Dee Why - the next beach suburb about to boom???

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From: Michael Mudman


Has anyone got any thoughts on Dee Why? I'm considering buying an OTP property there. With Manly prices now out of reach for most people, Dee Why is looking like the next best thing.

Can any Sydney people comment on the possibility of an oversupply there due to the high number of new developments going ahead, the vacancy rates, and any opinions on capital growth for the area over the next few years?

Also, does anyone actually already own any property there?
 
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Reply: 1
From: Simon and Julie M


Hi Michael

The northern beaches of Sydney are among my favourite places in the world.

The bottom line is what price are you paying for your OTP unit? Is it comparable to existing units in the area? Do you feel the price is fair market value right now? I have a friend who bought an OTP unit in DY and my opinion was that it was overpriced when I compared it with the value of existing units. $150k overpriced!!!! (my humble opinion only).

The question I would ask is not so much whether DY is about to boom but are you getting good value in today's market.

Julie
 
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Reply: 1.1
From: Jeremy Laws


Don't buy OTP in DY. Plenty of older properties to choose from, especially closer to the beach. Not much CG left there though in my opinion.
 
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Sim

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Reply: 1.1.1
From: Sim' Hampel


Just watch out for problems like "concrete rot" which is widespread in DeeWhy. Don't want your IP falling down do you ?

(According to my brother-in-law builder, there are some blocks which WILL fall down in the not too distant future unless lots of money is spent on treatment or reinforcement)

Make sure you get a good building inspection done and buy with your eyes fully open !

 
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Reply: 1.1.1.1
From: See Change


Dee Why has been reported as one of the places to buy for a while now. I seem to remember an article in Australia Property investor stating this a while ago (correct me if I'm wrong )

Along with the obvious attraction of being close to the water , one other factor which they said will tend to push the whole of the northern beaches is the lack of available land for future development.

see change

it's better to be guided by your dreams than your fears
 
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Reply: 2
From: Bruce Graham


Michael,
Dee Why is growing so fast,Dee Why RSL club
is ripping up lawn bowling greens to build a
ten pin bowling ally. Also will soon start on a 3 1/2 star hotel. Seven story units are
being built over the shops on the corner of
pittwater Rd and Howard Ave.Plus a dozen other
unit building sites around Dee Why.
A friend of mine tried to rent a unit in
Dee Why he found it hard to rent a new unit
but plenty of old crap around.
I own a rental in Dee Why paid $302,000 in
april 2000. One below me sold for $355,000
3 months ago.(These are one bedroom units).
The block was built in 1998.Over sized units
living area is 78 sq. metres.Go for oversize.
In april I'll be increasing the rent, as my
tenants have been there for two years without a rent increase.
A lot of northern beaches people hate Dee Why, they say it's back side of the beaches
I'm pleased I don't live there.
lot's of luck,
Bruce G.(Sydney)
 
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Reply: 2.1
From: J Parker


I'd be looking for an older unit, spacious, close to beach, ripe for reno- try to stay around median of $290K.
BTW, I wouldn't call Dee Why the backside of the northern beaches- have you seen it lately? It's looking good- all those little restaurants opposite the beach have been gentrified and it's starting to get that trendy feel.
Cheers, Jacque :)
 
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Reply: 2.1.1
From: Jeremy Laws


DY is the Bronx of the Northern Beaches. The rental market there at the moment is crap, really crap. I would prefer Harbord. The second hovel I bought in my life was DY so I have a bit of a soft spot for it. It has on bank vals done better than my Manly hovels, and as such it is totally unrealistic to expect any more growth for at least the next 3-4 years. Yes its improved, yes it will continue to do so, but the toast racks of DY will always be there. Also it seems there will be, if anything more. Esp with Caputo's on DA committees.

Sim - your eyes are so wide open you will never buy anything!
 
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