The Lower North Shore market is renowned for being wholly unaffordable and is often showcased as the barometer of the unattainability of homeowners in the Australian real estate market. The headlines mistakenly lead us to believe it’s all multi-million dollar abodes. So here are four properties that might fit your budget if you’re intent on getting a coveted piece of property in our area this year.
Housing affordability is an issue everywhere across the nation, but it’s a particular problem here. Unsurprisingly so, as our location is pretty unbeatable and the homes are often jaw-droppingly beautiful. In fact, in recent weeks there was a $22 million sale in Castle Cove and a $19 million sale in Kirribilli. So affordability is not our most defining characteristic.
Spare a thought for first home buyers who are still struggling to get a foothold on the property ladder, leading to a trend of young people staying at home rent-free for longer. Spare a thought for their parents, too, who have long dreamt of an empty nest and some reprieve from chirping children at dinnertime.
It’s such a hot button topic that the new government promised to implement a Help-to-Buy shared equity scheme during its election campaign where it will contribute up to 40 per cent of the purchase price of a new home and up to 30 per cent of the cost of an existing home for up to 10,000 eligible households a year.
While that will help only a minority of buyers, all is not lost.
In our Urban Living team, we often sell properties that are ideal for first home buyers and a little less hefty on the number of zeros in the price tag. Here are three properties that sold for around the $500,000 mark in the last six months on the Lower North Shore and one that is on the market right now at the more affordable end of pricing.
This top-floor one-bedder with two walk-in robes sold for less than half a million this year. Through plantation shutters, the new owner is looking out over treetops (33/410 Mowbray Road, Lane Cove North) with plenty of northern sun, and has a short stroll to Artarmon Train Station and a carspot too.
This year we sold this one-bed art deco apartment in a boutique building (1/501 Miller Street, Cammeray) for under $500,000. It’s right next to the Northbridge Suspension Bridge with waterfront walking trails and the attractions of Cammeray village, and has some lovely touches like original Kauri pine floorboards, plenty of storage, gas cooker and a c1940s bathroom showcases a combined tiled bathtub and shower.
We’ve just sold this quiet and bright one-bedder set to the rear of a boutique block of eight in the heart of Mosman, only moments from restaurants, shops and Balmoral Beach. It has a built-in robe and large retro bathroom; but the location means there’s a downside to the small price tag. The new owners need to be comfortable with a shared laundry and car space.
We’re currently showing a studio in Kirribilli (34/20 Carabella Street) with an unbeatable position and elevated harbour views. It’s set back from the road on the fifth floor of ‘Kirribilli Gates’ and has excellent natural light, dual aspects and water views from its balcony. It might well be picked up by an investor as it delivers above average rental yield. Kirribilli Wharf is only 150m away!
If our team can help you get into the housing market, rest assured we will! Please get in touch with either of us.