Commuters happy to leave the city behind

After years of dormant price and rental growth, Sydney’s south-western suburbs have become one of the most dynamic spots for residential developments.

Bucking the conventional wisdom that people are no longer prepared to commute to work, areas away from Sydney’s city centre are proving extremely popular.

Take Bankstown, with its solid five-year 5.8 per cent increase this year in the median price of a house, to $545,000, and 4.5 per cent median rental yield, and its 4 per cent rise in the price of an apartment, to $340,000, and 6.2 per cent median yield, according to Australian Property Monitor figures.

”The price point is a key factor,” says Kieran Wallington, development director for UrbanGrowth NSW (formerly Landcom), which is partnering developer JSN Hanna to launch Aspect, a 96-apartment complex for sale off the plan at their master-planned community Potts Hill, Bankstown.

”Everyone is looking at what they can get for their maximum spend.

”People like to live in an area that isn’t built up, by parks and bush with lots of greenery around. There’s also good road links nearby, there’s a bus stop on the doorstep and Birrong railway station is 800 metres away.”

Owner-occupiers as well as investors are becoming more adventurous in their purchasing decisions, not ruling out any of the rings around Sydney on their first sweep – as long as there are good transport options at hand. Some are even travelling as far afield as Newcastle for developments.

Many of the buyers of Mirvac’s apartments on the beachfront site of the old Royal Newcastle Hospital, with views over the ocean and bay, are from Sydney.

”Newcastle offers a fantastic lifestyle, with great restaurants and its proximity to the Hunter region,” says Paolo Razza, development director for apartments in NSW.

”We have one of the best spots here, on the beach, and we’re finding some people choosing to relocate here from Sydney because they like the product so much, and just going back down on weekends or for a couple of days in the week for business.”

For those who want to live more locally, there are plenty of options. At Hunters Hill on the lower north shore, the second stage of the boutique Maison development, Deux at Maison, has just been launched, comprising 11 luxury apartments of oversize two- and three-bedroom configurations.

Sam Arnaout, of developer Iris Capital, says one of the apartments’ chief lures is they’re only six kilometres from the city centre, with a ferry almost at their front door.

”They’re also in an area that doesn’t have much new development and where there’s seldom anything at an affordable level,” Arnaout says.

”Hunters Hill has always been very sought-after, and is one of the top-three income-earning suburbs in the area. It’s such a beautiful place, a real garden suburb with great amenity, unspoilt by over-development and with a village atmosphere.”

And, fittingly, those are the factors that are attracting buyers to Aspect in Potts Hill, with its five four-level buildings designed by IDG Architects to nestle in greenery, with great views, and the excitement of being part of a new community.

”People love that kind of open space,” Wallington says.

”It appeals to everyone from first-home buyers and investors to downgraders and upsizers.”

The first release of Aspect at Potts Hill is of 39 apartments, with 23 two-bedders (79-87 sq m internals with balconies and terraces of 13-68 sq m) from $410,000; and 16 three-bedders (91-116 sq m internals plus 12-104 sq m) from $460,000. Phone 9738 8445 or see pottshill.com.au.

Travel is not an issue when you’ve got a house to come home to

When Darren Watt and his wife, Leanne, decided to move out of a rented home in Gymea in the Sutherland Shire and buy a house, they were happy to stay in that same outer-Sydney ring.

Although Darren, 24, still commutes daily from Ingleburn Gardens Estate, developed by Monarch Investments Group, to the city where he works, he doesn’t mind travelling.

”There’s a lot of bush around, we’re right on the M5 and M7 junction, and the nearest train station for the south-west rail link is just 500 metres away,” he says.

Darren and Leanne, 26, moved into their new four-bedroom home just four weeks ago with daughters Sienna, 5, and one-year-old Cassie, and 18 home-bred guinea pigs that their border collie loves to herd.

”I don’t mind commuting at all,” says Darren, who bought a $449,950 house-and-land package. ”I just love coming back every day to my own home.”

Or try these:

Deux at Maison, Hunters Hill

Eight apartments remain of the 11 designed by architectural firm Squillace Nicholas in the same village precinct as the 41 apartments of the 80 per cent-sold first stage. There are two-bedders (85-92 sq m internals) from $695,000; and three-bedders (117-160 sq m) from $1,125,000. ”Hunters Hill is a beautiful suburb, so accessible and with excellent schools,” Sam Arnaout says. maisonresidences.com.au, phone 1800 094 734. 

The Royal, Newcastle Beach

Left for sale is one three-bed apartment (129 sq m plus 17 sq m) at $1.05 million, in the 60-apartment Nickson building. ”All [the apartments] have good floor plans, large balconies, excellent kitchens, lots of storage and those fabulous views,” says Mirvac’s senior development manager Paolo Razza. ”A lot of our buyers are moving out of houses to come to a good new apartment with less maintenance.” royalnewcastle.com.au, phone 4925 2477.