Despite experiencing five interest rate hikes this year, interest in the region's properties remains strong. Units designed for middle to low-income earners are particularly popular, and buyers seeking investment value are turning their attention to the western and northern regions, driving up property prices and breaking historical records.
The real estate market in the Northern region, especially in the bustling Lower North Shore of Sydney, is exceptionally active with high sales activity. Renovated units have become a popular choice for homebuyers, and there is significant demand for such properties.
This year, renowned author Liane Moriarty purchased a five-bedroom house on Balmoral Slopes in Mosman for AUD 19.5 million. In the same apartment building, her close friend, actress Nicole Kidman, acquired the sixth apartment. Moriarty's nine novels, including "Nine Perfect Strangers" and "Big Little Lies," have been adapted into TV series, with the third adaptation, "The Last Anniversary," currently in production.
Mosman has also launched the highly popular "Lock Up and Go" apartment project this year, selling out within two hours. These apartments, catering to the local "downsizer" seeking convenience and comfort, were highly sought after. The "Imaginations" project located on Myahgah Road, an unplanned development, sold all 20 apartments within two hours, with many singles rushing to purchase units built by Helm.
According to Tim Rees, Director at CBRE, the sales office opened at 8 a.m., and by 10 a.m., all units were sold out, with the top-floor apartment selling for over AUD 15 million, setting a new record for unit prices in the Mosman area. The project is expected to be completed by 2025.
Apart from Mosman, the Northern Beaches area has also garnered attention. Suburbs like Palm Beach and Manly are known for their prestigious waterfront properties, but this year, media focus has shifted to the semi-rural interiors of the Northern Beaches.
In Terry Hills, the charity Royal Far West sold a ranch-style new house to cricketing golden couple Mitchell Starc and Alyssa Healy for AUD 24.5 million, setting a new residential real estate record in the region. The couple purchased a property in Charlotte Park, almost doubling property prices in the suburb.
In addition to the aforementioned areas, Manly has also been in the spotlight. This year, the charity Royal Far West launched the highly anticipated Manly waterfront development project, Aurora, which sparked widespread buying frenzy.
A 212-square-meter unit was sold for AUD 16 million, achieving a per-square-meter price of AUD 75,000, setting a new record for Manly. These units will be sold with a 99-year lease, and the proceeds from the sales will continue to support children's charitable causes.
