Sydney’s coast rules in the next wave of prestige suburbs

If you’re looking for the next big thing in prestige property in Sydney, head to the coast.

13 Read Street, Bronte.13 Read Street, Bronte. Photo: Supplied

The eastern beachside suburb of Bronte has come out as one of the strongest performers in the Domain Group House Report for June.

Among the top performers are Clovelly, with a median house price of $2.97 million, North Bondi with a median house price of $2.85 million, Coogee with a median house price of $2,782,000 and Manly with a median of $2.76 million.

The interior of 13 Read Street, Bronte.The interior of 13 Read Street, Bronte. Photo: Supplied

Domain Group chief economist Dr Andrew Wilson said it was not surprising to see Bronte included in the top 10 suburbs for median house prices in Sydney. 

“Today everyone equates Bronte as the home of movie stars so it is not an unlikely candidate,” he said. Among  the suburb’s newest residents isMentalist star Simon Baker buying in Bronte last year for $6.5 million.

McGrath agent, Bethwyn Richards, who specialises in the eastern beaches market, said the suburb has been highly considered for a long time but said there has been a recent surge in prices.

3 Tasman Street, Bondi, is on the market for $2.2 million.3 Tasman Street, Bondi, is on the market for $2.2 million. Photo: Domain.com.au

“Any property that has come on the market recently has sold really quickly,” she said.

Meanwhile in Coogee and Clovelly she said there had been a major change over the past two years. In all suburbs the beachside lifestyle is the drawcard.

“People are making their decision based on the lifestyle they see is available here. They are young families who want to walk, run, surf and eat on the beach,” she said.

The interior of 3 Tasman Street, Bondi.The interior of 3 Tasman Street, Bondi. Photo: Domain.com.au

“It’s not about the life they lead nine to five but the life they would like to lead.”

A typical home in Clovelly for $2.97 million would not be an ocean frontage or even have  a beach view but would be “in an elevated position”.

It is cashed up young couples and professionals in the finance sector who are lining up to buy in North Bondi, says Raine & Horne agent Ric Serrao who has been selling property in the neighbourhood for 25 years.

9 Lower Fort Street, Millers Point, sold for $6.1 million.9 Lower Fort Street, Millers Point, sold for $6.1 million. Photo: Domain.com.au

“When the banking sector is doing well and there are bonuses we notice that,” said Serrao.

He  believed a shortage of stock in recent times has also contributed to price rises.

When something does come on the market, it is quickly snapped up.

73 Glenayr Ave, North Bondi, has a price guide of $3 million.73 Glenayr Ave, North Bondi, has a price guide of $3 million. Photo: Domain.com.au

“I recently sold a three-bedroom semi in North Bondi with an ocean view after being on the market for just one day,” he said.

He said while in the past buyers who were priced out of Bronte for houses turned to North Bondi and Bondi Beach, today they attracted their own market.

“With more lifestyle facilities like new restaurants and bars Bondi is now people’s first choice,” he said.

The interior of 73 Glenayr Ave, North Bondi.The interior of 73 Glenayr Ave, North Bondi. Photo: Domain.com.au

If you’re not in the market for Mosman, which sits above the $3 million mark, Manly is always an option with houses in the suburb hotly contested.

Kerry-Anne Nielsen, of Red Property, who has covered the Manly market for 20 years, said  there had already been huge interest in a Federation bungalow in the suburb which had a price guide of $3.3 million.

“It needs renovation and has been held as an investment property for 40 years but I have been inundated with calls since it listed on Monday,” she said.

66 Alexander Street, Manly, last sold for $51,000 in 1977, it's now on the market with a price guide of $3.3 million.66 Alexander Street, Manly, last sold for $51,000 in 1977, it’s now on the market with a price guide of $3.3 million. Photo: Domain.com.au

The last time the property changed hands in 1977 when it sold for $51,000. 

Millers Point has also made its mark, with a median house price of $2,587,500.

The suburb,bordered by the city centre and harbour is undergoing a massive transformation as public housing is being sold off.

Terraces in the suburb have been sold for a million at auction, with a Lower Fort Street property being sold for $6.1 million.

 

Source: http://www.domain.com.au/news/sydneys-coast-rules-in-the-next-wave-of-prestige-suburbs-20160722-gqax5t/

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