2 December 2009

Sans Souci & surrounds are Eastern Suburbs buyers' best-kept secret

An influx of buyers from the Eastern Suburbs has descended on the St George area over the last 12 months, with around 30% of buyers attracted to the affordable lifestyle and convenience location.

Raine & Horne San Souci's Ray Fadel reported that investors and owner/occupiers were discovering the 'peninsula' and the surrounding suburbs which boast bigger blocks of land and better value than much of the Eastern Suburbs.

Raine & Horne CEO Angus Raine was optimistic about the area's future growth and predicted more people would soon discover the superior lifestyle amenities available.

"There are great restaurants and coffee shops and beautiful beaches. The area is an easy commute to the city and affordable," Mr Raine said.

Statistics supplied by PriceFinder show the median house price in Sans Souci was an affordable $780,000 compared to Rose Bay's median houseprice of $1.5m. The median unit price was $495,000 in Sans Souci and $607,000 in Rose Bay.

Land size was considered a driver for future capital gain, with Sans Souci boasting a median land size of 518sqm compared to 458sqm in Rose Bay.

Even more telling were the sales volumes for the last 12 months. Sans Souci's sales volumes were up 16% while Rose Bay experienced a fall of 9%.

Mr Fadel said the influx of Eastern Suburbs buyers was understandable.

"The peninsula is the neighbouring region to the Eastern Suburbs so it's capturing a 'spill' of buyers from Bondi to Botany who are looking for value-for-money and affordability.

"We just sold a four-bedroom house on 700sq metres of land to downsizers from Rose Bay for $848,500 and another to a family from Botany for $822,000."

Sans Souci boasts a spectacular location on the western foreshores of Botany Bay and is a haven for boaties and those seeking an outdoor, laidback lifestyle.

"It's all about people who value weekends and want a lifestyle by the water. We have beautiful waterways and boating facilities such as the yacht club, motor boat and sailing club.

"And parking is free. There is not one parking metre on the Peninsula. I believe the area is still undervalued."

In Allawah, Raine & Horne proprietor Ron Azzopardi said he was seeing a similar trend.

"For the last 12 months we've had an influx of buyers from the Eastern Suburbs and Inner West. I think there are two reasons - prices in the St George area are affordable and it's well served by public transport to the city. Yet it retains a family lifestyle with proximity to very safe beaches."

Mr Azzopardi said 60% of sales were to investors, typically mums and dads buying a second property or a first home for their children.

"This is a great investment area and we always have a shortage of good rental properties. Returns are close to 5% and properties are rarely vacant for more than a week," Mr Azzopardi said.

Raine & Horne Rockdale proprietor George Kambouroglou said Rockdale was also mirroring this trend. He put the huge influx of buyers from the Eastern Suburbs down to the First Home Buyers Boost.

"It is all about value for money and affordability. Over the last 12 months first home buyers from Kensington, Maroubra and Matraville have discovered affordability in the Rockdale area. They can buy in our area for half of what an identical property would cost them in the Eastern Suburbs," Mr Kambouroglou said.

"We just sold a three-bedroom semi in Bryant Street Rockdale for $500,000 to first home buyers who were unable to find what they wanted in their price range after searching in Maroubra and Kensington."

Facts:

The St George region is 17kms from the CBD and 5km from the airport.
Commuters are well served by road and rail transport.
Trains from Rockdale station to the city take an average of 20 minutes
By private vehicle the drive to the city is via the Eastern Distributor and takes an average of 20 mins

Raine & Horne is an iconic Australian property firm, with more than 400 offices worldwide. Also an established Superbrand along with the likes of Qantas,Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

For more media information contact Alana Drivas, Raine & Horne Marketing Communications on (02) 9258 5448, Ray Fadel Raine & Horne Sans Souci, on 0413 177 739, George Kambouroglou Raine & Horne Rockdale on 0422 421 111, or Ron Azzopardi Raine & Horne Allawah on 0424 503 569.