northern beaches - sydney

Oscar

Oscar

I have been researching this market on and off for the past year or so. The "value" proposition around collaroy, narrabeen, north narra. etc still surprises me. Large 4 bed homes with very close proximity to lake and beach, sitting on between 600 and 900 sqm of dirt, most with some water views of lake or beach, selling from around $1mm to ~ $2.5mm.

Had a look at a home on collary st. collaroy last weekend. Would take about 5 mins to walk to beach with the collaroy "village" almost on door step. House is on a sub divided lot of about 400sqm. Smaller than most on the street. 2 storey, 4 beds, some views of water...asking $1.1mm but I reckon, given the lot is smaller than a lot of other blocks the owners may off load at around $1mm or just under.

It still looks like good value to me. Such a home would sell for around 2 to 3 mill in eastern suburbs and I'm not sure the proximity to CBD is worth that much more.

Anyone know this market well or has recent experience in the area?

I have finance approved and am close to making an offer but it's big call. Any experience shared would be appreciated.
 
Hi Oscar,

I live on the northern beaches, a little further north from Collaroy in Newport. I feel the value is fantastic on the northern beaches for the lifestyle being offered and still within commuting distance to the city.

I purchased a PPOR here a 3 br , 2 storey double brick home, high on the hill with very nice views of newport beach (I guess we would be a 5 - 10 min walk down to the beach ) a very steep walk back up though but thats the price you pay for the views! Paid 800k for it which I believe is good value for the lifestlye it offers.

Michael Whyte is the expert on Narrabeen seeing he lives there. Maybe send him a PM.
 
Sounds like a nice home Karina - may I ask which year you purchased?

My only reservation with this place is the relative small size of the block, but at 400sqm I reckon I've got a good bargaining point.

Hopefully I'll view some others this weekend to get a better idea of relative value.

I've been to Newport twice, never made it past the Arms!
 
Hi guys,

Well of course I'm going to post a reply to a thread entitled "northern beaches - Sydney" in where to buy. :D

I think you'll find that Jacque also agrees there is a lot of value on the Northern Beaches yet. The lifestyle is enviable and the cost relative the south side is fantastic. I can't believe you can still buy deep water frontage on Pittwater for around the $2M mark. That's my dream home and something I hope to trade up to in coming years.

Here's a thread I posted on this topic not so long ago to get you started:

Sydney's Northern Beaches Update

My personal opinion is that there is a lot of potential. Nth Narrabeen is definately the sleeper suburb IMHO. You can still buy a house on 600m2+ for around $600K. That's bottom quartile stuff but its a red hot market as first home owners can afford it which drives the demand equation up. We were going to buy that sort of thing on a slightly bigger block and look to duplex it, but then we moved on to our Mona Vale development instead.

To give you an idea of what we believe was a great buy in Mona Vale, consider this: The median for standard residential blocks in Mona Vale is around the $900K mark. But we paid $690K for our 700m2 block in the heart of Mona Vale and its zoned MUH. Couldn't believe it at the time and am still pinching myself. When our development is completed we believe each of the units will conservatively value at around $830K on current estimates. Given its location, it won't be long until these will demand $1M each IMHO.

Collaroy is definately a great area. Its at the edge of the price creep that's coming up the beaches. In my opinion, it is the last of the suburbs as you head north that really benefited from the last boom. The next suburb along which is also very expensive but doesn't have nearly as much medium density yet is Narrabeen. Then you cross the bridge into Pittwater Council and hit North Narrabeen and prices drop significantly. You can still stroll to the beach in minutes and enjoy all the cafes and restaurants on Narrabeen lake, but prices are a fraction of Narrabeen itself.

Our PPOR is in Nth Narrabeen (as Karina pointed out). Its on a sub-tropical rainforest block of 1600m2 but its a steep (20 degree) sloping block with access issues. We've got views down the valley over Narrabeen lake and can stroll along the Pelican Walk to the beach in about 10 minutes. Its 10 minutes south to Narrabeen lake proper and the cafes and restaurants. Our house cost us $650K in total as we built it in 2000. Its now worth about $800K conservatively. That's not much of a rise, but its held its own through the Sydney downturn and we reckon is still a good long term investment.

So, it all depends on what you're wanting to achieve. If you're looking for value, look a bit further north and you'll find even more. But Collaroy will get you a fantastic suburb with all the amenities already in place. If you buy well in that suburb (i.e. you dig out the value property) then I agree you'll do well.

In short, I can't see the Northern Beaches doing anything but continue to grow in demand and value over the short, medium and long term. Karina is sitting on yet another gold mine. ;)

Cheers,
Michael.
 
Michael and Karina..... *sigh*

How many times have I told you guys if you continue to talk the area up it's NOT going to serve me well when I go to buy the Bilgola waterfront in 10yrs time?! Shhhhh!!! The Northern Beaches is not a great place at all to buy in Sydney- it's miles from the closest railway lines, has crap transport to the city and who wants to live near salt spray and lots of sand anyway?!! ;)

OK OK I do :rolleyes:

Yes, the NB is holding it's own and I think it, along with other suburbs of Sydney, will pay handsomely in cg over the long term. Oh, and I like Collaroy too- have friends there and we like to stroll down to the beach and park from their place when we visit.....

Each to their own, however. The beaches aren't for everyone, just as 5 acres of rolling green doesn't appeal to those who don't like Dural :D but I just love the beaches! Michael and Karina, when am I being invited over for that BBQ? Remember, I'm coming from the infamous Hills so will need to make plans early..... ;) :D
 
Thanks guys,

Just had an evening inspection at the collaroy st. house, looked really good at night also which is good. Owner not prepared to sell for under $1mm, she knocked this back just last week.... I won't be offering anything more to start with, and probably a little less. It is a superior location however, we timed a 4 minute walk to the beach and just off the main shopping area/small cinema/bus stops on pittwater road etc...the tenants would love it.

Karina, will definitely take a peek at newport over the weekend and your linked property will definitely be inspected.

Got my finance pre approved today and feels good to be out shopping again after such a long break. Real good!

Thanks,
 
Jacque, I love the area too.

My sister bought there years ago (70's?) and I remember fond memories of narrabeen beach and lake as I stayed over big sis' house.

I've grown accustomed to eastern suburb beaches over last few years, and taking a drive up last weekend, and looking at that almost endless beach from Collaroy to Narrabeen made me feel real good. That's a real beach and can't stop thinking how good it would be to have a piece of it. Well, almost....:eek:
 
Oooh Oscar- nice house :)

I gather the view gets better as the numbers increase on this road- hence the higher prices - drive past no. 37 and check it out as it sold late last yr for just over $1.6mil. (435sqm) No. 22 sold back in 02 for around the $1.1m and that's on similar land too (around 500sqm) - I can't comment specifically on this market but I'm sure Michael and Karina and other NB residents could help you out here. Given what this owner paid back in 98, however, at $1mil it looks good to me :)

Good luck with it all and let us know how you fare- maybe if you get a great price you can start off the BBQ rounds!!! :D
 
karina said:
Hi Oscar,

I bought Feb last year but there are some good bargains out there at the moment.

This one is really nice but has a very steep driveway but awesome views. (just to give you an idea of whats available in newport) My view is very similar to this one however my place is unrenovated and only 3 bedrooms.

http://www.realestate.com.au/cgi-bi...=&fmt=&header=&c=70323452&s=nsw&tm=1178754387
Click to expand...
Karina,

That headline photo seems much closer than the next one down which is shown as a view through the upstairs living room. Do you think the main photo is actually one of the REA's notorious "location shots" and not an "actual view"? I loved the look of that place and mentioned it to Kay. I said we could sell Nth Narrabeen for $800K odd and trade up. She's kill to have a sweeping ocean view regardless of the state of the house. We're very capable so can reno pretty much anything we live in.

She got so excited she actually refused to look at the listing. She was worried that would just get her cranky because we're not quite at the right stage to be trading up. Maybe in a year or two when we've finished the Mona Vale development and have a better looking LVR and cash flow. If we traded up now we'd be too stretched. Still, that is ultimately our plan so we'll probably be even closer neighbours in the future! :D Maybe we can do one of those progressive dinners for Jacque with the main course at your place and dessert at ours! :p

Nice link, thanks. Please keep sending these my way if you spot anything absolutely amazing that you think shouldn't be missed.

Cheers,
Michael.
 
Michael,

I have PM'd you answers to your question. I don't think you would need to spend any $ on the house its in mint condition from what I remember and brick residence.
 
Jacque said:
The Northern Beaches is not a great place at all to buy in Sydney- it's miles from the closest railway lines, has crap transport to the city and who wants to live near salt spray and lots of sand anyway?!! ;)
Click to expand...

That is one down side.

Depends what you want . if you want somewhere more central with good transport , great schools and plenty of community involvement , the other option is the upper north shore.

Again prices considerably cheaper than Eastern suburbs and you don't have to put up with little blocks like they have on the northern beaches ....:)

We're on 3000 m2 , soon to be 1500 * 2 , and if for some reason we want to go to the beaches ( I like launching our cat at the boat ramp on palm beach ) it's a hell of a lot closer to the water than the Hills....... which really is a long way from anywhere again with much better transport.

1.25 - 1.5 would probably get you an as new 4-6 bedroom house with swimming pool on 1500m , bush outlook with really nice neighbours ....

Cliff
 
Glebe - the agent for the collaroy house was quoting $750 to $800 a week.

Out of pocket on my top marginal tax rate would be ~ $23,000. So, on 100% borrowings, a mere 2.4% in capital growth a year would see me break even. Even a conservative like me would predict better that 2.4% capital growth.
 
gazza said:
SC

Upper North shore - which suburbs are we talking about here?

Gazza
Click to expand...

Wahroonga and down . Waitara / hornsby are cheaper still .
Once you get down to Killara I'd hazzard a guess that the average prices are getting more expensive.

There are multip million dollar properties in most of the suburbs , but especially if you get to areas like West Pymble ( has a good local school and lots of young families have move in there in the last ten or so years ) and south Turramurra prices drop down , though they're not walking distance to the station which is one of the main sought after points for houses.

East Side is generally more expensive and the most expensive places would be East Side , walk station. Check out Pibrac Ave ( one for sale for 3 1/2 at thee moment ) and Water St if you want to see some really nice houses and Campbell Drive would be typical of some cheaper areas .

Cliff
 
What a great day for property inspections today - especially on the NB's!

I'm getting over collaroy st., especially since taking a peek in Newport. The area seems to have more of a village feel and the views from up the hill are spectacular.

Looked at 3 Sybil St - beautifully renovated by an architect/builder couple, nice water views but no parking which is a major drawback. 880K would take it off the market. That's not bad since it sold for 719K in Feb 04 and the owner/builder spent 154K sprucing it up. They actually lose money on the sale.

68 Grandview drive was another story. Captivating views and larger house, but not renovated to the standard of Sybil St. This home has much more potential as it has garage, may need a 4WD to get to it, but it has one all the same. I can see down the track a 100K spruce up would make this an incredible home. For pure IP purpose this one has more legs on it... $930K would probably take it off the market.

decisions, decisions.......
 
Hi Oscar,

Good to see your inspections went well. I also saw the value in newport, I am up high on the hill on grandview also and think the views are awesome for the $. I first looked at harbord and for 780k all I could get was an old 2 bedroom house small on about 400 sqm so when I saw what was on offer in newport it just seemed like awesome value. Its a really nice place to live, very peaceful, good neighbours and you are just moments away to the spectacular beaches of whale and palm beach (and newport beach of course). Bungan beach is great as well its more of a locals beach at newport and its very private.During the warmer months I would come home after work, load the dogs in the car and off we went , quick drive to whale or palm beach where we would all go for a run on the beach , it was pretty awesome until the rangers paid me a visit at palm and fined me $440 for having my dogs there so I now take them to the dog park at newport or bayview, that is another gorgeous area, bayview is just beatiful.

I have lived north west (rydalmere), west (rooty hill), south (brighton) and now north and I don't think I'll be moving from this area, maybe further up the coast to whale or palm one day if I can afford it.
 
Tropic, some of the blocks are steeply inclined. Front steps can literally start on the edge of the road, with a steep walk up to the property. What you miss with off street parking facility, you gain with views of water, beach and district. There are trade offs to be made here.

Note also that some that do have carports or garage would need a 4WD to get to them, (some hyperbole here but not all that far off the mark).

The homes without off street parking obviously sell at a discount because of this issue - I am looking at the possibility of excavating for a car port at one such property. The value this would add would be significant in my opinion, but tricky to do and I have no idea about the costs involved right now.
 
You must log in or register to reply here.

Similar threads

E
USA to ? Bahamas? In case anyone Interested.
Replies
11
Views
6K
Emma171
E
M
Advice please - A vs B
Replies
11
Views
3K
Teshy
T
GreyGhost
Strategy Advice - VIC
Replies
7
Views
2K
tone1
T
geoffw
Studying Spanish in Guatemala
Replies
15
Views
2K
Tranquilo
T
geoffw
Real estate in Panama
Replies
7
Views
2K
geoffw
geoffw
Back
Top