How a booming real estate market is turning a once-trendy suburb of Sydney into a real estate capital.
The suburb of Sandringham is in the midst of a $1.8 billion redevelopment of the former Australian National University campus, which will see more than 200,000 people move into a cluster of apartments.
While there are now more than 2,000 apartments in the Sandringam development, the number is expected to double within the next few years, with a further 800,000 in the next 10 years.
Sandringham’s redevelopment was completed in 2016.
The project is designed to revitalise the area around the former ANU campus and provide a “high quality residential precinct”, said Sandringhans chief executive, Ian Stokes.
The development will include more than 500,000 square metres of retail, restaurants, cafes, bars and entertainment space, and will include approximately 5,000 homes and apartments.
Sandringhons development has a $7.3 billion cost to complete.
The project is expected be completed by the end of 2020.
The developer’s aim is to generate more than $300 million in additional property sales, according to Stokes, and the city has seen an increase in housing stock as people flock to the area.
The SandringHAM development has been described by local residents and real estate agents as “a major win for the region”.
“This is a significant project for the entire community and it’s going to help drive up the demand for housing,” said Sandrings resident, Tom Wilson.
“There will be an increase on the housing stock in the future, but in the near term the population will stay steady.”
SandringHAM is a major redevelopment of an old ANU site.
Photo: Michael Clayton-JonesSandringHam residents have also welcomed the development, saying the redevelopment will provide them with “a place to live, work, play, and have a place to retire”.
“There is a lot of pent up demand in SandringHam for a new community, and this project will deliver that,” said Mr Wilson.
“SandringHam will be a place of pride for many generations to come.”
The development has attracted national media attention, with many media outlets reporting on the project’s potential to bring in hundreds of thousands of new residents to the community.
SandRingHAM’s redevelopment has also attracted national attention, including a series of stories on ABC News, ABC Radio and the ABC’s local program.
More to come.