Swanning by the park in Sydney's west
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Swanning by the park in Sydney’s west

A rare parkside double block goes under the hammer in Sydney’s west this weekend

By KANEBRIDGE NEWS
Wed, Nov 23, 2022 8:00amGrey Clock 2 min

As first homebuyers look for more creative solutions to getting a foot on the property ladder, the search is on for sites with potential to go from real estate ‘ugly ducklings’ into dream home ‘swans’. 

A double site 1 and 1A Donald Street in Yennora in Sydney’s west offers the opportunity to do just that.

Backing onto Knight Park, the 1,575 sqm double blocks will be sold in a straight line this Saturday, November 26, offering potential for two separate dwellings on a freehold subdivision.

Just 550m from Old Guildford Public School and 1km from Yennora Station, these two sites are ripe for redevelopment, representing the chance to build the perfect family home on one block and maintain the other for passive income, or redevelop both and reap the profits. 

Under the Fairfield Council LEP, the sites are zoned R2, Low Density Residential, ensuring that you and your neighbours can enjoy the same laidback lifestyle free from over development and overshadowing.

Given the median house price in Yennora is $922,500, according to Smart Property Investment, this property’s $1.3 million price guide from Town & Country Real Estate Merrylands could offer excellent value for the right buyer.

 

Address: 1 & 1A Donald Street, Yennora 

Price guide: $1.3 million

Open for inspection: 2.30pm Saturday, November 26 

Auction: 3pm Saturday, November 26

Agent: Elie Kaltoum 0413 764 648



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Prestige house values fall in regional centres

Byron Bay property data signals a decline in values for regional prestige markets

By KANEBRIDGE NEWS
Wed, May 17, 2023 2 min

Properties on the NSW far north coast have lost almost half the value they gained during the pandemic, CoreLogic results show.

The property data provider’s Regional Market Update has revealed a fall of -24.2 percent in the Richmond-Tweed region, which takes in regional prestige markets including Byron Bay, Bangalow and Brunswick Heads, over the year to April. During COVID, prices in the region rose by 51 percent. The Richmond-Tweed also saw the greatest rates of vendor discounting at -7.9 percent and the biggest fall in annual sales activity at -39.9 percent.

CoreLogic noted that following the surge in values during the pandemic, where working remotely became normalised and buyers sought refuge in regional areas, the area had experienced severe flooding, as well as the impacts of rising costs of living.

Southern regions of NSW also took a hit, with house values falling in the Southern Highlands by -16 percent and the Illawarra by -13.7 percent. The Southern Highlands also recorded the longest time to sell on the market at a median of 79 days.

CoreLogic Australia economist Kaytlin Ezzy said the results were not surprising.

 “Over the past year, premium lifestyle markets have been hardest hit by softer market conditions and rate increases,” she said. 

“These markets were among the largest beneficiaries of regional migration through the COVID-induced upswing and, as a result, became significantly more sensitive to the rising cost of debt and the normalisation in regional migration trends.” 

However, not all regional prestige markets experienced the same downturn in values. The south east region in South Australia, including Kangaroo Island, the Fleurieu Peninsula and the Limestone Coast saw values increase by 10.8 percent over the year to April.

There was less volatility recorded in more affordable regional areas, with mild declines recorded.

“Despite two interest rate rises over the first few months of the year, these markets offer relative affordability, have low listing levels, increased regional migration inflows and strong economic activity off the back of mining, agriculture and tourism. This has all helped support mild value growth,” Ms Ezzy said. 

“Values are influenced by more than just interest rates, such as stock levels, migration, local economic factors and an improvement in consumer sentiment, which are helping to stabilise values across some regional markets.” 

 

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