Cronulla units tipped for a bumper year: HTW

Cronulla units tipped for a bumper year: HTW
Cronulla units tipped for a bumper year: HTW

Quality dwellings and units in Sydney’s southern suburbs are predicted to be stronger performers for the year ahead, according to HTW's February 2017 update.

The valuation firm says the end of 2016 saw highly renovated and new high quality properties perform better than older or average stock. Poorly renovated and inferior stock appears to be taking longer to sell and is not achieving vendor expectations.

Iridium Developments recently purchased four freestanding unit blocks from two strata corporations for $54 million in Cronulla.

HTW anticipates that the price gap between new and older stock will widen by the end of 2017.

"There is high demand and currently not enough stock to match and therefore potential growth for the $2 million plus unit bracket."

The report says high quality units in the suburb of Cronulla is a market it expects to perform well this year.

"New units from $2 million with a very high standard finish and with a possible view will potentially be our best performer this year.'

The main drivers of this unit market are considered to be the shift in lifestyle for downsizers who have sold their family home in a strong market and are now looking for a quality, low maintenance lifestyle in Cronulla to remain in their local area with access to views, the beach and shops.

Although Gymea had a strong 2016, HTW predicts that 2017 will be another year of double digit growth.

Gymea has been popular with young families of late, due to the growing café scene, upgrades to the Gymea Bay Road and relative affordability of this location within the Sydney basin.

Although the southern suburbs have had strong growth over the past three years, the report nominates Engadine is as a relatively affordable market with a median house price of $950,000 for December 2016, according to CoreLogic RP Data.

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Cronulla Htw

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