Increase in out-of-towners buying properties on the northern beaches

It’s one of the most sought-after areas in Sydney, where the locals buy their homes and rarely leave. But now, for the first time ever, more properties on the northern beaches are likely to be bought by out-of-area buyers than locals.

There is a changing of the guard in the property market on the northern beaches. Picture: (AAP IMAGE / Troy Snook)

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FOR years the rest of Sydney has referred to the northern beaches as the insular peninsula.

Those born and bred on the beaches buy on the beaches and rarely leave.

But all that is changing.

For the first time homes on the peninsula are more likely to be bought by out of area buyers than locals. Real estate agents are reporting up to 80 per cent of homes in recent months have been snapped up by people from beyond the beaches.

This home in Watkins Rd, Avalon recently sold to buyers from the North Shore last weekend.

Those from the lower north shore are buying units in Dee Why, empty nesters are looking for sea-change property in the Clareville and Newport area and young families from the eastern suburbs are buying houses with a garden everywhere from Balgowlah to Avalon.

Industry experts said improvements in public transport connections to the city and the increase in flexi working and working from home were behind the shift.

“It is unbelievable how the market has changed,” Tania Paris, of Belle Property Seaforth, said.

Just two years ago more locals were buying real estate than out of area buyers, with around eight out of every 10 homes bought by someone already living on the peninsula. But since 2017 the figures have shifted dramatically with between 50 and 80 per cent of homes, depending on the suburb, snapped up by outsiders.

This home in Merrilee Cres, Frenchs Forest attracted more than 83 people at its first open house, with more than 80 per cent of those people coming from out of the area.

Frenchs Forest has experienced one of the greatest shifts. Just years ago 80 per cent of homes were sold to locals. Now 80 per cent are going to out of area buyers.

“Just in the last six months we have noticed huge numbers of buyers coming from Sydney’s northwest seeking to leave areas that are being heavily developed,” Ms Paris said.

“For example we have a house for sale in Merrilee Cres, only 20 per cent of the 83 interested purchasers are currently residing in the Forest area. Most of the buyers are coming from the Ryde area, Gladesville and Cammeray.”

This Cormack Rd, Beacon Hill sold to buyers from Killara over the weekend.

Alex Augustyniak, of McGrath, said more than half the buyers of units in Dee Why are from out of the area which is unusual.

“They are coming from the eastern suburbs, inner west and lower north shore,” he said.

Tim Mumford, of Stone Real Estate, said the B-Line and 18 minute Barangaroo fast ferry to the city were game changers for eastern suburbs buyers who could move to the beaches and get to the city quicker than living in Coogee.

“There has been a real spike of out of area buyers this year across all waterside suburbs with families looking for grassed back yards to raise children,” he said.

Andrew Lutze, of Cunninghams, said the trend for flexible working and working from home made the beaches very attractive along with its low crime rates.