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