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How far will Sydney’s median house price of about $1.58 million stretch on the NSW coast?
For about the price of a house in the capital, many sea-change buyers can find a property closer to the sand or a premium home five minutes from the water.
Ballina is a popular coastal town for Sydney sea-change buyers.Credit: Danielle Smith
A glamorous four-bedroom home that’s a five-minute drive from the water front, 10 Finley Avenue in East Gosford, recently sold for $1.55 million.
The quality home with luxury finishes, extended outdoor living and a swimming pool attracted out-of-area buyers, with three of the four interested families coming from Sydney.
Selling agent Marc Correia from Stone Real Estate said the majority of interest in the area tends to come from young families upsizing from the northern beaches and Hills District.
“Now [their] apartments are probably worth $1.1 million-$1.2 million.”
Correia says the Sydney dollar stretches further on the coast, with unit owners selling up and moving into houses in the area. Existing homeowners can move into a better quality build.
“They’re still selling [houses] for $1.8 million-$2.5 million depending on the property. They can sell that, come here and buy a property like 10 Finley Avenue, which is done to the highest [quality]. It was luxury throughout the property, heated floors everywhere … really nice and luxe throughout.”
A two-bedroom house at 40 Beach Road footsteps from a family-friendly park, lagoon and Stanwell Park beach sold for $1.6 million. Bald Hill above teems with tourists watching paragliders soar above Stanwell Tops, but locals in the know enjoy the park below.
Selling agent Ian Pepper from Ray White Helensburgh said expectations for this home were about $1.4 million.
Pepper says there is a lot more stock available now than a year ago.
“[Before] you’d only have 20 properties on the coast down here and 100 people trying to buy whereas now it’s close to 100 properties, and probably it’s the other way around, 20 buyers at the most [from] Sydney.”
In the Port Stephens area, Corlette is an attractive beachside location minutes from Nelson Bay and about 2 hours and 45 minutes from the city. It has been popular for decades for holiday letting.
Houses along the water can fetch upwards of $3 million, but just 350 metres back from the waters edge, 15 Corrie Parade has incredible views and potential for rental income from two one-bedroom downstairs units. It sold for $1,550,000 in December.
The three-bedroom home, cleverly sectioned into upstairs living and downstairs rentals, sold before auction. It had been on the market for just 10 days.
Selling agent Dane Queenan from PRD Port Stephens showed 20 groups through and buyer interest was from Sydney, the Northern Territory and locals.
Queenan said while buyer activity is not as aggressive as it was 12 months ago, it is still positive.
“There’s still a lot of retirees in the area. But a lot more families [are] moving up out of Sydney as well.”
The main areas Sydney buyers are coming from are the Northern Beaches and Hills district, he said.
Ballina Shire is an eight-hour drive north of Sydney and half an hour from Byron Bay. Ballina is Byron’s friendly country cousin, possessing a sub-tropical climate and a sense of community.
A three-bedroom, two-storey house, 2 Tamar Street sold for $1.43 million recently. The lifestyle location has water views and is a short walk from the sand and there are paths and bike tracks nearby.
The house sold within two weeks of being on the market, before auction.
Selling agent Jan Borsje from Professionals Ballina & Lennox Head said the interest in Ballina comes from Byron Bay.
“What happens here is the Sydney market really comes down on Byron Bay, that area, and the Byron Bay population says, ‘OK, thank you, we’re out of here. And we’re looking for a better place.’ They tend to find it at Lennox Head, East Ballina or Ballina itself.
“They get good money for their property. And they come up with good money for it. It’s a bit of a wave that happens.”
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