PHOTO: Prices in the Epping area have already fallen more than a fifth from their peak in August 2017, according to data from Corelogic, the steepest falls in Sydney. PHOTO: REUTERS
AS PROPERTY prices rocketed toward the heady peak of Sydney’s real-estate boom in 2017, the bulldozers came to Epping. Eucalyptus-lined streets of red-brick bungalows in the middle-class suburb were snapped up at hefty premiums by developers, razed, and quickly remade as apartment blocks.
Many units were sold off-the-plan — where buyers enter into contracts and pay deposits before construction starts – to Chinese investors drawn by the location’s reputation as a Chinese community hub and its highly-regarded schools.
But prices are now in freefall, and the suburb is being refashioned once more, this time into the epicentre of a bust.
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