Predictions for real estate in Northern Beaches and expected growth potential
In a recent article in Domain.com.au it was reported the new hospital construction at Frenchs Forest could help real estate growth in the area. The potential for further medical businesses and other businesses and development may boost the local real estate market and bring the area a much-needed boost in the coming years. The hospital is to be a 488-bed facility and is scheduled to open in about three years in 2018.
The state has confirmed they will construct a road underpass with the intention of widening Warringah road and perform other upgrades for roadways to support the hospital. These developments and improvements are expected to further the chances of real estate price bumps and growth in the coming years.
What do the current and potential real estate prices in the Northern Beaches look like?
Here are some of the current rankings and statistics for the areas closest to the hospital.
- Frenchs Forest – This is the very area where the hospital is being constructed. The median sale price in 2013 was $932,000 now up to $1,107,000
- Forestville – The median home price in 2013 was $930,000 and in 2014 that value went up to $1,135,000.
- Killarney Heights – In 2013 the median price was $1,115,500 and was up to $1,375,000 in 2014.
- Davidson – Davidson ranks at number 210 and the percentage of change is up by 20 per cent since 2013. Median home prices were at $958,000 in 2013 and up to $1,150,000 in 2014.
That covers the areas nearest the new hospital construction, but growth is also expected to expand beyond these areas.
6 tips to find your perfect home in Sydney’s Northern Beaches
- Real Estate agent – Northern Beaches Real estate agents know the area and the trends in prices and predicted growth potential of properties. Find one that has a track record for record sales in the area. If you are thinking of buying, a real estate buyers agent can help save you time and money in finding the perfect property.
- Affordable prices – Check out homes in the area you prefer, look at the median price, and look at the features and amenities of your home choices. Getting what you want at a price you can afford is an important element in buying a home.
- Get your finances in order – Mortgage brokers in the northern beaches area have the experience, knowledge, and ability to help you get the financing you need that suits your budget. It may also be a good time to speak to a financial planner about your short and long term property, wealth and retirement plans.
- Home location and size – Decide where you want to live (i.e. what suburb) and how big or small you want your home to be. If you are looking for something that will keep up with your growing family, you will look at large family homes.
- Does the property need repairs and renovations? – If so, all this will add to the cost of buying and you need to work out- how much? If the home is in fairly good condition you may only need a small budget of a few thousand dollars for minor handy works, an electrician or plumber to install your appliances. Otherwise, if it is run down, needing a new kitchen, bathroom or paint job, you could end up spending tens of thousands of dollars.
- Pest/Building inspection – Your real estate sales agent will have pest/building inspection services check out properties for you, but it’s smart to hire independent pest and building inspection services. It’s well worth the $400 to $600 for the report when you could be spending $1 million plus on a property.
Need help with any other businesses in Sydney’s Northern Beaches?
Whether you are buying, selling, moving, simply maintaining your existing home or refinancing, the Tradebusters Connect Northern beaches Sydney free local directory service can help you do it all. Meet our pick of the Top 3 local businesses ready to help you today.
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