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Would you buy a property near Sydney’s airport? | George Raptis

Would you buy a property near an airport or under a flight path?

Obviously living near an airport like Sydney’s Mascot Airport has never been at the top of anyone’s property checklist, so I was interested when approached for an interview by My Wealth to discuss the concept of buying in some of Sydney’s hottest suburbs which are sitting right under major flight paths.

With gentrification occurring in many of the suburbs surrounding Sydney airport, like Alexandria, Leichhardt and Mascot, the strong desire to be close to town, transport links has seemingly trumped the noise issue in these areas.

Inner west buzz

One of the suburbs most heavily impacted by aircraft noise is St Peters, but the high frequency of low flying planes there appears to have had little influence on buyers.Inner west buzz

For example, the median house price in St Peters is up 17% to $890,000 in the year to May, while units are up 10% to $549,000, according to RP Data. Both of these price points are well above city-wide medians.

People that were once very conscience of aircraft noise, especially those in inner city suburbs, have embraced the reality that the airport is just six or seven kilometres away.

In a perfect world nobody would want aircraft noise but that’s the reality of major international and domestic terminals six kilometres from your capital city. They’re going in with their eyes wide open.

Some people see it as a benefit, especially those travelling on a regular basis, while others see it as a detriment. I think it’s a personal thing.

Flights where noise level equalled or exceeded 70 decibel threshold in June

Flights where noise level equalled or exceeded 70 decibel threshold in June, 2014 (data from Airservices Australia)

What about Sydney’s Eastern Suburbs

Not even so-called premium suburbs in the eastern suburbs are completely spared from aircraft noise but the lure of living by the shore has also proven too compelling for many Sydney property buyers.

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Look at the beachside suburbs like Coogee, in a lot of cases they use Wedding Cake Island as a marker for planes starting to descend.

So even in Coogee there’s aircraft noise.

They try to alleviate that with the new runways so that it doesn’t affect the same people all the time. But the reality is that people who want to live and have the convenience of being close to the city or airport are going to have that.

If I’m going to live six or seven ks away from the CBD where the jobs are etcetera, well that’s part and parcel and the price I have to pay for wanting convenience.

Coogee has long been in demand, with houses there jumping in price particularly in 2010.

In the year to May, house prices went up about 8% to a $1.75m median, while units spiked 14.5% to $750,000, as per RP Data numbers.

Read more at My Wealth.



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About

George is a Director of Metropole Property Strategists in Sydney. He shares his 27 years of experience in the property industry as a licensed estate agent and active property investor to help create wealth for his clients.
Visit www.SydneyBuyersAgent.com.au


'Would you buy a property near Sydney’s airport? | George Raptis' have 1 comment

  1. Avatar for Property Update

    September 16, 2017 @ 7:03 pm Jan

    We bought a 3 bed apartment in Wolli Creek 2003, very close to the internal airport. In 2004 very few apartments were built. We watched aircraft taking off & landing but we were not under the flight path but our balconies were greasy from aircraft fuel residue and we heard noise depending on the runway used. As more apartments were built they blocked traffic/aircraft noise, fuel smells & gradually no more greasy balcony surfaces. The apartment is 2 minutes from two train lines, numerous bike paths, 3 large parks, tennis courts, children’s play equipment, BBQs, restaurants, medical centre, dentist, Woolworths and Dan Murphys. IKEA & M5 are close and its an easy walk to the international airport. If you had a canoe you could paddle Wolli Creek to Earlwood or out to Botany Bay. Yes, there is motor traffic noise but that’s Sydney inner suburbs. We now rent the generous 3 bedroom apartment. The rents in the area keep rising Jul-Sep 17. Houses are selling at premium prices yet they get rented at $100 or more less compared to apartments. Renting the apartment to professionals helps pay our mortgage. So we don’t want to sell and intend to move back in at some stage to enjoy the amenities provided in the area especially the trains. 10klms from Sydney Central & what will it be worth as time goes by?

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