February Insights: Mosman and North Shore
The start of 2019 has seen a small surge of buyers hit the pavement in search of their new dream home and it’s never been a better time to start looking.
Mosman and the Upper North Shore have had an incredible few years during the boom and in many ways have remained untouched by the fluctuating market.
However, those hoping to score a bargain or get into the market at a realistic price shouldn’t worry, there’s plenty out there for all types of buyers.
The North Shore market has long been popular because of the variety of properties and landscape on offer and the proximity to the Sydney CBD.
There’s everything from studio apartments in Milsons Point, five-bedroom prestige harbour view houses on Balmoral Slopes and grand estates sprawling 1000-plus square metres in Northbridge and Longueville.
The Lower North Shore which encompasses North Sydney, Mosman and its surrounds is popular for its harbour and water views, cafes, restaurants, shops and the exclusivity of Balmoral Beach.
The Upper North Shore is best known for its grand homes on large blocks of land, its leafy views and the great shopping, transport and schools in the area.
First home buyers, downsizers and investors will likely be interested in the apartment market in these areas.
According to the latest CoreLogic figures, the most affordable apartments can be found in Lane Cove North where the median unit price is $750,000. Apartments here saw a slight 0.7 per cent drop in price over three months to November 2018 and a 4.5 per cent drop over 12 months.
Closer to the bridge, apartment prices in Lavender Bay are the most affordable with a median of $801,000. With incredible Sydney Harbour views and an assortment of cafes, restaurants and shops at its doorstep, it’s a great suburb to settle into, especially being just minutes for the CBD and North Sydney’s business hub.
Unit Prices saw the largest surge in Crows Nest where they grew 14.1 per cent in three months and now have a median price of $912,500 and an indicative gross rental yield of 3.1 per cent.
At the top end of the apartment market are units in Milsons Point where the median price sits at $1.52 million. These prices have taken a 2.3 per cent dive in the three months to November 2018 but fell 11.9 per cent since November 2017.
Houses on the north shore are the most affordable in Lane Cove West ($1.83 million) and Chatswood West ($1.85 million) while closer to the CBD Crows Nest homes have a median price of $1.93 million.
Houses in Crows Nest have seen the third largest drop in prices in the three months to November 2018 at 10.2 per cent behind Northwood (11.4 per cent) and Lane Cove West (11.3 per cent). Meanwhile houses in Wollstonecraft saw the biggest upward change at 6.9 per cent with a median of $3.1 million.
At the other end of the market are houses in Mosman ($3.85 million) and Cremorne Point ($4.355 million) where many of the north’s prestige homes are found. While prices here have dropped 6.1 per cent and 2.1 per cent respectively, the prestige market has largely remained resilient despite the wider Sydney slowdown.
If you’re looking to buy on the Upper or Lower North Shore, it’s important to do your research and due diligence. As buyer’s agents, we have the knowledge and resources on hand to help you navigate these sought-after suburbs and make sure you’re spending your valuable time looking at the right property for you.
Want to find out more? Call us on 1300 904 604 or email [email protected]