The peninsula’s rags to riches suburb is about to take off
Kathryn Welling
Property Editor
North Narrabeen is a real rags to riches suburb; you can pay as little as $650,000 for an old cottage or as much as $2.5M for a lakefront mansion.
It is without doubt the cheapest suburb on the peninsula that is also close to the beach and while it hasn’t taken off in the way some of its coastal neighbours have, agents are predicting the next five years will see this diverse pocket enjoy some serious capital growth.
Daniel Nicholson, of McGrath, said part of the reason it was such good value was that most of the suburb was within a 100 year flood zone and part is also in a slipzone. Homeowners wanting to extend by as little as 10sqm must jack up the whole property to protect it from flooding.
“Of course there hasn’t been a major flood for years but council is covering itself… if you drive around the suburb you can see houses with massive brick bases and four stairs up where owners have raised their property.” He said.
There are still 50-year-old weatherboard cottages to be had in streets such as Gondola Rd and Lido Ave and some of the cheaper homes are elevated with lovely views but a good many stairs.
Beachside of the suburb, on the corner of Ocean and Wellington sts, 18 new townhouses are being built on the site of two old homes. Labelled “Reflections”, these two and three bedroom townhouses are for sale for between $1million and $1.5 million and aimed at active retirees and professional couples looking for the beach lifestyle.
And the record for the suburb is $2.78 million for 105 Wimbledon Ave, right on the lake, for a 5 bedroom, four bathroom home that changed hands in November last year.
Kerrie Patterson, of Patterson Morton, said there was a huge range of styles in this compact suburb from dirt cheap to expensive, lakefront to hugging a hill, beachfront to bushland suburbia. You can even live in a mobile home in the local caravan park.
Kim and Damien King have loved living on the North Narrabeen peninsula. “We have surfers running past with big smiles on their faces, a street party each Boxing Day and we were told our home was once the first church in the area,” Kim said.
Their house at 35 Lisle St has three over-large bedrooms, an open-plan lounge and dining room, newish kitchen and off-street parking. It is on 430sqm of land and for sale for offers over $1.2 million.
Kylie Segedin, of L.J.Hooker Mona Vale, who is marketing the home, said 70 per cent of buyers in North Narrabeen were themselves locals but she was starting to see English buyers venture further north and buy up in North Narrabeen. This home is open today for inspections between 1pm and 1.45pm or call Kylie for more information on 9979 8000.
A great entry level home for the area would be 22 Nareen Pde which goes to auction next Saturday with bidding from $700,000 expected. This weatherboard home has been beautifully fitted out, it has a lovely district outlook and offers quite a bit of accommodation with four bedrooms, two bathrooms and 1334sqm of land. Of course much of the land is steep and the house is elevated from the road, giving it the nice bushy view. There is a deck on one level and a large entertaining area on the other plus two large separate living areas. There is even a Roman-style bath and shower. Inspect today between 1pm and 1.45pm or call Daniel at McGrath for information on 9997 2333.
I'm jealous... then again I'd take youth anyday... 
