Hills’ low stock levels are here for a while: agent
With such low stock levels in the Hills District, this dual-occupancy-approved property on 903 square metres in Glenhaven is a rare offering.
Council has approved the construction of two houses, each with four-bedrooms, two and a half bathrooms and a double garage on around 450 square metres, according to the selling agent, Sandra Ward from Ray White Dural.
“This would see the weekly rent for the property increase from $750 for the current three-bedder to around $1900 for the two four-bedders,” Ms Ward said.
Having sold the north-east facing property to the current vendors for $1.215 million in 2015 at a competitive auction, she offered a bidding guide of $1.35 million-plus and expects strong interest due to the area’s low stock.
“There was active bidding at the 2015 auction with eight registered bidders and it received a huge round of applause at the end.”
Speaking of low stock levels, Ms Ward said: “There is just nothing around. You get a few individual houses but nothing with DA approved dual occupancy.”
She predicts it will stay that way for a while.
“I think because it is so expensive to go anywhere, everyone is just sitting tight. I see the only way that is going to change is if we get consistent interest rate hikes.”
“There are a lot of people who have invested and I think they will divest of their properties if interest rates go up.”
However Ms Ward did not say this would necessarily translate to lower prices, citing infrastructure growth in the area – including the 2018 Northwest rail project – as increasing its appeal.
“It’s going to be absolutely massive. There is a station planned for Castle Hill and one for Cherrybrook.”
“It will provide people with greater access to Sydney. University students will no longer need to rely on their own transport.” she said, adding that the rail project could equate to an increase in Hills District home values.
With Glenhaven sitting between the high density of Castle Hill and the acreage of Dural, it is increasingly popular with young families, according to Ms Ward.
“It is a little quieter and Glenhaven public school is sought after with its excellent achievement record.”
Other schools which are regularly sought after include Castle Hill high and renowned private schools including Kings, Tara, Hills Grammar and Oakhill College