New development to reignite metro 'ghost town'

New development to reignite metro 'ghost town'

by 0 comments

Increased residential development will reinvigorate the residential property market in North Sydney, a local real estate agent has predicted.

>Principal of Raine&Horne North Sydney Duncan Grady said almost 1,000 apartments are either under construction or in the pipeline in the North Sydney area.

“Buyer interest in these new developments has been exceptional, with all projects nearly fully sold before completion,” he said.

Traditionally, North Sydney has been a business centre with comparatively small number of residents. Mr Grady said the uptick in residential building was likely to change the area’s image.

“Take a walk around North Sydney between 9am and 5pm on Monday to Friday and it's full of activity,” he said.

“However, it's more like a ghost town after work and on weekends, which seems a massive waste given our proximity to Sydney and the harbour.”

The target market for these new apartments will be young professional couples who tend to eat out rather than cook, Mr Grady predicted.

“As a consequence, it's fair to expect more trade for cafes, restaurants and retailers, and hopefully the re-emergence of North Sydney as an after-5pm destination,” he said.

In Mr Grady’s view, the property market in Sydney would benefit from this shift towards more entertainment and lifestyle options.

“This will result in a lot more life in North Sydney in the coming years and with this should come strong rental demand and good returns for investors,” he said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?