Almost 30% of property for sale on the beaches is in one suburb
Units in Dee Why make up almost 30 per cent of the property for sale on the northern beaches, offering buyers huge choice and discounted prices.
Almost 30 per cent of the residential real estate for sale on the northern beaches is in one suburb.
According to realestate.com.au there are 590 homes for sale on the northern beaches and 170 of them are units in Dee Why.
The beachside suburb has seen a spate of new builds in the masterplanned heart including the Meriton Lighthouse development which saw 351 apartments released for sale.
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The median price for a unit in Dee Why is $750,000, down 6.3 per cent over 12 months, according to CoreLogic. Agents say there is a big choice of units available and some good value with prices having softened.
They also comment that with more favourable lending conditions and lower interest rates more first home buyers are looking to buy and they are targeting Dee Why, especially buyers from beyond the beaches.
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Alex Augustyniak, of McGrath, said since the Federal election confidence has returned to the market and first home buyers have identified Dee Why as an area of good value.
“Our own statistics are also telling us that 52 per cent of buyers in Dee Why over the last three months have come from out of area,” he said.
Steve Lambley, of Cunninghams Real Estate, said Dee Why unit prices did drop over the last 12-24 months but now that the market is stabilising more buyers are looking and the suburb is seen as offering great value.
Michelle Jones, of Upstate, said while first home buyers dominate the Dee Why unit market investors are returning.
“Investors are making up one third of the buyers at the moment, especially in one and two-bedroom unit,” she said.
Of the 170 units in Dee Why for sale one of the most affordable is a one-bedroom modern with car space with a guide of $540,000. Number 18/85 Pacific Pde is at the back of the block.
Two-bedroom units are very common, one is Lismore Ave drew 20 buyers in its first open house. Number 6/22 Lismore Ave has a guide of $550,000 to $600,000, is on the ground floor and has 71sqm on title.
One of the more exclusive units on the market is a three-bedroom apartment with large terrace at 26/49-53 Delmar Pde. It goes to auction on Saturday August 10 and has a guide of $1.55 million.
In addition a new development site has come to market with approval for another 71 apartments, five shops and two levels of parking. The 2060sqm site in Delmar Pde is being marketed by Upstate Projects, and there is interest from local and metropolitan developers.
Originally published as Almost 30% of property for sale on the beaches is in one suburb