If you compare the increase in value of investment property in North Sydney, 2060 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this NSW suburb was 2.77%.
North Sydney,2060 was ranked 3774 in Australia by increase in median property value over the quarter.
Situated 3.65km from the CBD, North Sydney is one of North Sydney localities in the postcode 2060.
Over the last year, property investments in North Sydney, 2060 have given investors a capital gain of 12.07%. This compares favourably with the 6.07% for NSW as a whole.
Over the longer term, North Sydney has seen property prices show investors a 17.28% return over the last 3 years. This is worse than over the last 12 months
LACK OF BUYER INTEREST may well be the reason that North Sydney is offering property investors an average of -4.33. This rate of discount on properties puts Suburb at number 224th in terms of most discounted suburbs in NSW
Home to Sydney’s world famous Harbour Bridge and boasting some of the most prestigious waterfront property in Australia, North Sydney is a thriving commercial hub 3km north of Sydney’s CBD. This suburb is still displaying consistent growth despite the high level of supply, indicating that thus far, demand could still be absorbing stock.Full summary
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NORTH SYDNEY, NSW – Business hub commands growth despite glut of units
Median house price: $1,912,500
Stock on market: 102.1%
12-month growth: 12.3%
The suburb of North Sydney could be one reason why some experts fear an oversupply in the capital.
According to Real Estate Investar, the amount of stock on market shot up by over 100%. The majority of the new supply consists of units, which went from 44 in 2015 to 90 as of November 2016. The vacancy rate of this period reflects the effect of this influx, as it skyrocketed from an already-high 6.4% to 7.7%.
Nonetheless, North Sydney is still displaying consistent growth despite the high level of supply, indicating that thus far, demand could still be sustaining it. CoreLogic data indicates that over the past 12 months, prices in this suburb increased by a staggering 12.3%, bringing the median house price to almost $2m. This is likely attributed to North Sydney’s very short distance from the CBD and status as a commercial district.Close