Freshwater

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DennisLeung

Hello guys,

Does anyone here know much about Freshwater ? I was thinking that it would be an in demand due to the proximity to beaches with a possible view to increasing demand in the future with the beach as a limited resource. It seems like there are a few schools around the area as well for young families and the family income seems in line with the prices. I was considering spending 450 - 550K on a 2 bedroom unit there which would be negatively geared which hopefully would have good capital gain in the future. I have had a look around the surrounding suburbs and the others don't seem to have the right mix of infrastructure. What do you guys think about this?
 
I think you will find that you will be into the 500's for a 2 bedroom unit that will be well and truly negatively geared after strata etc.

I know the area quite well. Just out of curiosity why do you see Freshwater as having any better infrastructure than say Narrabeen, Dee Why or Manly? The both have shops, public transport, schools etc nearby?

My friend has been looking for a unit and said everything has been selling for way over asking price.
 
Very hot and silly on all of the northern beaches at the moment.

We bought two in Manly around a year ago and have seen significant growth.

We have been looking Dee Why down , but have pulled the plug and are now looking elsewhere ( My wife just rang me from out side the first property on her list today and I'm flying up tomorrow morning to join her ) .

this

The last property we looked at was this un-renovated unit in the Worst Street in Manly Vale . Manly Vale is the cheapest suburb in the lower northern beaches ( DeeWhy west of Pittwater road might be on a par but that is debated ) . We talked to a couple of pm's about this property and they weren't enthusiastic . It has improved and no longer has old mattesses lining the street and dark corners.

This was offers over 490 . I went through on the first day and was interested at that stage but they already had two offers up to 525 and around 20 contracts go out . Due to the interest they had another inspection on wed and on the two days they had a total of around 100 parties through . My wife went through with two of the pm's from the agency we use in Manly. At that stage they had two unconditional contracts on the market and we were told to put in our best offer and they once they had all offers they would go through the offers with the owner and decide which one would be accepted . They were very upfront that no further correspondence would be entered into . The owner was an 84 year old lady and she was finding the whole think very stressful . Given the interest , I think the agent handled the situation very well .

I know the agent and had a chat after the sale was finalized . The owner was hoping for over 500 . The agents had expectations of around around 520 . It sold for 570 .

Rental appraisal 480-500 .

Worst suburb , Worst street .....

I don't expect a two bedder in Freshwater to go in the 500's.

Unless there's a significant pull back and cooling down in the next months ( which is always a possibility ) , I don't think we will be buying in the northern beaches anytime soon.

Cliff
 
There has been very little coming on the market in the northern beaches and I just noticed this .

http://www.realestate.com.au/property-apartment-nsw-manly-114529715

Offers over 600 .

My rough calculation puts the size at around 42 M2 . No car space or garage , balcony or view.

Eastern hill is popular but many people don't like it as in any traffic it's a nightmare to drive out of .

As a comparison we bought a unit in same unit as this unit for under 600 around a year ago . The rent is 600 which is sl below market , however the tenant is very good and spends much of her time elsewhere travelling on Business. Pacific Wave is a very well managed block with relatively low Strata fees due to leasing onsite to various utilities. It's one block off the beach and the Corso . Close enough but not too close.

This unit sold very quickly for around 630 - 640 and since it sold we have seen a significant increase in buyer activity in the preceding time .

If it was on the market at the moment I'd except it to go for high 600's and given the over 600 k price on the first one would make good buying.

Cliff
 
Cliff
Went through the same kind of bidding process last weekend. It seems to be standard practice now in this area.

Stock is low driving demand. Just keeping an eye out on the area too.

Smart move purchasing when you did!
 
Currently looking in Freshie at 2bdr units for PPOR, to become investment and getting increasingly concerned. We have been monitoring for the last 3-6 months and it is definitely moving.

For something decent with covered parking, balcony and internal laundry you are now looking $550-600k

Two very recent examples:

http://www.realestate.com.au/property-apartment-nsw-freshwater-411123859
Sold for $576k in July, was on the market for 3 days. Now advertised for rent at $550/wk

http://www.domain.com.au/Property/Sold/Apartment-Unit-Flat/NSW/Queenscliff/?adid=2010600915
Auctioned last weekend (by Vic Larusso!), Freshwater side of Queenscliff, sold for $660k. Needs a bit of work.

LOTS of buyers, not much supply. That said several have come on this week...
 
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