New South Wales Archives - Amora Escapes

Only Five Cities Worldwide Are More Unaffordable Than Sydney for Housing, Thinktank Says

Rick Casey — Thu, 21 Sep 2023 11:51:42 +0000

Sydney’s chronic housing crisis is costing the economy more than $10bn a year, according to research from the Committee for Sydney thinktank that also found just five major cities around the world were more unaffordable.

Researchers found the costs were being felt most by young Sydneysiders at the start of their careers who were affected by an inability to find affordable housing near their work, leading to a costly loss in productivity.

The problem is so severe that it threatens to hasten brain drain and squash the city’s startup ecosystem, making it even harder for people with business ideas to make them a reality and costing the city an estimated $2.9bn a year.

Inefficient commutes alone cost the city $2.5bn a year in lost productivity, according to the committee, with women worse off due to the “spatial leash”, meaning they often have to work closer to home.

Benchmarked against other major metropolises, the report found Sydney met the three key chronic unaffordability metrics and required immediate and bold interventions.

The city’s median property price has surged to 13.3 times the median income; 35.3% of renters are in housing stress and the city is ranked the sixth-least affordable city, beating New York and London. Only Hong Kong, San Francisco, Singapore, Vancouver and Tel Aviv were less affordable.

The committee’s head, Eamon Waterford, said the level of housing stress necessitated a major rethink from politicians and the public.

“If we measure politicians on an electoral cycle … will they solve housing affordability in the next four years? The answer is unequivocally no,” he said. “It is about identifying – what are the levers that we pull in the next series of years that are going to set us on the right path?

“You could look at it similarly to the way we think about climate change. You can’t solve climate change in a single electoral cycle.”

Estelle Grech, the committee’s planning and housing policy head, said the report was about showing the financial impact of the housing crisis and encouraging bold action.

“What we’re trying to do with the big figure and the research … is give government licence to make big bold, unpopular at times decisions, but decisions that need to be made,” she said.

“This is a big issue and we need a big response.”

The committee’s recommendations included inclusionary zoning targets for affordable housing in new developments, investing in “much more” social and affordable housing and increasing housing supply with transport, schools and childcare.

Waterford said the Minns government’s initial housing announcements were a “good first step, but they’re only a first step”, as were pledges made by the federal government.

The New South Wales government has acknowledged the dire situation for the state’s most needy after the priority social housing waitlist doubled in less than a decade and surged by 1,000 to 7,573 over the past year.

Waterford also urged the public to become more active in calling for more development.

“Support growth in your local community, become a yimby, show up to council meetings and speak on behalf of development that’s going to see significant numbers of houses being built into communities,” he said. Yimby, short for “yes in my back yard”, is a term adopted by those in support of development.

Waterford added: “Speak to your neighbors about the existential challenge, recognise that building housing for people that are different to you is a really good outcome for your community because that diversity breeds vibrancy.”

The alarm has been sounded after Guardian Australia revealed Sydney apartment buildings were being acquired by developers, demolished and replaced with luxury homes, resulting in a net loss of dwellings.

Source : TheGuardian

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Prestige Regional Market Remaining Strong Across NSW with Record Sales

Ross Collins — Mon, 29 May 2023 02:11:00 +0000

Sales between $10 to $30m are increasing across the prestige market of regional NSW.

Massive sales as high as $20-$40m are continuing to smash records as the prestige market continues to grow outside Sydney.

These prices are a huge contrast to years ago with cashed up buyers more than happy to spend the big bucks in some of our more popular, or secluded, regional areas.

Industry experts say the prestige market across NSW remains stronger than ever and largely unaffected by what’s happening with rest of the market.

The recent record breaking $37m sale in Byron Bay has turned heads and from all reports, there was celebrity interest in the Coopers Shoot property.

There were six buyers fighting over the six-bedroom trophy home which featured a 15-metre infinity mineral pool, infra-red sauna and gym.

The luxury Byron Bay estate in Coopers Shoot.

The estate broke the north coast record, selling for $37m.

Meanwhile a Southern Highlands estate is tipped to smash records around the $30m mark.

“Linden Hall”, at 166 McEvilly Rd in Robertson, is described as a “creative masterpiece” and the “most beautiful country estates in Australia”.

The 186 acre property has a two storey mansion designed by architect Richard Rowe.

The hills surrounding the property were used in the filming of the 1995 movie Babe, resembling the English countryside.

Forbes Global Properties director and selling agent Ken Jacobs said there was a steady number of inquiries for the property.

“It’s more a case of matching the right buyer to the right property,” he said.

“This is an extraordinary property.”

Linden Hall is currently on the market in the Southern Highlands.

The two storey mansion was inspired by the 19th century Point Piper mansion Henrietta Villa.

It comes as a Southern Highlands thoroughbred farm sold for $14.95 million in May.

Manx Park was bought by billionaire Kie Chie Wong, who also owns an 82ha property across the road, and wife Ann Lim.

Mr Jacobs said the regional prestige market was more consistent however with less volume compared to the property market.

“The whole top end is less impacted then a lot of the reports from the rest of the market,” he said.

He said the Southern Highlands was getting more popular in both the prestige as well as the regular market.

Manx Park, the Sutton Forest thoroughbred farm has been sold.

“People want to escape the crowds of the city and are looking for more room,” he said.

“Covid had an impact, with people working more remotely.”

Ray White senior economist Nerida Conisbee said the prestige market had become stronger across NSW.

“It has become more prestigious or at least more expensive since Covid,” she said.

“It has been quite a significant change over the last three or four years.”

Ms Conisbee said while the Southern Highlands has always had luxurious properties, “the big change” had been the shift in locations that were never deemed premium markets.

“Byron Bay is the obvious one, that has always been a pretty expensive market but has now extended to a wider area around Byron,” she said.

Nerida Conisbee.

“Places like Bangalow were super cheap 20 years ago but now are very expensive.

“It’s not just these areas have become more popular but the type of homes being built are quite different as well. It was quite unusual to find a home a super luxurious home in places like Byron 20 years ago but now they have been built and they’re commanding these high prices. Somewhere like Byron has global appeal now, it’s quite amazing.

“Sleepy beachside towns up and down the NSW coast have also had a lot of investment put into them.”

A 60 acre estate in Bangalow, near Byron Bay, sold for $11m.

A waterfront property at 40 Palm Terrace, Yamba sold for $4.6m in 2021

She gave the example of Yamba which now has properties well over the $1 million mark.

“I think Covid definitely accelerated a trend that was kind of already happening,” she said.

“Yamba is a really good example of an area seeing some pretty crazy price growth. Whether it becomes the next Byron Bay who knows. There’s definitely some beachside areas that just have a little bit better town centre or they might have a particularly nice beach or even a celebrity rocking up there can make quite a different to the value of a property.”

The Central Coast has seen a huge uplift in its prestige market over the past few years.

Model Elyse Knowles promoted the record sale in Wagstaffe on the NSW Central Coast.

The Wagstaffe house had a private beach.

A Wagstaffe mansion broke the region’s record for the second time in 2022.

Belle Property Central Coast Principal Cathy Baker sold 6 Bulkara St, Wagstaffe – known as ‘Agave’ – for over $13.5m.

Model Elyse Knowles was part of the advertising campaign for the seven bedroom mansion with a private beach.

The home’s previous $9.5m sale back in 2020 was its first record for the coast’s highest sale.

65 Wellington Drive, Balgownie, NSW

Suburbs of Wollongong are also attracting attention and big price guides.

An iconic property, known as Villa Carla, in the small suburb of Balgownie is for sale with a guide of $8.5m – $9.3m.

The property, at 65 Wellington Dr, is described as embracing “timeless Mediterranean style” with views out to the ocean.

Source: RealEstate.com

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