Property values in the Northern Beaches, particularly Avalon, are experiencing a surge in demand, with a 29 per cent uptick in median house price, as buyers realise that living away from the CBD, where space is not an issue and amenities abound, gives great value for money.
Highlights
- The median house price in Avalon experienced a 29.19 per cent uptick from October 2020 to September 2021, as buyers finally see the value of living near the coast far away from the CBD.
- Avalon’s unit market performed better than the housing market with a 54.65 per cent median increase.
- The median house price during this period was at $2,777,500 whilst the median unit price was at $1,300,000. Despite the increase, these prices are still relatively more affordable for investors compared to the beachside properties in other Eastern Suburbs.
Avalon House Price Growth
According to Property Market Updates, the median house price in the Avalon property market grew by 29.19 per cent from October 2020 to September 2021, rising up to $2,777,500 from $2,150,000 in the previous year.
About 198 houses were sold for this period with an average of 32 days on market, reflecting an insatiable demand from buyers who have decided to move out of the city and enjoy the beachside lifestyle in Avalon.
Investors went for four-bedroom waterfront homes the most with 87 sold at under 30 days on market. Smaller-sized properties were also quickly snapped up with one or two-bedroom homes staying on the market for just less than three weeks.
Despite the increasing house prices, which is good news for the homeowners in this tightly-held market, a lot of Avalon properties are still priced lower than a number of beachside properties in the Eastern Suburbs. A property in Coogee, for example, may cost around $8 million and it won’t be nearly as expansive as the properties in Avalon.
In recent years, the Avalon demographic has shifted from older, independent individuals or families to mature and established families on their second or third home. In the past, investors looked to Avalon for holiday homes but now they want a place where they can permanently call their home to fill their need for more open spaces.
Avalon Unit Price Growth
Avalon’s apartment market performed exceedingly better than the housing market at 54.65 per cent median unit price increase. The median unit price has settled at $1,300,000 for this same period, up from $840,600 in the previous year.
Sixty-five units were sold in this suburb between October 2020 to September 2021 within an average of 46 days on market. Avalon has one of the strongest demands for apartment lifestyle across Sydney despite the gloom in the sector due to the pandemic, especially in the CBD and inner city areas.
Buyers who want a sea change or tree change but have budget constraints look to the Avalon unit market for options as it’s more affordable than detached dwellings. The commute to the city is no longer a hindrance as most residents work from home under the new normal.
More than 80 per cent of the dwelling options in this suburb are free-standing houses thus the lack of supply for apartments.
About Avalon
Once overlooked for being quite far from where the action is in the city, Avalon has a fresh appeal for buyers who now see the value of living where beaches, bushes and the coast are more accessible.
Avalon isn’t a completely remote area as there are ample establishments where residents can buy their essentials, enjoy a healthy meal at a restaurant, or send their kids to good schools.
Though not as congested and compact as other locales in Sydney, Old Barrenjoey Road and Avalon Parade are where the business centres thrive. Undoubtedly, however, Avalon Beach is the main attraction, where Surf Life Saving and Nippers have enjoyed a long tradition.
Avalon provides locals with a great sense of space where they can relax in the beauty of nature. Boating and other water sports are the most popular recreational activities in this suburb flanked by the beach on the eastern side and the Pittwater to the west, a unique waterway perfect for fishing, kayaking, sailing, and even bushwalking.
Avalon has a tight-knit community of long-time locals who regularly organise group and cultural events. Apart from surfing, Avalon has a thriving art scene and many locals adopt a sustainable green lifestyle.
“Old Barrenjoey Road and Avalon Parade are at the heart of Avalon. Over recent years there have been a number of (re)developments that have significantly improved the appeal of the area. The majority of housing in this central location comprises of 1, 2 and 3 bedroom units making it ideal for young couples, downsizers or small families. Living in Old Barrenjoey Road means you are close to shops, cafes and public transport. The beach is also only a 3 minutes walk away. For people considering apartment living and who desire a central location then Old Barrenjoey Road is certainly worth consideration.”
Paul Towers
“Joseph Street is a quiet little cul de sac which is an oasis in the hustle and bustle of Avalon. Close to everything yet you feel like you are on holidays and you can hear the birds singing, not the traffic flowing.”
Kouls
“Central Road is a fairly lengthy street running from Avalon Parade (where it becomes Hudson Parade) to Barrenjoey Rd. The street is very green with many trees and is relatively level. There are many facilities within walking distance, including in the street itself. There are speed humps in the road – to slow down the occasional through-traffic.”
Cerian