Strathfield, one of Sydney’s premier suburbs, is the suburb to watch. Home prices are soaring, making it a hot spot for real estate investors and home buyers alike.
Elie Semrani, a local real estate agent with deep roots in the area, has witnessed the transformation firsthand.
“I lived and grew up in Strathfield all my life,” he tells Soho. “My father built homes around Strathfield for 30 years. We were constantly moving from new home to new home.”
Elie’s Most Memorable Sale in Strathfield
Semrani’s deep connection to the area has shaped his approach to real estate.”I believe in providing an honest, genuine, and straightforward approach,” he says.
Elie recalls one memorable moment in his career, “I think there’s one sale in particular. I was dealing with a 90-year-old couple. I sold their home located at 17, Torrington Road, in Strathfield. It was amazing to watch how this elderly couple entrusted me and chose me to represent them over all the other local agents that had appraised the property.
“On the day, we far exceeded the result by approximately $2 million above the reserve. The reserve was set at 4 million dollars, and we sold it for just under 6 million. It was a knock-down property on 600 square metres, nothing crazy.
“I think there’s more value with seeing a client who’s happy and walks away from the campaign super impressed with your service in comparison to a commission.”
Adding to his list of impressive achievements, Elie recently sold a block of units in Lidcombe, marking one of the most expensive sales in NSW in May.
So, What’s Driving Up Prices in Strathfield?
A combination of factors is driving the surge in property prices. The rising cost of construction, coupled with limited land availability, has pushed up the value of existing homes.
“I think it’s taken a good 2 or 3 years for the buyer demographic in Strathfield to actually sit back and understand that construction cost has increased.
“If you are looking for a brand new product, especially the brand new mansions which are being constructed today, you are required to spend a hefty amount.
“Land value in Strathfield has increased. Developers potentially spend anywhere between $3-4 million dollars constructing the property on a standard block size of 600-800 square metres. Add the construction cost on top of that… this is becoming the new norm today”, indicating a construction cost of approximately $5,000 per sqm.
Additionally, Strathfield’s reputation as an education hub, with top-rated schools attracting families from across Sydney, has intensified demand.
“It’s a pocket of Sydney which has got the most elite private schools. You’ve got all the stunning private schools alongside the bigger blocks of land as well, and a central location. The train station is the second most central station in Sydney. It connects you left, right and centre, so I would say those are the factors which are contributing to the higher costs involved.”
Why Interest Rates Aren’t Impacting Strathfield Buyers
As for interest rates, buyers interested in Elie’s listings are generally unaffected. “Interest rates don’t seem to impact us as much because we do have a lot of cash buyers.”
When it comes to luxury properties beyond the $8 million mark, buyers are not depending on banks for their funding.
As Strathfield continues its upward trajectory, it will be interesting to see how the market evolves. For now, it remains a highly sought-after location for those seeking a desirable suburban lifestyle and Elie is your guide to unlocking its potential.
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