SYDNEY: HYECORP Property Group today released its first findings of a new index, which measures the relative cost of apartments against houses in the greater Sydney region. The index found that Lane Cove is one of most affordable suburbs for apartment living on Sydney’s lower North Shore. And that it has become significantly more affordable in the past ten years.

The HYECORP Apartment/House Price Relativity Index compares the average sale price of apartments against houses over a ten-year period. The research found that the average sale price of apartments in Lane Cove is around 42 per cent of the cost of ahouse. In 2000, the figure stood at 57 percent.

Stephen Abolakian, HYECORP Director Development and Funds Management, said Lane Cove offered investors some of the best value on the lower North Shore and that this was welcome news for those struggling with housing affordability.

“Apartments in the rest of the lower North Shore, average approximately 54% of the cost of a house. So using this average, investors can see from the index that Lane Cove apartment prices should currently be up to 29% higher than today’s prices.”

“This clearly shows that while everyone worries that the lower North Shore is unaffordable, there is still significant value and opportunities to be found in Lane Cove for first home buyers, young families and investors alike.” Mr Abolakian said.

Lane Cove Council has recently opened land for apartment developments and HYECORP has acquired several properties and is set to build 300-350 affordable homes across five sites.

Mr Abolakian, said “Lane Cove is an often misunderstood suburb in Sydney. It’s green and leafy, yet has a unique village atmosphere and a great community vibe and our sites are only two traffic lights away from the CBD. With property prices sky-rocketing around the inner-city, our developments will provide home-owners access to a great location without having to over-spend” he said.

The HYECORP Property Fund developing the projects will open up to institutional and retail investors in 2011. Late last year HYECORP Property Group posted strong results for its two development funds based on lower North Shore projects. A residential/retail apartment development in Willoughby made a return of 55%, 83% above the forecast return. A similar mixed use project delivered a 75% return, 150% above forecast.

[end]

For further information:
Christine Harris
Financial Media Connections 
+61 2 9232 8789 
+61 414 621 163 
charris@finmc.com.au