The Sutherland Shire market : HTW residential
The Shire has been transforming over the past decade or so as there has been changing demographics, ageing and increasing population, and particular areas becoming gentrified for various reasons, according to a recent Herron Todd White (HTW) residential report.
The report notes that the Sutherland Shire is located approximately 20 kilometres south of Sydney CBD and covers a large area from Waterfall, Menai and Sylvania to Cronulla and Kurnell, and includes approximately 218,000 residents (2016 census).
Most residential construction throughout the Shire took place from circa 1950s onwards and included traditional three- and four-bedroom fibrous cement and brick veneer dwellings on standard allotments of at least 500 to 600 square metres.
The report notes these properties were the main style of construction throughout the Shire and were family homes.
Higher density construction commenced around the 1960s and 1970s, mostly around Cronulla and along the train line.
"Another driver of shifting demographics and changes to buying patterns is flexible workplaces and improved technology," the valuation firm said.
This is particularly evident in the suburb of Caringbah which is generally divided into Caringbah South, Lilli Pilli and Dolans Bay on the southern side of the peninsular and the northern part of Caringbah which adjoins the suburb of Taren Point further north.
This suburb once consisted of traditional style family homes on above average sized allotments however due to the aforementioned reasons it now comprises varying examples of developments ranging from high density developments along the transport corridors, medium density townhouse style properties, duplexes and also seniors housing which are generally reserved for residents who are over 55 years of age.
A near new one bedroom plus study apartment (pictured below) in Caringbah was sold for $570,000 in December, 2019.
The apartment at 307/316 Taren Point Road comprises caesarstone kitchen, bedroom plus study nook, internal laundry and entertainer's balcony.
Other features include ducted air-conditioning, gas heating, timber tiles and communal rooftop terrace.
Another three bedroom apartment in Caringbah (pictured below) with panoramic views was sold for $1.18 million in November, 2019.
The townhouse style apartment at 607/22 Banksia Road comes with three bedrooms, three balconies, open living area and large kitchen.
Other features include timber flooring, spacious laundry and three storage areas.
A four bedroom townhouse situated at 2/9 Alice Street, Caringbah South (pictured below) was sold for $1.4 million in September last year.
The brand new home comprises designer kitchen, four bedrooms with built-ins, open plan living and alfresco entertaining area.
Other features include west facing entertainers deck, grassed yard and secure basement parking.
Development throughout Caringbah has been somewhat assisted by the above average land sizes that allow for duplex and townhouse style developments.
Many of the baby boomers have sold their large, older properties to younger generations and young families which is also encouraging new non-residential development such as cafes, restaurants, hotels, pubs and the overall changing demographic of the area, the report suggested.
"The current low interest rate environment and overall positive market sentiment is likely to fuel continued construction and renovation, particularly in the first half of 2020," the residential report notes.