What $700,000 can buy in the Sutherland Shire: HTW residential
In the Sutherland Shire, $700,000 is a popular price point for first home buyers with agents noting that properties with a price of $750,000 and below are often quick to sell, even under current market conditions, according to a recent Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report notes a good example of the type of property is the sale of a one-bedroom, one-bathroom unit with a one-car garage in Cronulla which sold in mid- June for $645,000.
The first floor 1980’s unit has been updated internally and is located within 200 metres of the sand.
A typical rent for this type of unit would be around $425 per week, representing around a 3.5 per cent gross return.
"Whilst below the median price for all suburbs in the Sutherland region, you can still pick up a house for around the $700,000 mark, although they are pretty few and far between, meaning you have to make some compromises," the valuation firm said.
11 Rosebery Street in Heathcote (pictured above) sold for $690,000 in mid-April. The property was a single level cottage in need of repairs and renovations on a smaller than average lot of 416 square metres, however the property was well located to the railway station, local shops and local primary school.
"With the current possibility of an oversupply of modern units in suburbs such as Caringbah and Miranda, at this price range an older style one- or two-bedroom unit in a smaller development in a desirable location, such as a one-bedroom unit in Cronulla, is likely to be the best performer over the short to medium term for both value growth and rental return," the valuation firm said.