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Coastal suburbs to see growth in 2018

SUBURBS along the coastline are predicted to see the highest amount of growth in the south east this year, despite a softening of the market.

Southern CourierJanuary 14, 20188:00am

PROPERTY prices in the south east are likely to soften in the new year, following on from the current trend prevalent across the greater Sydney property market.

Selling agents believe the south east market will be stable, with little growth expected in the next six months.

Dimitrios Petrakis of South Eastern Realty anticipates that prices will slow down but not drop completely.

“I don’t see property prices in the south east increasing past 5 per cent this year,” he said.

Mr Petrakis believes Botany will be in high demand.

“Under 15 kilometres from the city and surrounded by world-class beaches — you get the best value for money in Botany,” he said.

While Botany has a current median house price of $1.46 million, it has by far the cheapest median price compared to nearby suburbs, which are well over the $2 million-mark.

According to CoreLogic, Coogee has a median house price of $2.86 million and grew 14.6 per cent in 2017. Maroubra has a median house price of $2.04 million and grew 14.1 per cent.

Real estate agent Corrine Olsen of PRD Nationwide Perez Real Estate predicts the south eastern suburbs furthest to the east and on the coast will expect the highest growth.

“We’re seeing a lot of interest in areas such as Little Bay, Philip Bay, Chifley,” Ms Olsen said. “It’s the last affordable pocket along the coastline.”

In Randwick, the light rail and new apartment developments are expected to lift demand and supply.

“The light rail has been affecting the market very positively,” Anthony Romano of LJ Hooker Randwick said.

Randwick’s median house price is $2.41 million, growing 9.5 per cent in 2017.

For buyers like Tiffany Cooney and Brendon Harris, convenience and location are the reasons to buy in Randwick.

The couple decided to buy an apartment in Cbus Property’s new community Inglis Newmarket, which they plan to rent out.

The Valuer-General has just released the latest land values, which show residential property in Randwick Council area rose 15 per cent to July 2017, while in Bayside it grew 13.1 per cent.

Originally published as Coastal suburbs to see growth in 2018