Buyers getting creative to realise their property ownership dream
High demand, stock shortages and strong prices have challenged first home buyers and investors, who are now looking at creative ways to get into the market.
FAMILY homes in Queenscliff are few and far between and yet demand is high meaning many families think laterally when it comes to finding a house.
The beachside suburb is attractive for its proximity to beaches, good public transport and ease of access into Manly.
However finding a freestanding home in Queenscliff can be a challenge.
Only nine houses sold in the suburb in the last 12 months, according to CoreLogic RP Data. And there are only 300 odd houses in the suburb altogether.
That compares to 1576 units in Queenscliff.
Because so few houses have sold in Queenscliff in the last year median prices are statistically unreliable. However three house sales this year range in price between $2.375 million in Crown Rd to $5 million in Hill St.
According to realestate.com.au online visits to a property in NSW averages 641 hits. For Queenscliff however there are on average 2471 hits per property.
Tim Mumford, of Stone Real Estate, said there are very few freestanding buildings in Queenscliff and even fewer opportunities to build.
Currently there are two opportunities to create large family homes in Queenscliff. One is an older-style duplex that can be converted into a two-storey house.
The duplex available is at 124 Queenscliff Rd on 477sq m of land. The full-brick building has impressive lagoon, ocean and headland views.
The property goes to auction on Saturday November 12 and has a guide of $3.3 million.
Tim has more information on 0421 942 693.
Originally published as Buyers getting creative to realise their property ownership dream