Proptech Carpool – Vendors & Upgrading Opportunities in Ryde ft. Michael Dowling

July 4, 2019
We sat down with Michael Dowling from McGrath Real Estate to talk about the opportunities in Ryde for Vendors & Upgraders.

Like our videos? Don’t forget to subscribe to our Proptech Carpool series here.

Here’s the transcript of the video:

Michael Dowling, thanks for joining PropTech Carpool with Soho
- Thanks Trent. Thanks for having me - I guess Ryde, West Ryde.
They’re your marketplaces. Why do so
many people want to invest in this area? - Ryde at the moment
it seems like a, sort of, growing area
That's pretty much the central hub for transport in Sydney.
So we get a lot of people that, sort of, want easy access to the city,
But they can't quite afford the Gladesvilles, Hunters Hills
And Drummoynes and so on
of the Inner West. But also, it's probably the closest suburb to
the city that people can have good backyards
And dogs and raise young families
And so on, so we actually had a lot of migration from the Inner West to Ryde
For that value for money. Let’s say I’m a vendor, it’s 2019, I’m kind of looking at coming to the market
Not too sure, obviously listing levels are a little bit low.
What's your advice for vendors wanting to come to the market now, who's obviously in Ryde
Or West Ryde or surrounding areas?
I think it's really comes down to, they’ve got to look at their plans for the next 12 months.
Not just the next, sort of, six months.
It really has to come down to, like I’ve got a few owners at the moment that
Have said to me that they were looking originally
at selling end of here or possibly early next year,
But then brought their plans forward
Because the market at the moment, there is signs to say that
there is a progressive slow-down happening
And no one's got a crystal ball to figure out when it's going to stop or go back up - Sure.
So I think at the moment, that opportunity to probably make upgrades
And sort of move in a relative market is still there
Because there's not going to be any massive drops in prices and things like that.
It's a very stable process at the moment from a sell to buy. Just touching on upgrades.
Is that something that you're seeing more, I guess, more people are
Wanting to upgrade now given the market?
I mean, why are they wanting to upgrade now rather than two
Or three years ago? - At the moment the price drops in the area
And the price correction has sort of made it a little bit more possible
For people to upgrade because the properties that we’re, sort of, $1.8mil - $2mil have
Actually come down in price by a similar percentage, as the ones that $1.1mil - $1.2mil
So that gap’s actually become a lot closer.
So, majority of our market at the moment is people looking to upgrade
And take advantage of the current price drops.
And that's generally probably about 80% of our movers at the moment.
Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.

Share this article

Soho logo
Our AI match engine will match you with over 150,000+ properties and you can swipe away or shortlist easily. Making your home buying journey faster and easier.