What Northern Beaches suburbs appeal to you?
There are a number of regions around Australia that are pushing further and further north in terms of their price tags. For many, these properties are out of reach, but for the lucky few, they could be the next luxury purchase you make.
While Sydney suburbs are well known for having an extremely pricey premium alongside them because of the surrounding area, there are some suburbs that stand out from the pack – and not just because they’re slightly more affordable either.
According to CoreLogic RP Data, there were 341 suburbs in New South Wales that had a median house price of greater than $1 million as of December 2015. That’s an increase of 84 suburbs over the 12 months prior, and highlights the way that the Sydney market is heading.
So, do you want to get into one of these illustrious regions? And how would you go about purchasing your dream property?
Short of buying in Centennial Park, which CoreLogic RP Data suggests has a median house price of $6,295,973, properties in Clontarf are much more affordable, with Residex research pointing to a $2,807,000 tag instead.
Located around a prestigious neighbourhood in the north of Australia’s largest economic centre, Clontarf represents value-buying. While that might sound absurd with a median near $3 million, the surrounding region is significantly more expensive, and Clontarf has the ability to grow.
“I think it’s just been forgotten in the last two years while the surrounding suburbs went crazy with investors and families buying in,” said Jason Guildea of Guildea Real Estate.
“The suburb has always had a prestigious name for itself but prices haven’t changed much for the last seven years.”
Vista Avenue is listed as the most affordable street in Clontarf, with more than half of the properties here priced at less than $2 million – that could be a much more affordable way into the suburb than, say, buying on Russell Street, where you would have to fork out closer to $4 million.
Slightly north of Clontarf, Seaforth represents more affordability for a very similar patch of real estate. Residex data suggests that the median house price in this suburb is $1,969,000, which is almost a whole $1 million less than Clontarf. The most affordable street here lies at $1,286,708, Wakehurst Parkway. That figure is much closer to the median price in all of Sydney, which the BIS Shrapnel Australian Housing Outlook 2015-18 reports is $1,034,100 – a figure that grew by 44 per cent over the two years before June 2015.
At the other end of the scale, Bligh Crescent comes in at $3,247,323, so for those cashed-up owner-occupiers wanting a luxury change of scenery, if Clontarf isn’t for you, Seaforth just might be. Offering a slightly different view of the city and coastlines from a more westerly position, a property here might be exactly what you are after, and you could save a bit more money as well.
If you’re buying in Sydney, it might pay to remember how properties in the New South Wales capital sell – that is, at auction. For the week ending March 13, 2016, there were 671 auctions planned to go under the hammer at the weekend, that figure was significantly higher than the next largest city (Melbourne), which reached only 378. In fact, the week before that, CoreLogic RP Data reports that 422 auctions actually cleared.
How can you take an advantage into the auction room? You’d do well to keep your specialist Sydney buyer’s agent close at hand. Their expertise at auction could be the difference between buying your dream property and seeing it pass in.
Manly is arguably the most well-known suburb on this list, and rightly so. Beautiful beaches and ranging views mixed in with a relaxed ‘sandy’ Australian culture make this a fantastic place to live. Residex data suggests that the median house price here is $2,394,000, placing it right in the middle of the three suburbs on this list. However, The Corso is the most expensive street, and you should expect to pay around $5 million to live in this exclusive neighbourhood.
If Manly takes your fancy but you only want to buy a holiday house, for example (and why wouldn’t you, the beaches are incredible), then the median house price on Gilbert Street is closer to $1.5 million, which is much more affordable for many people.
We have recently gone over how to access funds and loans so that you can get yourself onto the property ladder, so follow those steps and turn another page in your property-purchasing journey.
Making your move
Feel inspired by some of the beautiful views around these northern beach suburbs? Get in touch with a buyer’s agent from Cohen Handler and get some advice about what region suits your needs the most. They can help you into the property of your dreams.