Sydney’s coast is the next big thing in prestige property

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Searching for a luxury property in Sydney? Look no further than its beachside houses.

The Domain Group House Report for June indicated that the eastern beachside suburb of Bronte has become one of the strongest performers during the quarter, with a median house value of $3.49 million. In fact, four out of 10 suburbs with a median price ranging from $2.5 million to $3 million are found in beachside locations.

Among the highest performers are Clovelly, with a median house price of $2.97 million, North Bondi with $2.85 million, Coogee with $2.78 million, and Manly with $2.76 million.

According to Domain Group chief economist Andrew Wilson, it was not surprising to see Bronte included in the top 10 prestige suburbs in Sydney.

“Today, everyone equates Bronte as the home of movie stars so it is not an unlikely candidate,” he said.

McGrath agent Bethwyn Richards also said that Bronte has been highly considered for a long time, but there has been a recent surge in prices. Meanwhile, there has been a major change in Coogee and Clovelly over the past couple of years. The main selling point of these suburbs is the beachside lifestyle.

“People are making their decision based on the lifestyle they see is available here. They are young families who want to walk, run, surf, and eat on the beach,” Richards said. “It’s not about the life they lead nine to five but the life they would like to lead.”

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Wednesday, Sep 20, 2017
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