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Colliers International Sydney Northern Suburbs Market update

People & Companies / Latest News

Australia / Sydney

Aug 30 2018

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Macquarie Park, Epping and Eastwood have recorded strong population growth and are transforming from industrial hubs into bustling residential areas. 

The Colliers International ‘Sydney Northern Suburbs update’ has found that Macquarie Park has been a strong participant in Sydney’s growing population, accounting for two-thirds of NSW’s economic growth over the 2015/16 financial year, ticking most of the boxes for a prime residential location.

According to Colliers research, over 3,000 off-the-plan apartments across 8 developments have been brought to market at Macquarie Park across the past five years, with 80% of the total apartments released within the past two years. 

“Whilst Macquarie Park has been a strong market over the past 5 years, showing strength in price growth and continued competition, many buyers had to resort to surrounding locations such as Epping that provide the same level of convenience and commitment to infrastructure from property developers,” said Daniel McMahon, Senior Executive, Residential at Colliers International. 

Eighteen developments have been released in Epping over three years, totalling over 3,000 apartments, with future stages to be released within current projects.

“Both Macquarie Park and Epping will provide the Northern Suburbs with a continued number of apartment supply, with more than 12,000 new dwellings currently under construction, to support the strong population growth in these suburbs,” Mr McMahon said.

Macquarie Park’s population forecasted to grow by 216% by 2036 to 27,300 residents, and Epping’s population forecasted to grow by 44% by 2036 to 36,700 residents, according to Forecast Id.

However, according to Colliers, surrounding suburbs such as Eastwood are feeling the spill over of demand from buyers looking for more affordable and less dense living options.

Eastwood has had less than 800 dwellings constructed since 2010, with only 685 dwellings due to be constructed over the next five years. This will support a population that is currently 65% greater than that of Macquarie Park. 

Daniel McMahon of Colliers International explains, “Suburbs such as Eastwood are becoming more appealing to buyers currently in the market; they provide more of a functional, village lifestyle without the high density that you see throughout most of Sydney.”

“Eastwood is also considered to be one of Sydney’s more culturally diverse neighbourhoods with a strong Chinese and Korean population, resonating in great quality multi-cultural restaurants and the Eastwood Night Markets every Saturday drawing a large crowd.”

Colliers International and Lyon Estate Agents are marketing the last remaining apartments at the recently completed Highgardens development, located within the Eastwood Town Centre. 

“Prices throughout Sydney have grown considerably higher over the past 5 years and have now become out of reach for most of Sydney’s buyers, who are looking for a home rather than an investment,” McMahon says. 

“Buyers are finding more value in new suburbs that have not had the high levels of development activity through the boom period, yet still offer the convenience to central hubs such as Parramatta and Macquarie Park; albeit with a more affordable price tag and established lifestyle.”

Throughout 2018, Colliers International have seen a 41% increase in owner occupiers buying their properties, compared to 2017. Investor activity has decreased throughout the year providing a great opportunity for first home buyers who have represented 15% of Colliers International sales in 2018. 

“We are noticing more owner occupiers in the market that are value driven. This means they are more focused on liveability and lifestyle, rather than making quick decisions and competing with other buyers to enter the market,” McMahon said.

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