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Where Is The Next Property Push?

By Danielle Banton

Sydney’s real estate market has been on the rise with the median house price hitting $1 million. The less affordable houses have become, the more buyers divert to apartments, semis and townhouses – a trend we have noticed with younger people as well as retirees, and one that could potentially reshape how people live in the future.

Keep an Eye on Dover Heights

As a resident of the eastern suburbs for 60 plus years I am sensitive to change and the development of new trends. As I have noticed a shift away from freestanding houses, I am also noticing a push towards certain suburbs that had been flying under the radar in the past.

One most remarkable change I noticed on a recent walk around Dover Heights were five new semidetached mansions with lifts that seemed to appear from the ground in no time: Out with the old in with the new. For me this activity sends a message that suburbs like Dover Heights are on the rise and increasingly sought after. And no wonder it is with views, parks, transport, coffee shops, good land sizes and best of all – close enough to world famous Bondi Beach but far enough away from the hustle and bustle of the city.

In my opinion Dover Heights is a suburb to watch: Still one of the more affordable areas it will catch up and develop into one of the more expensive suburbs in the east.

Sometimes We Miss What Is Right Under Our Nose…

And in this case I am talking about another underdog that will burst out again – one that has fallen behind lately: Vaucluse! The affluent, residential suburb only eight kilometres from the Central Business District which demands some of the best ocean and harbour views in the country has kept a low profile in the past but will thrive in the future in my opinion. My advice: Just watch this space!

Where’s the Market Headed Now?

Opportunities are in the wind: Unfortunately some vendors may just miss the top of the market if they don’t get in this year. I don’t foresee a crash like some are predicting but a change is noticeable:

  1. Overseas enquiries are still flowing but starting to falter just a little.
  2. The slight upward trend on investment loans has been stalled short term by APRA reinforcing the 10 per cent annual growth limit on residential property investor lending.
  3. Interest rates are still on hold, but the question is for how much longer.
  4. The rental market is a little sluggish (we hope it’s only seasonal), but this slow down also affects the investment market.

What Is Ray White Double Bay Up To?

Our office has been very active and for those who keep an eye out on the real estate market, you might have noticed a significant increase in our Double Bay market share: We are definitely leading the way in listing volume and sales records as the top office internationally. This title has helped us maintain our finger on the pulse at the highest level. We are now a magnet for buyers and sellers locally as well as internationally.

Over the past months we have had some very notable sales and currently I am marketing one of the most highly regarded private residents in Australia: ‘Leura’ at 24 Victoria Road in Bellevue Hill. This home should set a street record as well as a national record.

Despite some change in the air, there are still new opportunities out there for those with a keen sense of market conditions. So go hunting now and don’t forget to stop by our office to get the latest advice on the real estate market in the eastern suburbs.

We have always an open ear for you and are looking forward to seeing you and supporting you with all your real estate needs.

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