Latest news with #SydneySuburbs
News.com.au
6 days ago
- General
- News.com.au
Vanishing kids: unexpected crisis hits key Sydney suburbs
Spiralling housing costs and the rampant construction of high-rise buildings dominated by one-bedroom units has turned parts of Sydney into children's deserts where kids are increasingly rare. Analysis of PropTrack and ABS data showed multiple suburbs where less than a tenth of residents were aged under 20, with kids under nine accounting for as little as 2 per cent of locals, in some instances. There were also multiple areas where the children population was close to half what it was at the start of the 2000s despite an increase in the population overall. This was a much faster decline than the drop in overall Aussie fertility rates over the period. Experts said a housing affordability crisis – especially during Covid – was behind the diminishing numbers of kids in some areas, with parents increasingly moving their families to cheaper suburbs. 'A key reason our birthrate is declining is because of poor housing affordability,' said demographer Mark McCrindle. 'That's especially pronounced in the more expensive parts of Sydney. 'An ageing population has been a long-term trend but it really got accelerated during Covid because of the tremendous home price rises pushing a lot more younger people out of many areas. Families are also having less kids.' He added that this was changing the fabric of Sydney. 'We will reach a point where the median age of residents in some areas will be very high and these areas will lack diversity of age.' Sydney as a whole was already ageing faster than the rest of the country and a continued exodus of families with young kids would exacerbate coming challenges, Mr McCrindle said. 'It means supporting an ageing population in Sydney will become an even bigger burden on the next generations,' Mr McCrindle said. ABS data showed most of the suburbs underdoing a juvenile drought had property prices hundreds of thousands of dollars above the city average, while rents were among the highest in the country. They included Potts Point and Elizabeth Bay, where less than 5 per cent of residents were under 20. The proportion in nearby Rushcutters Bay and Darlinghurst was close to 6 per cent. Low numbers of children and teens – making up less than 10 per cent of residents – were also observed in Waterloo, Wolli Creek, Surry Hills, Redfern and Kirribilli. But there were also emerging children deserts in areas that had historically been dominated by families. North Shore suburb St Leonards had a particularly notable shift. About 27 per cent of the St Leonards population were under the age of 15 in 2001, but by 2021 they made up just 11 per cent. There was a similar trend in inner west suburb Newtown: 20.5 per cent of residents were under 15 in 2001 but by the 2021 census this age group accounted for only 9.1 per cent of locals. Rising prices in once family dominated regions like the outer inner west, north shore and northern beaches had often coincided with increased high-rise construction. This led to the rapid transformation of local housing as detached houses were knocked down to make way for small units. Heavily developed Homebush was a case in point: those aged below 15 accounted for a fifth of residents in 2001 but following rapid unit construction this figure declined to 15 per cent. It was a similar story in Burwood, Rhodes, Zetland and Mascot. Ray White Northern Beaches agent Eddy Piddington said couples had always moved to further flung suburbs once they had children but the trend had accelerated in recent years. 'There's been a definite change at the higher end of the market,' Mr Piddington said. 'We have high-end buyers you only used to see in eastern Harbour suburbs before. They will call and say 'I want to spend $12m. What do you have?' That didn't happen before. 'It's become a lot harder for families to upgrade from a unit to a house in the same area, but it does depend on the family. Some value location above the property so they will stay, but for those who want a larger house they can afford, they usually have to move.' Fairlight resident Tom Norris is selling the Sydney Rd unit he and his partner bought prior to having their two kids. They're hoping to upsize to a larger house and said they will have to look further out. 'There are a lot of families in this area. You see kids all around the houses … but I know a lot of people who are in the same position. They're moving because they need more space and they can't afford a house unless they go further away.' The Sydney areas where kids were most abundant tended to be low-rise suburbs – often new estates in outer areas. The supply of freestanding houses in these areas was usually growing and home prices were lower than average. Suburbs where those aged below 20 made up more than 30 per cent of residents were Ropes Crossing, The Ponds, The Gables, Oran Park, Jordan Springs and Marsden Park. Most of these outer suburbs had houses about $300,000-$400,000 cheaper than the Greater Sydney median price and had a high supply of recently built housing. Mr Norris said he would miss aspects of the Fairlight lifestyle. 'We love the unit,' he said. 'We bought it just at the start of Covid and it really stood out. It's more like a townhouse or semi but it's time to move on.'
News.com.au
09-06-2025
- Business
- News.com.au
Rental prices drop across one third of Sydney suburbs
Rents have fallen or frozen in more than a third of Sydney's suburbs over the past year in breakthrough signs of the rental crisis easing. Latest rental data from PropTrack has showed median rental prices have dropped or stayed stagnant across over 250 Sydney locales. Falls in average rents were as high as $350 a week in some areas. It's a notable change from the period between 2022 and 2024, when rampant hikes in rent were the norm across nearly every suburb – driven by post-Covid international boarders reopening, soaring migration, tight rental vacancies and high interest rates. The recent shift will be welcome news for renters considering almost half of NSW tenants polled in a recent Residential Audience Pulse survey by said they're experiencing financial difficulty due to high rents. Wild number of Aussie millionaires revealed Suburbs with some of the biggest rental decreases over the past year included Woollahra, Bondi Junction, Forest Lodge, Kensington, Beaconsfield, Peakhurst and Matraville, with rents in these areas falling $100-$350 a week. There was multitude of other suburbs where the fall in rents was about $50 a week, which would save tenants about $2600 a year. Much of that decline occurred over the last three months, coinciding with moves by the Reserve Bank to cut interest rates. PropTrack economist Anne Flaherty said it was a positive change for Sydney tenants who faced the highest levels of rent across the country. 'It's really good news for renters,' she said. 'The level we saw rent rises, particularly over 2023 as really extremely high and for a lot of renters it was that fear every time that negotiation time came around we were seeing some big jumps.' 'The fact that we have seen the rate of growth slowed to what's hopefully a more sustainable level it's given more people to plan ahead.' Many of the suburbs that were falling were areas with a lot of apartment stock or the higher end of the market, she added. Rate drops had seen an increase in investor activity in NSW, which of 19 per cent over the 12 months to March, could be contributing to the drops. 'Although increased investor activity isn't great news for first home buyers, it can be a good thing in that it increases the supply of rental properties coming up for rent and can slow the rate of growth and provide a bit more supply and choice out there for renters.' This trend could continue later in the year as more first home buyers transition from renting with first homebuyer schemes coming into affect and more potential rate drops come into fruition. Regional NSW was not seeing the same levels of relief as Greater Sydney. 'I think because of that affordability piece, we do see a high portion of people leave greater Sydney and move to regional NSW.' Louis Christopher, Managing Director of SQM Research noted that the rental market remains tight in many areas. 'Landlords appeared to have reduced their rental expectations somewhat and the overall rate of rental growth has slowed since 2024 … yet the rental crisis does remain with us.'
Daily Telegraph
17-05-2025
- Business
- Daily Telegraph
Sydney suburbs where homes are selling for huge discounts
Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Deals of this magnitude have rarely been seen in the years since the Covid pandemic hit, when record levels of migration and sluggish home building resulted in housing demand outstripping supply. MORE: What homes will be worth in each suburb by 2030 Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study of private treaty sales by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. MORE: Block star unleashes on DIY 'time bombs' SuburbData analyst Jeremy Sheppard said these suburbs were 'buyer's markets' where home seekers were entering price negotiations from a stronger position. 'Whatever situation the market is in, whether it's oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them,' Mr Sheppard said. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south, according to the study by research group SuburbData. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydneywide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. MORE: John Howard's hidden homes shame Other suburbs where buyers secured unit prices an average of 10 per cent below the list price over the 12 months to March were Hurstville, Epping and Surry Hills. Rockdale unit buyers were getting discounting of close to 9 per cent. Recent buyers, accustomed to properties selling for well over the advertised price guides, said they couldn't believe the kind of bargains they were getting. Kelly Olive, 37, who recently bought an apartment in Rockdale for below list price said she felt as though there was someone watching over her. 'I can't believe how lucky I got,' she said. 'It looks like interest rates are going to go down and I got a great unit. I really feel like I bought at just the right time.' Ms Olive added that she didn't have the same luck earlier in her home search, when she had confined her search to the inner west. 'Everything was selling for way over the price guides. It was overwhelming,' she said. 'Then I was told I'd get better value in Rockdale. I hadn't considered the area before. It was a good choice.' A family of four who bought a duplex earlier this year in Revesby, where the average house is selling for 8 per cent below the list price, said they got their home for $105,000 below the original price. 'We later learned we were the only ones who put in an offer and the sellers needed to move quickly. It was the right place at the right time,' one of the buyers said. Home seekers in other parts of Sydney have not been as lucky. SuburbData research showed there were many areas where the average unit or house was selling for above the list price. Unit buyers were paying an average of 13 per cent above list price in the suburb of Sutherland, in Sydney's south, and 8 per cent above list price in nearby Cronulla. It was a similar story in North Kellyville, in the northwest, where units were typically selling for 10 per cent above list price, while in southwest suburb Ingleburn houses were selling for 11 per cent over. 'Properties selling for well above the advertised prices indicates the buyers are often desperate,' Mr Sheppard said. 'Agents don't give buyers the time of day in these markets because demand exceeds supply and they know there are plenty of buyers competing on every listing.' Mortgage Choice Inner West broker Chantelle Rangel said there may only be a small window for new purchasers to capitalise on softer buying conditions in various areas as coming interest rates may heat the market. 'There is always a frenzy of demand as soon as rates drop … I've never been so busy,' she said. 'What's interesting is, we've had a significant increase in Investor pre-approvals as well as people wanting to purchase in their self managed super funds, now that affordability from a personal cash flow perspective has improved with owner occupied repayments becoming more manageable.' Mr Sheppard said buying in an area where vendors were accepting offers well below list prices often came with a downside. 'Buyer's markets are ironically not so good to buy into if you want the value of the property to go up quickly,' he said.
