Property Trends & Fast Facts On The Northern Beaches

Trend 1: Living Within Walking Distrance To Local Villages

The Northern Beaches features many clusters of colourful villages where residents can eat, drink, shop and socialise. Living within walking distance of the local village is increasingly on buyers’ list of non-negotiables. Here’s five of the Northern Beaches most popular villages.

  • Manly – The main commuter and tourist hub of the Northern Beaches with a fast ferry link to the CBD. It’s got a very cool, relaxed atmosphere with scores of beachfront and harbourfront eateries. Many Sydneysiders have made the ‘seachange’ to Manly over the years and there’s a big mix of housing.

Current median house price for Manly: $1,777,500

Current median apartment price for Manly: $586,500

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  • Freshwater – Once a sleepy seaside village, this thriving suburb is fast become ‘Little Manly’. Featuring a beautiful family friendly beach and thriving village shops, it is no wonder it is consistently one of the most searched suburbs in NSW on realestate.com.au.

Current median house price for Freshwater: $1,290,000

Current median apartment price for Freshwater: $496,250.

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  • Balgowlah – A blue ribbon suburb with streets lined with leafy trees and a mix of both federation and contemporary homes. Balgowlah attracts families and is a sought after location and it’s no wonder, with great local schools, village shops along Sydney Road, the Stockland Balgowlah Shopping Centre and a close proximity to both Manly and Mosman, plus within easy reach of the CBD. It ticks all the boxes for those wanting a great lifestyle.

Current median house price for Balgowlah: $1,172,500

Current median apartment price for Balgowlah: $895,000.

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  • Dee Why – A vibrant seaside suburb which offers a relaxed cosmopolitan lifestyle. There is a great lively atmosphere during the evening and the beachside child friendly restaurants and cafes offer exquisite dining. Dee Why has its own shopping village plus Dee Why Grand, a relatively new shopping complex which offers a great array of retailers from everyday groceries and produce, eateries, specialty retail, entertainment and services. Dee Why homes are primarily apartments, with many having been recently developed or renovated. Dee Why was the top suburb for apartment sales this year.

Current median house price for Dee Why : $1,255,000

Current median apartment price for Dee Why: $514,999. 26

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  • Allambie Heights – This family friendly suburb is blessed with wide leafy streets and houses set on large blocks of land. The Allambie Heights residents have great access to shops, with a popular shopping village with a selection of cafes, restaurants, retail shops and supermarket. Set next to the community centre and Allambie Heights public school, it is a great hub for locals to meet, shop and relax over a cup of coffee.

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Current median house price for Allambie Heights: $892,500

Current median apartment/townhouse price for Allambie Heights: $745,000

Northern Beaches NSW Real Estate

 

Trend 2: The Rise In Apartment Living

City planners are increasingly favouring medium to high density development to cater for ongoing population growth. In the past 12 months, 15,411 new apartments were approved and no doubt first home buyers will be going after those under $650,000 to take advantage of the new $15,000 grant. Speaking of first home buyer activity, we’re seeing more young people in the market due to falling interest rates. With rents going up and interest rates coming down, there is more of an incentive to enter the market. Entry level homes on the Northern Beaches start at around $300K – $500K for 1-2 bedroom apartments.

Trend 3:

Home owners are increasingly favouring green living, with one million people using solar hot water and half a million Australian households using solar power. Climate change is a hot issue, with home owners seeking to make alterations to reduce their energy bills and make their home more comfortable to live in, while helping the environment. A home that offers green living will be more valuable in the eyes of a great number of buyers.

Trend 4:

Developers are acknowledging the national trend for smaller households. Innovative new products include one bedroom ‘pocket penthouses’ instead of grand top floor residences. Local councils are also becoming more receptive to approving subdivisions with less square metres than previously required. For example, in Freshwater the minimum square metres to be able to subdivide was previously 600sqm, however recently Warringah Council have been approving some subdivisions that are only 450sqm. For further details about your particular circumstance it is best to speak directly with your local council.

Trend 5:

The Northern Beaches obsession with renovating continues, with many home owners wishing to put their own personal stamp on their home. Renovating can be a brilliant way to add value and increase the saleability of a property should it be executed correctly. There is always a risk of overcapitalising but with the right advice it can be very profitable.

Fast Facts About the Sydney and Northern Beaches Market:

  • The median mortgage repayment this year on the Northern Beaches is $2,800 compared to $2193 in Sydney
  • The top Sydney suburb for apartment sales this year was Dee Why
  • Sydney houses and apartments are the most expensive of all the capital cities
  • 108 Sydney suburbs have a median house price over $1 million
  • About 57 percent of couples on the Northern Beaches have children
  • Seaforth has the dubious honour of having the highest median mortgage payment of $3250 a month
  • The median Northern Beaches rent increased from $290 in 2001 to $460,000 per week
  • The median wage is significantly higher on the Northern Beaches than the Sydney average, with the median being $779 compared to Sydney’s $634 per week wage.
  • Only 4% of Northern Beaches residents are unemployed compared to 6% across Australia

Note: Suburb statistics are subject to change.

About Tim Cullen

Since joining McGrath Estate Agents 15 years ago, Tim Cullen has defined himself as a first class industry leader with an outstanding track record and rapidly growing and loyal client base. He ranked 1st on the Northern Beaches in this year’s Real Estate Business’ Top 100 Agents List and ranked 21st nationwide.