By Rich Harvey, CEO & Founder, propertybuyer.com.au
For family homebuyers with a budget, finding a Sydney location that combines the excitement of metro living with abundant space is challenging.
In the past, many flocked to the extremely popular Eastern Suburbs, but skyrocketing prices and tight housing options have locked out many would-be purchasers.
There is however a region where you can have it all and still be within a reasonable commute of the big city.
I spoke with Propertybuyer’s Northern Beaches expert, Matt Corbett. He shared a story about the area’s evolution throughout the past few decades, and why many Eastern Suburbs home hunters are making their way over the bridge to the north.
Northen Beaches upsides
The Northern Beaches encompass Manly in the south to Palm Beach in the north and west to Forestville, Terry Hills and Belrose.
Matt said there are plenty of reasons why the region is proving so popular with buyers compared to the inner east, but one big one is affordability.
Apartments in the Northern Beaches start at approximately $1 million for a decent quality two-bedder. These units are located almost exclusively along the coast, so most include a host of lifestyle benefits. The most affordable apartment location is Dee Why. If you have a little more to spend, then comfortable attached living is on hand in Manly from around $1.5 million for two-bed accommodation.
But of course, family buyers usually want a bit more space, and this is where the Northen Beaches really shine. As a rule, the further west you head (i.e. away from the coastline), the more bang you get for your buck.
Northern Beaches detached housing kicks off at $2.5 million for a comfortable home, although expect to pay between $3 million and $4.5 million depending on position.
Anything listed at $8 million or above is considered prestige. Of course, you can spend far more if you have the means. For example, Matt said one Manly home overlooking Shelley Beach recently set a new record, changing hands for close to $35 million.
Eastern Suburbs migration
Those numbers might sound huge to non-Sydney residents, but they’re a substantial discount on what’s being paid in the Eastern Suburbs.
Matt shared an example of a client couple he helped after they’d sold a semi-detached home in North Bondi for $6.5 million a year or so ago. They were thrilled when he assisted them into a house on 1800 square metres of land in Newport for $5.2 million. It was a huge waterside home with oodles more space, plus they banked more than $1 million from the transaction.
This isn’t an isolated case either. Buyers are regularly looking to release equity from their expensive properties by shifting north.
There are other upsides to Northern Beaches living as well.
There’s far lower housing density overall, so homes there tend to be on much larger blocks, meaning expansive space for growing families. The streets are also wider which helps create a leafy, family-friendly environment.
Matt said some people are reluctant to move there because they’re concerned it’s too far from the CBD. It’s true suburbs like Bondi are more central as the crow flies, however factor in the traffic and the story changes. A car trip from the Northern Beaches isn’t dramatically longer than one from the east, particularly during peak hour.
And if you’re looking for outdoor pursuits, then the north comes up trumps as well. There are national parks for a start, and the calm surface of Pittwater to enjoy too. The region has produced some of the world’s best sailors as a result!
Also, folk who live here have easy access to very swimmable beaches. Unlike the east where rocky outcrops limit the sandy spaces, the Northern Beaches have comparably expansive shores to relax on.
The Northern Beaches has exceptional primary schools too, and shopping centres like Warringah Mall, along with multiple restaurant and café options, all add to the appeal.
Places to watch
COVID was a gamechanger for Northern Beaches real estate. During that time Matt helped multiple buyers purchase a house in the area with most buyers escaping the inner east. At one stage, the region saw an annual price gain of 37 per cent – the highest in the nation for that period.
Even so, there remains several locations which present excellent buying at present, according to Matt.
Suburbs such as Elanora Heights are well worth a look with its median house price of $2.47 million. Other areas are also well serviced by the B-Line bus which is a high-frequency route that runs through the region to Wynyard Station in the CBD.
Beacon Hill and Narraweena are worth checking out too. They’re just a couple of kilometres from Dee Why Beach. Narraweena’s median house price is $2.29 million so there’s plenty of housing below $2.5 million.
Market outlook
There’s some good news for those looking to buy right now too. Matt says the Northern Beaches market is in a bit of a lull at the moment. Listings are down, and transaction numbers are low. He said sellers are sitting on their hands while buyers are treading cautiously because of economic uncertainty and interest rates.
But this creates a window of opportunity for active purchasers working with buyers’ agents. Those seeking a family home who choose to work with a well-connected local expert are discovering there are plenty of opportunities in the north. Matt’s network of agent contacts ensures we hear about properties weeks in advance of their open-market listings. Fortunately for our clients, they’re presented with an array of potential homes without the stress of competition generated by going public.
If you and your family are keen to make the Northern Beaches your next address, contact our team and get Matt on the job.
To have one of the friendly Propertybuyer Buyers' Agents to contact you:
or
call us on 1300 655 615 today.
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