House and Home Design - Realestate Passion
SAVVY buyers on the hunt for an apartment should look to North Sydney and Crows Nest this spring.
The two suburbs are offering young apartment buyers a chance to bag a property for an “affordable” price with minimal competition.
Realestate.com.au chief economist Nerida Conisbee said North Sydney and Crows Nest offered plenty of opportunity in the current market, t with its cheap property prices and little search demand online.
“Across the lower north shore, North Sydney and Crows Nest apartments are some of the least searched suburbs in the area, averaging only 1,000 and 1,500 views per listing,” she said.
While they are ahead of East Lindfield which averages a little more than 200 searches per listing, it lags well behind the most searched lower north shore suburb of McMahons Point, which averages 5,800 searches per listing.
Crows Nest remains the pick of the two for those on a tight budget, given it is has the cheapest median sale price of $780,000 for units — a drop of 6.6 per cent compared to last year.
“This is a surprising drop, but I would say with investors pulling out of the area, this fall has opened up new opportunities for other buyers to come in and get a good buy,” Ms Conisbee said.
North Sydney apartments on the other hand have a median sale price of $960,000 — which is up 0.3 per cent in the past three months, but still down 2.8 per cent compared to last year.
Quote on price and opportunities.
With a slight increase in median price from North Sydney, Ms Conisbee said this is likely caused by first home buyers looking to get into the property market.
“North Sydney is the second cheapest suburb on the lower north shore and is relativity affordable for the area,” she said.
“It is a buyers’ market, so now is a good time to try your best and a better property than what you might once have.”
One of the purchases more affordable for buyers is a two-bedroom apartment with an infinity pool in North Sydney. It is one the market for $15,000 more than the suburb’s median sale price.
Former Adelaide Crows forward Luke Jericho is one local who has taken advantage of great buying conditions for apartment hunters, after he snapped up a two-bedroom apartment from The Agency’s David Grant.
Mr Jericho who now works at the Commonwealth Bank said while price and location was important, the softening market made him feel more comfortable looking in places that he may not have previously.
“I wanted somewhere in a good location, needing a little bit of TLC, with some good sized bedrooms, a balcony and not too much road noise,” he said.
Mr Jericho said despite a shift in market conditions he found it important to stick to his guns price range.
“I had a budget that I wanted to keep to, so while the market was different, I tried not to bother looking at things that were advertised on my limit or above,” he said.