melbourne, the country’s biggest residential land market, saw 21,000 lot sales in 2021. Prices increased 15% as first home buyers and others priced out of established housing headed to outer suburbs.
Elsewhere on the east coast, south-east Queensland developers are benefitting from the undersupply situation in Sydney and influx of Melbourne buyers.
“Average land sales for 2021 were 41 per cent higher than the past seven-year average … and prices went up 16%” Mr Keane said.
South-east Queensland loot sales approached Melbourne levels with 1900 per month in the June quarter, there was still not enough to meet demand with Mr Keane estimating four months of demand left in the market that he expects will drive up prices in the short term.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
2 min
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.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
