Property Demand Heads To The Beaches
As we move towards the end of Summer property demand is heading to the northern beaches. Admittedly records are still be paid in the trophy home markets of the Eastern suburbs by the odd Chinese investor lucky enough, or should I say connected enough, to have moved cash from mainland China into Australia. Many other suburbs are finally coming off the boil.
However we are seeing interesting developments on Sydney’s Northern Beaches. Firstly Chinese buyers have started acquiring sites in the Bayview area. Several houses have already sold in the $10m range and I expect several more waterfronts are likely to transact over the coming weeks in the $7m – $10m range.
The other interesting development is the demand for waterfront and beach view houses across Avalon, Clareville and Palm Beach. In one particular street in Avalon two waterfront properties are under offer for more than $9.5m. Speaking to a few agents in the area they are seeing plenty of buyers in the $6m to $12m price range so it looks like demand will stay on the beaches for a few months yet.