Even for a city as expensive as Sydney, the beach-side suburb of Manly boasts eye-popping prices. According to the Domain Group, the suburb has a median house price of $3.2m and a median unit price of $1.3m.
This hasn’t put a dent on demand, however, and Manly boasts a clearance rate of 80%. Prices start at $800,000 for an entry-level apartment with one car space, while freestanding homes start at roughly $2.5m.
According to Michael Clarke, principal of Clarke and Humel Property Manly, it’s routine for real estate to have price tags of between $6m to $7m.
“There have been several sales in the past 12 months north of $12 million,” he told the Domain Group.
The suburb is drawing moneyed buyers due to its attractive combination of “ocean and harbour beaches” and a laidback, albeit sophisticated lifestyle. Clarke has also noticed strong interest from young, upwardly mobile professionals looking to start families, as well as downsizers and overseas buyers.
New shops, cafes, restaurants, and bars now line the Corso and further afield, and there’s been a noticeable jump in the quality of the suburb’s eateries and boutiques over the past few years.
Manly is relatively accessible, and when traffic is light, the CBD is just a half hour’s drive. Residents can opt to take the Manly Fast Ferry instead, which offers a quicker, more relaxing commute.
Collections: Mortgage News