Real Estate

Suburb set for transformation

Written by The ReReport
As seen in the Source link, written by on 2018-12-19 00:23:08

Pagewood has been tipped to undergo a residential transformation in the coming years by one leading property expert.

My Housing Market chief economist Dr Andrew Wilson described Pagewood as a “postage stamp suburb” and said it was an attractive area due to the low density and opportunity to grow in a similar trend to nearby suburbs Botany and Mascot.

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“The suburb is largely underdeveloped and we will see a transformation to residential living, but I don’t think to the level we have seen in areas like Botany and Mascot,” Mr Wilson said.

Research commissioned by property group Visionary found that Pagewood has the lowest residential density profile of Sydney’s inner southeast region with just 1,087 people per square kilometre, with units comprising of just 14.2 per cent of all housing.

This compares to the next lowest area in Botany, which is made up of 40.4 per cent units.

The latest figures from CoreLogic data show that median house prices in Pagewood have increased 13.8 per cent over the past three years to sit at $1.73 million. There have been 44 house sales over the past 12 months and just 15 unit sales.

One new development in the area is S Pagewood by Silkari, which only has 12 penthouses left for sale as well as a selection of apartments.

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It is these types of projects that will appeal to a new wave of buyers looking for a community vibe and convenient location, according to Mr Wilson.

“There will be a more mixed profile that will suit different buyer types,” Mr Wilson said.

“It will appeal more to empty nesters with larger style apartments and those looking to downsize into an inner city area.”

With a location close transport links like the new light rail extension as well as Eastlakes Shopping Complex, there are plenty of amenities on offer to draw in buyers.