Friday 28 July 2023

Sydney Housing Crisis Looms as Property Prices Begin to Rise Again and Rents Soar

After what seemed like endless months of Sydney property price drops and converse interest rate rises, it seems the tide has turned. There are a number of factors contributing to the shift in market sentiment, not least of which is the housing and rental crisis that looms large across our city. And the chief factor that has contributed to this crisis is demand heavily outweighing supply. 

Appearing before Senate Estimates, Reserve Bank governor Philip Lowe said housing supply was one of the biggest challenges facing the country. Currently there are 5.2 million people who call Sydney home, a number which is constantly increasing with immigration gaining momentum following the pandemic-induced immigration lull coupled with large numbers of people who made a sea/tree change out of Sydney (again induced by the pandemic) and are now looking to move back. By the middle of this century projections show Sydney will have 10 million inhabitants and if there is not enough property to house everyone now, things are only going to get worse. 

Building approvals have fallen to their lowest levels in a decade. The Australian Bureau of Statistics showed a decline for the first three months of 2023, and in NSW total approvals fell by 34% compared to the same quarter in 2022, but hardest hit were units and high-rises where Development Approvals dropped by a staggering 50%. Senior economist with the Housing Industry Association (HIA) Tom Devitt said “The first quarter of 2023 saw the lowest number of total building approvals since 2012 in NSW and nationally. 

Until more housing comes into the pipeline, it will mean more bad news for availability and affordability, according to Mr Devitt. "These approval numbers suggest this housing is not going to be built so this sort of conflict between demand and supply is only going to have negative implications. This imbalance will see the affordability and rental crisis deteriorate further."

Ongoing interest rates rises — in June 2023 the Reserve Bank of Australia (RBA) announced its 12th in 13 months — coupled with the increase in the cost of construction and labour supply are being blamed as the main drivers of the decline in approvals. "Over the course of the pandemic there's been an incredible increase in construction costs," Mr Devitt said. "Some of those constraints have eased recently, but now the number one constraint is labour, builders trying to get their hands on skilled tradespeople."

These concerns resonate with Brian Seidler, Executive Director for the Master Builders Association NSW. He says the ABS's data is "most unfortunate" for the industry. It's the cost of labour that will really challenge the industry and those that invest in the industry." According to CoreLogic, apartment prices in Sydney could soon outperform houses, again driven by the city’s tight rental market, supply issues and an expected surge in immigration.

Wicks Place Marrickville

These factors explain why investors and house hunters alike are flocking to buy apartments in new developments, as the scarcity factor is already weighing on the market. And it’s well-located, family-friendly apartments in Sydney's inner suburbs that are performing most strongly due to this increasing demand from investors and owner-occupiers (particularly First Home Buyers as rents are becoming untenable). Unit rents are not only surging (up 14.8% over the year to April), they’re growing significantly faster than house rents (8.4%).

If you are looking to purchase a property either as an investor or owner occupier, Cramer have an outstanding selection of properties in superbly designed, fantastically located, master planned developments, some very near completion.

Wednesday 19 July 2023

Grand European Architecture and Mediterranean Flair Comes to Rosebery!

Tuscany Architecture

The Sydney suburb of Rosebery has had a very interesting history, coloured with Racecourses, WWII army camps, European migrants, tram lines and glorious gardens. In fact, up until the 1990s, garden competitions were held with great pride and Rosebury is still known as ‘The Garden Suburb” to this day.

As one wanders the streets of Rosebery, you cannot fail to notice the elements of Mediterranean architecture of the local houses, inspired by the homelands of the Italian and Greek populations who have lived in and loved this suburb. 

   Trams on Rothschild Street, Rosebery c1950                                      
Sutherland Street, Rosebery

Fast forward to 2023, the magnificent new Rothschild development is bringing grand European architecture and Mediterranean flair to this fabulously central suburb. Replete with Grecian pillars and Roman arches, this exquisitely crafted development showcases celebrated Candelapas Architects’ design at its finest. This divine collection of apartments spans across two buildings and offers multiple outdoor areas, lush landscaping, a communal music room and superior ground level retail. 

The Rothschild, Rosebery

The Rothschild, Rosebery

Each apartment’s luxurious interior features classic contemporary design, sleek lines, wide timber floorboards, stone detailing, European appliances and an expansive sense of space and light. Life in The Rothschild will mean home is your sanctuary while you have a vibrant urban buzz outside your door.

The Rothschild, Rosebery

The glorious communal outdoor areas have been inspired by the French Hotel Beauvais, with an impeccably landscaped olive grove at its centre, creating a communal oasis that stimulates the senses. The upmarket retail includes a brand new restaurant and café make living in the moment even more possible. And to top it all off, there is a blissful rooftop area that takes in Sydney City in all its glory, beautiful both by day and night.

The Rothschild, Rosebery

Step outside and within walking distance you have the fantastic Cannery, East Village Shopping Centre, Woolworths Metro Rosebery and Wholefoods House. And with Sydney CBD and UTS an 8 minute drive, 6 minutes to Moore Park Supacentre, 9 minutes to the Entertainment Quarter, 11 minutes to the University of Sydney and Broadway shopping centre, and great beaches and parks not far off, you’ll be living your best life at the resplendent Rothschild.

To discover more about these impeccable apartments, please see our listings below:

Tuesday 18 July 2023

Discover Rosebery - Sydney’s Gateway to Amazing Eats, Brilliant Bars and Sensational Shopping

Three Blue Ducks

It’s time to adjust your radar to include the pulsating suburb of Rosebery as a centre point for all things food and fun. Surrounded by exciting eateries, eclectic shopping and must-do activities, Rosebery easily accesses the best of Sydney’s food, drink and shopping scene. 

The Cannery

First stop on our Rosebery tour is The Cannery, an old can factory conversion housing the best providores, tastemakers and buzzing brands that Sydney has to offer. The line up includes dining destinations 5th Earl, Three Ducks, Elf & Taco, Banh Zeo Bar, Da Mario, Zeus Street Greek and Frenchie’s Bistro and Brewery, and for the sweetest treats, glorious Gelato Messina and Black Star Pastry. 

Black Star Pastry

Take time to browse Cannery’s Archie Rose Distilling Co, The Drink Hive, Wholefoods House, Deli Republic and Red Spoon House. Take a coffee break at Welcome Dose then shop up a storm in Zimmerman, The Academy Brand and Papinelle. Don’t miss the markets on the first Saturday and Sunday of the month. And just across the road, you’ll find the best designer outlet shopping in Sydney including Zimmerman, Springcourt, Camilla and Marc, Sambag, Sandler and Dunning Avenue. 

Archie Rose Distilling Co.

Another great place to shop and eat is the East Village Shopping Precinct. Visit Taste Growers Market, Zetciti Asian Supermarket and Source for the healthiest groceries then head across to Dogue for your precious pup. Feeling a bit peckish again, eat your way around Asia at East Phoenix, E-Dragon Dumpling Bar, Mataland, P’Nut Street Noodles, Sharetea, Sushi Square and Taisho Japanese BBQ. Enjoy a pastry at Bowen Street Bakery or indulge your chocolate craving at Oliver Brown. There’s even a magical, free, jungle-themed play space for the kids. 

Sushi Train

Still feeling Japanesey? Call me biased, but it’s my favourite cuisine. Try out the Sushi Train on Botany Road. Or if you are in the mood for Italian, Lucio Pizzeria or Cicco, where you can sample the most glorious pizzas and a comprehensive array of delectable Italian fare. Then head across to the radiant Village Crown pub for a drink and great vibes. Or for something completely different, head to the Manhattan Superbowl at the Newmarket Hotel, a retro-themed 10 pin bowling alley where you’ll be certain to have a fun-filled night out on the town. 

Manhattan Superbowl

Finally, looking for a way to burn off all that food, visit the incredible Gunyama Park Aquatic and Recreation Centre, a world-class facility with the largest pool complex built in Sydney in more than 20 years. This fantastic facility has a 50m pool and 25m pool plus kids’ water park and hydro pool, a fully equipped indoor gymnasium and synthetic outdoor, multi-purpose sports field where you can enjoy soccer, touch, rugby or a friendly kick around. 

Gunyama Park Aquatic and Recreation Centre

Want to live near all the action in your brand new, architecturally superb designer apartment, then check out The Rothschild, Rosebury: