THE SYDNEY APARTMENT MARKET TRENDS & A FOCUS ON CENTRAL CITY - ALEX STUART PRINCESS VENTURA MURRAY DONALDSON
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THE SYDNEY APARTMENT MARKET TRENDS & A FOCUS ON CENTRAL CITY ALEX STUART PRINCESS VENTURA MURRAY DONALDSON
AGENDA
Q1 2018
Central City Central City
Sydney
A Property An Urban Drinks &
Apartment Conclusions Q&A
Economics Planning Nibbles
Essentials
Perspective Perspective
Results
Q1 2018 SYDNEY APARTMENT ESSENTIALS
URBIS ESSENTIALS § Map of Australia showing:
- Syd
- Mlb
§ Informing the industry
- Bne
on the state of the off-
the-plan residential - Pth
market - GC
§ Cover five cities
across Australia
207 ACTIVE PROJECTS SELLING
AVERAGE SALES WEIGHTED AVERAGE PRICE
PRICES HAVE $1,400,000
FLATTENED $1,200,000
$1,000,000
PRICE
$800,000
$600,000
$400,000
$200,000
$0
2016-Q4 2017-Q1 2017-Q2 2017-Q3 2017-Q4 2018-Q1
WIDE RANGE IN WEIGHTED AVERAGE PRICE
SALES PRICES $2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
Lower North Eastern Inner West Inner South North West Parramatta
Shore Suburbs Syd. Syd. Middle Ring
PROJECTS APARTMENT LAUNCHES
LAUNCHES HAVE 5,000
SLOWED 4,500
4,000
3,500
APARTMENTS
3,000
2,500
2,000
1,500
1,000
500
0
Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018
TWO BED APARTMENT SALES
TWO BATH Penthouse
1%
APARTMENTS
3Bed + 3Bath Studio
2% 2%
MOST POPULAR 3Bed +
2Bath
10%
2 1Bed + 1Bath + 0Car
2
28%
2Bed + 2Bath
45%
1Bed + 1Bath + 1Car
7%
2Bed + 1Bath
5%
PROPORTION OF
FOREIGN BUYERS
HAS HALVED Q1 2017 Q1 2018 S/09+$%AA(#-9+)
B%A",$)*"*9$-0@9)*%+)
T=G8
$$L
$KL JKL
F$L
JJL FJLMAJORITY OF FUTURE SUPPLY
FUTURE SUPPLY
JHHU
VU QU
JJU JNU JMU
JPU
VHU
IS 2 BEDROOM
LLU N$896W
RHU
M$896
QHU
IJU
NVU PHU L$896
PHU NVU IPU PRU
IJU
IHU J$896
NHU
4*(6-%
MHU
LNU
MNU
LHU MJU
LVU LPU LVU
LNU
JHU
JMU
NU IU LU LU LU LU
HU
"**"
456095 456F 456F 4(7(+7) 4.%+9 !-66,9$G-01SLOWDOWN IN APPROVED APARTMENTS
APARTMENT 12,000
APPROVALS 10,000
APARTMENTS
8,000
6,000
4,000
2,000
0
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018HIGHEST PIPELINE FUTURE SUPPLY
IN PARRAMATTA Deferred Dev Application Dev Approval Presales Presales-Dev App
REGION
12,000
10,000
APARTMENTS
8,000
6,000
4,000
2,000
0
Central Sydney Inner South Inner West Eastern Lower North North West Parramatta
Syd. Syd. Suburbs Shore Middle RingFUTURE SUPPLY
UNCERTAINTY 8(-,* Y069+$90*$'##,-A"*-%0 X9&9++96
FUTURE SUPPLY MIKHHH
MHKHHH
LIKHHH
APARTMENTS
LHKHHH
JIKHHH
JHKHHH
IKHHH
H
LHJP LHJQ LHJR LHJV LHLH LHLJTHE CENTRAL CITY PERSPECTIVE
THE FRAMEWORK: A METROPOLIS OF THREE CITIES
CENTRAL CITY –
HIGHEST HOUSING
TARGETS
STRONG NSW GOVERNMENT
SUPPORT FOR HOUSING
IN CENTRAL CITYCENTRAL CITY
APARTMENT PIPELINE 3 OUT OF 4 SUBURBS WITH THE HIGHEST APARTMENT PIPELINE ARE IN THE CENTRAL CITY
WHO LIVES IN APARTMENTS?
APARTMENTS NOW 2011 2016
MAKEUP 30% OF
70.0%
ALL DWELLINGS 60.0%
+7,720
50.0%
40.0%
+79,290
30.0% 59.0%
55.3%
20.0%
+39,360
30.0%
27.6% +3,590
10.0%
12.8% 14.0%
0.6% 0.7%
0.0%
Apartment Separate House Semi-detached OtherBUT APARTMENTS 2016 Apartment (%) 2011 Apartment (%)
ACCOUNT FOR 100%
80%+ OF
+2,747
+3,072
+1,960
90%
DWELLINGS IN
+1,946
80%
MOST HOTSPOTS 70% +1,527
60%
50%
40%
30%
20%
10%
0%
Chatswood Zetland Rhodes Parramatta Chippendale64% OF APARTMENT DWELLERS ACROSS
SYDNEY ARE SINGLES OR COUPLES
553,441 APARTMENTS IN 2016BUT IN Lone person household Couples Families with children Group household
PARRAMATTA 40%
YOUNG FAMILIES 35%
RULE OCCUPYING 30%
>35% OF
APARTMENTS
25%
20%
15%
10%
5%
0%
Chatswood Zetland Rhodes Parramatta ChippendaleMAJORITY OF APARTMENT DWELLERS IN PARAMATTA OVERSEAS-BORN SIMILAR TO OTHER APARTMENT HOTSPOTS
60 IS THE NEW 40
Staying
Desire to live Desire to live
young at Staggered
Living longer close to close to
heart and retirement
amenities family
activeSO WHAT?
√ ?
Enabling policy Competitive
environment market
Diversity in Changing profile
available sites of apartment
dwellers
Infrastructure
not ready yet
URBIS.COM.AUBUSINESS AS
USUAL WON’T BE
GOOD ENOUGH
Opportunity to Walkable
deliver housing
choice diversity Social
Infrastructure
Need to rethink
amenities Retail
Connectivity Sense of place and
and sense of soul
community
Not insularROUSE HILL
Housing Social
diversity infrastructure
Apartments Library
Townhouses School
Houses and lot Childcare
Town Centre Retail
Public realm
Walkable and Supermarket
connected F&B and
discretionaryEASTBROOK @ CANBERRA Intentional curation of common spaces for community building Common areas off walkway connecting buildings Common areas ~2,000 sq.m + 3 gardens and school
EASTBROOK @ CANBERRA Hardcourt, outdoor fitness corners, pavilion, F&B and supermarket 3 parks including carpark roof Childcare, playground Seniors activity centre
CENTRAL CITY URBAN PLANNING PERSPECTIVE
GPOP: TRANSFORMATIVE URBAN RENEWAL SUPPORTED: PARRAMATTA LIGHT RAIL & SYDNEY METRO WEST
PRIORITY ACTIONS
FOR THE GPOP
CORRIDOR
Public transport Transport Co-locate in
Investment investments to strategic centres
enhance access
30 minute city Health & Education
To GPOP Social & Community
Between centres FacilitiesGPOP
COLLABORATION
AREA
GSC led:
Growth Infrastructure Compacts
Grow Westmead Coordinate and Increased Promote Align
Health & optimise urban attractiveness / advanced infrastructure
Education renewal productivity of technology and delivery with
Precinct opportunities Parramatta CBD knowledge urban renewal
sectors
A world class
innovation districtRESIDENTIAL FOCUS AREAS
THERE IS A ALREADY A LOT OF WORK BEING DONE…
CHALLENGES TO
GROWTH
Parramatta Light Parramatta City Centre Sydney Olympic Park
Rail and West Metro
Coordination Transformation to an Rethink car parking A destination for
activated strategies with the activities other than
24 hour city introduction of new major sporting and
public transport recreation events
Attracting residents
to the city centreSUMMING UP
SUMMING UP Short term Governments Business as Councils are Housing styles demand has are aligning usual won’t be more progressive and mixed use slowed, but priorities enough and willing opportunities fundamentals around growth to work with are strong precincts landowners
PARRAMATTA 79 George Street, Parramatta NSW SYDNEY CBD Tower 2, Level 23, Darling Park 201 Sussex Street Sydney NSW
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