Sydney’s Lower North Shore Under $2M
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Sydney’s Lower North Shore Under $2M

Soak in the views of Sydney’s north.

By Terry Christodoulou
Tue, Nov 9, 2021 4:22pmGrey Clock 3 min

1701/37 Glen Street, Milsons Point, NSW

With superb, sweeping views from Barangaroo to Lavender Bay comes a spacious light-filled 2-bedroom, 2-bathroom, 1 car parking residence in Milsons Point.

The 107sqm apartment sees an expansive master bedroom that features an ensuite and built-in-robe alongside a sizeable second bedroom.

With its elevated vantage point, peer from the kitchen to across the harbour and enjoy everything Milsons Point has to offer on your doorstep. Minutes away from the CBD and this Harbourside haven needs to be seen to be believed.

The listing is with Milson Real Estate; milsonre.com

 

7 Doris Street, North Sydney, NSW

Found in a quiet North Sydney street is this romantic 3-bedroom, 1-bathroom Victorian terrace is perfectly positioned to enjoy the best of the lower north shore.

Inside the home sees fresh, airy living and dining areas with an original fireplace, high ceilings and many period details.

Two entertainment decks enjoy elevated leafy outlooks.

Elsewhere the home sees three upstairs bedrooms including one single bedroom study.

The listing is with Richardson & Wrench North Sydney; rwnorthsydney.com.au

 

60/2 Crows Nest Road, Waverton, NSW

Perched in a lofty position within the ‘Marquis’ building, capturing views of the Harbour Bridge, CBD and beyond comes this contemporary apartment.

The 3-bedroom, 2-bathroom, 1-car parking abode presents a lifestyle of supreme convenience just footsteps to Waverton village shops and train station for rapid CBD access.

Inside the apartment is complete with high ceilings, floating Oak floors, crisp white interiors, open plan living, and an entertaining balcony.

A large Caesarstone kitchen with electric cooking and quality appliances rounds out the kitchen.

Elsewhere the main bedroom is equipped with the ensuite and extensive built-in wardrobes.

Two generously sized bedrooms with built-ins and modern bathrooms complete the home.

The listing is with Belle Property Neutral Bay, auction guide $1.9 million. belleproperty.com

 

2/178 West Street, Crows Nest, NSW

 Stylish and functional, within an easy stroll to Crows Nest and Cammeray comes this 2-bedroom, 1 bathrooms, 2 car split level townhouse.

Inside the residence sees a fully renovated stone kitchen with an island bench and Miele appliances.

The large open-plan design guides one to the wraparound courtyard that is ideal for entertaining.

The home features underfloor heating in the downstairs kitchen and living areas and a large bedroom with built-ins and air conditioning throughout.

The bedrooms come with built-ins with an additional study upstairs.

The listing is with McGrath Crows Nest, price guide $1,9 million. mcgrath.com

 

27/1A Bond Street, Mosman, NSW

While right on the budget limit, this newly renovated dual level apartment in the heart of Mosman brings invigorating interiors set within walking distance of Bridgepoint Shopping Centre, village shops, bars, cafes, dining and Balmoral Beach.

The kitchen has been fitted with CaesarStone, Westinghouse appliances, Zip Tapware and more while Three generous bedrooms including one with ensuite are found within the home.

Replete with Blackbutt timber floors, a Sonos sound system and storage aplenty, it’s a must-see.

Manager by Belle Property, price guide $2-2.2 million. belleproperty.com

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Buying activity by companies fell in line with the decline in overall home sales amid higher borrowing costs

By WILL PARKER
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Investor buying of homes tumbled 30% in the third quarter, a sign that the rise in borrowing rates and high home prices that pushed traditional buyers to the sidelines are causing these firms to pull back, too.

Companies bought around 66,000 homes in the 40 markets tracked by real-estate brokerage Redfin during the third quarter, compared with 94,000 homes during the same quarter a year ago. The percentage decline in investor purchases was the largest in a quarter since the subprime crisis, save for the second quarter of 2020 when the pandemic shut down most home buying.

The investor pullback represents a turnaround from months ago when their purchases were still rising fast. These firms bought homes in record numbers last year and earlier this year, helping to supercharge the housing market.

Now, investors are reducing their buying activity in line with the decline in overall home sales, which have slumped with mortgage rates rising fast. But with investors’ large cash positions, and with big firms such as JPMorgan Chase & Co. planning to increase its exposure to the home-buying business, investors are poised to resume more aggressive buying when rates or home prices begin to ease.

These firms have seized on a pandemic-driven rise in demand for houses in suburban areas. These owners rented out the homes and increased rents on homes by double-digit percentages. By the first quarter of 2022, investors accounted for one in every five home purchases nationally.

But ballooning borrowing costs have kept investors from buying as much recently, said John Pawlowski, an analyst at Green Street. Buyers and sellers are also agreeing less often on pricing, stifling sales.

“It leads to a lot of people just putting down the pen,” Mr. Pawlowski said.

Rent growth has also begun to slow. Rents for single-family homes rose 10.1% year over year in September, down from 13.9% in April, according to housing data firm CoreLogic.

That rate of growth is still very high by historical standards, however, and much stronger than in the apartment market. Multifamily rent increases are now much lower by most measures. Near record-high rental prices are failing to attract as many new tenants, and demand in the third quarter fell to its lowest level in 13 years.

Demand for rental houses has held up better, in part because many of these homes are leased to relatively high-earning people who have found the for-sale market too expensive to buy, some analysts say.

That rent growth for single-family owners hasn’t translated into stock-market gains this year. Investors have lumped these owners in with home builders and sold many of them. Shares for the three largest publicly traded owners, Invitation Homes, American Homes 4 Rent and Tricon Residential, are each down more than 25% year to date, underperforming the S&P 500 over that period.

Rental landlords also face headwinds from rising property tax assessments that have come alongside enormous increases in home-price appreciation.

At the same time, large rental landlords are coming under greater scrutiny from federal and local governments. Congressional Democrats have hosted a series of hearings focused on eviction practices and rent increases. Three Congress members from California this month introduced a bill called the “Stop Wall Street Landlords Act,” which proposes levying new taxes on single-family landlords. It would prevent government-sponsored enterprises like Freddie Mac from acquiring and securitising their debt.

Many of the places where investors have eased purchasing are the same cities where they had counted for an outsize share of total sales. That includes Las Vegas and Phoenix, where investor sales dropped more than 44% in the third quarter compared with a year ago.

Fewer purchases by online house-flippers, or iBuyers, may have contributed to those declines, according to Redfin. Redfin decided to close its own home-flipping business, RedfinNow, earlier this month.

Nationally, investors still accounted for 17.5% of all home sales in the third quarter, a higher share than they held at any time before the pandemic, by Redfin’s count.

That share seems likely to rise again. Builders with unsold homes due to widespread cancellations by traditional buyers have been looking to sell in bulk to rental landlords.

Meanwhile, some institutional investors are now readying large funds to snap up homes. J.P. Morgan’s asset-management business said this month it had formed a joint venture with rental landlord Haven Realty Capital to purchase and develop $1 billion in houses. A unit of real-estate firm JLL’s LaSalle Investment Management, in partnership with the landlord Amherst Group, said it plans to buy $500 million of homes over the next two years.

Tricon has nearly $3 billion it plans to tap to buy and build homes. “We will lean in and deploy that capital when the time is right,” Tricon’s Chief Executive Gary Berman said on a November earnings call.

While a recession could bring down borrowing rates, it would likely be accompanied by higher unemployment, making it difficult for traditional buyers to take advantage, said Daryl Fairweather, Redfin’s chief economist. For investors, however, that could offer an opportunity to acquire homes at favourable prices.

“An investor may have more resources to jump in at exactly the moment when rates decline,” Ms. Fairweather said.

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