Located approximately 19km north-west of Sydney’s CBD, is this near new 2-bedroom, 2 bathroom apartment in River Road, Ermington. Selling for a price guide of $610,000, the apartment has been on sale since February 2020 where it went to auction with a price guide of $600,000.
Completed in 2016, this 91 sqm (approx.) apartment is within the urban water front community known as the Royal Shores which offers resort style living. Perched on the water’s edge of the Parramatta River, it offers easy access to the river boardwalk, cycle way and parks, Rydalmere ferry wharf, West Ryde train station and local bus routes. The complex is also close to Rhodes Shopping Centre, Sydney Olympic Park, Homebush DFO, local restaurants and a selection of schools.
The apartment has a bright, open plan living and dining area with engineered timber tiles, a kitchen with Caesar Stone bench tops and SMEG stainless steel appliances, 2 spacious bedrooms with built-in robes, 2 bathrooms, an open balcony, reverse cycle air conditioning, video intercom security system and a secure car space with a lock-up storage cage. Strata levies are approximately $850 per quarter.
SQM data shows current asking price for apartments in postcode 2115 range from $700k to $740k and has been increasing with a 5.7% rise over 12 months and a 1.6% increase over the month. With an asking price guide of $610,000, this apartment could be a good bargain and a good entry point for first home buyers or savvy investors.
The lower asking price for this 70 River Rd, apartment could indicate there is still an oversupply of apartments in this area. In 2018, Ermington, along with neighbouring Ryde, Harris Park, Homebush and Carlingford, was named one of 17 Sydney suburbs declared ‘danger’ markets for buying property due to high supply of new apartment projects in the area. But with decreasing apartment completions in 2019 and continuing population growth, there could be an undersupply looming.
In the past, this suburb had its fair share of public housing and with it comes some social issues, but the suburb has gone through a transformative phase over the past few years and now has more families and young professional couples moving into the area leading to an increase in rental demand and asking rents.
Weekly rents in the area have increased by 8.6% over the last month after a 4.6% decline over 12 months. In comparison, the Sydney region rents for apartments have declined 0.2% over the month and a 1.3% decline over 12 months.
Investors can expect rents of approx. $530 to $535 per week for postcode 2115. A gross rental yield of 3.7% can be achieved for apartments in this area. The vacancy rate in this area is currently 2.3%.
For a more indepth look at the property market for 2020, subscribe to Christopher’s Boom and Bust Report 2020.
SQM website also features free property data that is now more interactive, easier to navigate and user-friendly, so keep monitoring this market’s growth at SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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