What a difference a year makes. Last year a vacant block of land in Narraweena sold for $900,000. It is for sale again, this time for $850,000 and it now has council development approval for a large family home to be built on the site.
Agent Mario Esposito, of McGrath, said the land at 54 Towradgi St was 556sqm with services in place in a cul-de-sac and a creek at the back.
“It is a beautiful setting and the last of the virgin blocks in the suburb,” he said.
The couple who bought the block last year were not builders and, with the wife now pregnant, they had decided to onsell rather than try to build a new house with a baby on the way, he said.
“It has been priced to sell,” Mr Esposito said.
The street record for Towradgi St is $1.575 million for a family home that sold last year.
Narraweena is the third most affordable suburb on the northern beaches, according to CoreLogic. The median house price for Narraweena is $1.52 million behind North Narrabeen’s median of $1,455,250 and Scotland Island’s house median of $840,000.
This week is the first week of spring and the start of the traditional real estate selling season.
The northern beaches has tracked well all year with auction clearance rates higher than most other Sydney regions.
This week the auction clearance rate for the northern beaches was 64 per cent compared to Sydney as a whole at 59 per cent.
Agents are predicting a more normal spring market than last year with steady demand for property on the northern beaches.
Mr Esposito said buyers would be paying fair market prices for property this season.
“I think the northern beaches is going to have a balanced market,” he said.
“What has impacted the market is the credit squeeze where people can’t borrow what they could borrow previously.”
This week there are 701 private treaty properties for sale on the peninsula and 315 properties going to auction. That is 1016 properties for sale altogether.