Concord is located approximately 10 kilometres west of the CBD in Sydney’s inner western suburbs in the local government area of Canada Bay. Concord West is situated on the T1 Northern train line. The journey from West Concord station to the Sydney CBD takes approximately 22 minutes. Travelling north, the Lower North Shore and the beautiful Central Coast are an easy train ride away. The Rivercat Ferry offers an additional public transport option and provides service to the city and Parramatta from Cabarita Park.
The majority of Concord residents are couples and families. There is also a substantial number of mature and older residents living independently. The many parks and reserves in the area are major drawcards for these demographics in conjunction with good access to nearby quality schools.
Concord is home to a wide range of homes and architecture. Houses make up approximately 2/3 of the stock while units make up 17% and semis and other housing types fill out the remainder. Houses range from Californian bungalows and Federation cottages to contemporary architect designed houses and sprawling estates. Apartments range from 60’s and 70’s small scale blocks to modern units in large security complexes. Most of the semis in the suburb have been renovated and there are also a number of new townhouse developments near the train line and along Parramatta River.
Houses in Concord West had a particularly strong year last year, growing 19.1% in the year to July 2014 as buyers fought to obtain one of the beautiful waterfront properties or a position near the train station and the increasingly renowned nearby restaurants. Concord houses recorded a less impressive growth rate of 12.4% over the same period (compared to the Greater Sydney average of 14.8%). Average annual house growth over the last 10 years for Concord and Concord West is 5.8% and 6.2% respectively. While average house price growth has been strong, current yields are somewhat disappointing due to the recent growth in capital prices.
Units in Concord and Concord West provide stronger yields of 4.5% and 4.4% respectively, but average capital growth is closer to 5% per annum. Current vacancy rates in Concord and Concord West are higher than average for Sydney at 3.7% and 3.8% respectively.
Houses in Concord will continue to grow at a steady rate over the coming years. In particular, semis in quiet locations but near the popular Majors Bay Road shopping strip and the train station will outstrip property in the rest of the suburb.
Houses in Concord and Concord West are forecast to grow at 8% pa over the next eight years while units are anticipated to grow at a slightly slower 6% pa.
To obtain assistance searching for and buying real estate in Concord to get a buyers’ agent or buyers’ advocate on your side, please call us on 1300 655 615, email us, or send us your buyers wishlist today by clicking here. Alternatively, if you want advice on whether to buy or sell first, current market conditions or median prices and growth statistics for Concord, call our team of buyers’ agents today on 1300 655 615 and we can assist you.
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