In 2016, the beach lifestyle is more popular than ever.
Daniel Gillespie, Principal-Director of Belle Property Bondi Junction, believes that while more people seek the beach lifestyle, property prices will continue rising in Sydney’s beach-side Eastern Suburbs.
“I think they’ll continue to prove themselves to be places people want to live,” he said. “We might not see the variation on values we’ve seen recently, but more and more people want the lifestyle.”
“There’s more and more demand over the last decade to live beside the beach,” said Gillespie.
While proximity to the beach is a key drawcard for buyers, in the last 15 years the coastal region has been gentrified, said Gillespie, and areas once considered undesirable are now attracting huge investments in bricks and mortar.
From Bondi to Little Bay, new high-end restaurants, shops, and apartments have transformed the area.
“New money is coming into those areas,” said Gillespie.
Gillespie said that large blocks close to the beach are highly sought after, and large amounts are being invested in the construction of high-end family homes.
Gillespie gave the example of Blair Street, a reasonably busy street in the heart of Bondi. He said that buyers are looking beyond the traffic and slightly shabby vibe, and investing significant sums for the street’s large blocks, which are within an easy stroll of the beach, new shops, and top restaurants. This is gentrification in progress.
Of course, these beach suburbs carry hefty price tags, and continued improvements of the area and strong demand for the lifestyle benefits mean prices are likely to remain firm this year.
* The median house price for Bondi is $2.2 million. The median unit price is $925,000.
* The median house price in Clovelly is $2 million, and the median unit price is $995,000.
* In Maroubra the median house price is $1.8 million, and units have a median price of $756,500.
* Little Bay’s median house price is a more manageable $1.4 million, but apartments still have a median price of $868,000 reflecting a number of new apartment developments in the area.
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