NSW Average Dwelling Value Surpasses $1 Million
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NSW Average Dwelling Value Surpasses $1 Million

The total value of residential dwellings in Australia has exceeded $8 trillion.

By Terry Christodoulou
Wed, Jun 16, 2021 3:06pmGrey Clock < 1 min

According to the latest figures from the Australian Bureau of Statistics (ABS), the total value of Australia’s 10.6 million residential dwellings rose by $449.9 billion to $8.29 trillion in the March quarter of 2021.

While CoreLogic reported a national residential dwelling value of $8.1 trillion back in May, the amount has now been verified by the ABS.

Moreover, NSW accounted for approximately 40%, or, $3.3 trillion of Australia’s total value of dwellings. The average price of residential dwellings in NSW rose to $1.01 million during the period.

“This was the first time any state or territory had seen the average price of dwellings rise above $1 million,” said ABS Head of Prices Statistics Michelle Marquardt.

Residential property prices rose 5.4% in the March quarter 2021. The ABS confirmed this was the strongest quarterly growth since the December quarter 2009.

All capital cities recorded a rise in residential property prices in the March quarter 2021, with Sydney top of the list (6.1%). Property prices also rose in Melbourne (5.1%)., Perth (5.2%), Brisbane (4 %) Adelaide (4%), Canberra (5.6%), Hobart (6.1%), and Darwin (4.7%).

The average price of residential dwellings in Australia was $779,000 up from $739,000 for the period.

Annually, residential property prices rose 7.5%, with rises in all capital cities.



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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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