Lane Cove, Crows Nest and Chatswood house values predicted to rise this year

This year will also see a number of north shore suburbs come into the spotlight.

1. Lane Cove

Lane Cove’s vibrant village lifestyle is key to its appeal.

Combined with an efficient bus transport system to Sydney’s CBD and an abundance of schools, the suburb has seen an influx of young professional couples and families in the area in the past year.

“Lane Cove performed over and above the broader Sydney market,” Belle Property Lane Cove principal Simon Harrison said.

“Strong demand pushed prices to new levels. The entry level for houses has jumped considerably during the boom and it’s now very hard to buy a house under $1.5 million, even on a busy road.

“The top end of the market has also changed, with more property traded in the $2.5 million-$3 million range than ever before.”

It took only 20 days on average for a house in Lane Cove West to sell, while in Lane Cove the average number of days on market was 37, according to CoreLogic RP Data.

However, compared to neighbouring suburbs such as Longueville and Artarmon, Lane Cove still holds good value for upsizers, downsizers and those looking to get on the property ladder.

The median house price in Lane Cove increased 18 per cent in the past 12 months to $1.75 million.

2. Crows Nest

96 Falcon St, Crows Nest, sold for $1.3 million.

Crows Nest enjoyed a buoyant market in 2015, with its house prices recording the third-highest capital growth rate on the north shore, according to CoreLogic.

House prices in the suburb rose 32.4 per cent in the past 12 months and 12.8 per cent in the past three months.

The suburb is set to experience more growth following an announcement by the NSW Government that a new metro railway station is to be built on the western fringe of the village.

Executive chairman of Raine & Horne, Angus Raine, predicts that an improvement in major infrastructure will result in an immediate spike in property values by as much as 10 per cent.

Mr Raine said the new station, set to be completed in 2024, would help link Crows Nest and North Sydney to jobs in the Sydney CBD and Barangaroo.

The suburb can also expect to see a bigger contingent of developers lured by the prospect of new infrastructure, McGrath Projects’ associate director Craig Moore said. New developments such as Panorama, Element, Oxley and East Lane, launched last year to great success and future projects are in the pipeline.

While Crows Nest’s unit market showed modest growth, the influx of commercial offerings alongside the metro line will likely increase demand for these kinds of properties among young couples, professionals and first-home buyers.

3. Chatswood

Chatswood Place launched to great success with 106 out of 111 apartments selling within three hours.

There is plenty more steam left in the market in Chatswood, as Sydney’s third largest CBD continues to expand at an exponential rate.

The construction of the Sydney Metro Northwest between Rouse Hill and Chatswood and the Sydney Metro City and Southwest linking Chatswood to the CBD and Bankstown, is set to revitalise the suburb and bring in new infrastructure and commercial opportunities.

Towards the end of 2015, $160 million worth of real estate was snapped up in three hours during the launch of Chatswood Place by Platino Properties.

A total of 106 out of 111 off-the-plan apartments sold within three hours, indicating that a ripple effect from the new infrastructure was already underway.

“Chatswood is a very attractive location with great amenities,” Platino Properties’ Jonathan Leib said.

“People want to live near their favourite restaurants, cafes and shops and so there’s been a shift over the past 15-20 years from them wanting a quarter-acre block to now being walking distance to local amenities.”

The majority of buyers were local owner-occupiers.

Property values in the suburb remained strong last year as house prices shot up by 27 per cent and units rose by 12.9 per cent, according to CoreLogic.

Its long term market has also proven to be a resilient one, with 56 per cent capital growth in the past five years for houses and 40 per cent for units.

Originally published as Lane Cove, Crows Nest and Chatswood house values predicted to rise this year