This is what faced me earlier this morning as I checked my mailbox on my way to work. We encounter these notices day in and day out. The thing that struck me is how the advertising was pitched. “The Sydney Real Estate Market”. This is what the media convey over the entirety of the city but the market changes from suburb to suburb, street to street. Metaphorically speaking, the best way to describe the market is in the form of a Babushka Doll. There is the large doll but as you delve deeper and start pulling away, more dolls appear. Tinier and tinier. Each doll has the same amount detail but gets smaller. The same can be said for the real estate market. Everyone puts on their real estate hat and burrows deeper to find out more information about their investment. The intricate details of the smallest doll would be that of your property. A small figure but an essential part in the market.
So what does this mean for Zetland and Victoria Park?
Zetland and Victoria Park are very specific just like any suburb. New developments, mostly apartments and located within close proximity of the city. People who are invested in the area should not be phased about record house sales in Doonside in Sydney’s west. In the first quarter of 2014, 31 properties were sold, 2 of those being houses, the remainder apartments. The supply and demand for the local market places heavy focus on what is trending with apartments and their sales. As the area is slowly nearing completion with developments such as East Village and Platinum set for completion this year, it will be interesting to see what occurs within our local market, but also the greater Sydney market. We have experienced a boom of late which I reported on in an earlier blog with a high volume of sales and record prices but it does appear to have reached, if not passed its peak. Just like the Babushka Doll, every part is essential in gaining the final result.