For long-term readers of this missive you know this is pretty much off the cuff, shoot from the hip sort of thing. Truth be told, some Fridays I struggle for content…but not today.
Before I start, some recognition for some rare real estate solidarity. Immediately following our sale of 20 Tobruk Avenue in Cremorne this week, three of our competitors furiously rang, texted and door-knocked the street celebrating the win. Guys, my bad, perhaps we should have clarified that ‘not disclosed’ meant that the price was to remain private, not that you couldn’t tell the neighbours who actually put the deal together. *Go Bindi
On a more serious note it feels like every day a new development has been consolidated with plans for a multiplex pending (and these are just the ones that you know about). In terms of apartment supply across the Lower North Shore we are in effect going from famine to feast.
Whilst I think it’s great that the NSW government has taken measures to increase density across the state I do hold concerns for our neck of the woods…namely Mosman. For anyone that lives (and works) here you would know that the existing infrastructure is already groaning under the strain of the current population. Traffic, parking, transport, schools. What I want to know is what’s being planned to address this?
Part of Mosman’s enduring appeal has been the streetscape, timeless period homes and abundant green space. Is it possible that a zero to a hundred acceleration in development will change this? Beach traffic on hot summer days, school pick ups, navigating the village…is Mosman’s enviable liveability now under threat?
Coupled with this are the economics of the increased supply. Now I know that Mosman is starved of affordable housing but will 300-500 new luxury apartments be good for property values? Will buyers want to pay a premium to own apartments in an area gridlocked by traffic?
We are already seeing premium apartments that sold off the plan a couple of years ago now re-selling for significant losses. Off the plan sales are very sluggish, introducing a huge uptick in new supply could create years of stagnation…just ask St Leonards and Lane Cove.
Maybe I’m overthinking it. At present it’s a gold rush for some that’s for sure, I just wonder what happens down the track.
The winners here? Torrens title. My view is good semis and houses in prime locations will probably soon become even more unaffordable. Clover Moore famously coined Sydney as the ‘City of Villages’, are we set to become the ‘City of Towers’?
Until next week,
David Murphy