Demand in Property Development by Region: Northern Beaches
Property market statistics have revealed that Northern Beaches suburbs are of the most sought-after and popular areas in Sydney for those looking to purchase a home or invest in a property.
Why demand for property development in the Northern Beaches is at an all-time high.
- Strong buyer demand
The demand for property in the Northern Suburbs is at it’s peak with properties for sale gaining an average of 2029 visits per property, in comparison to the state average of 846.
With stunning waterfront views, proximity to the Sydney CBD and a relaxed beach lifestyle, those outside the area are often looking to purchase within the region for residency or retirement.
The current shortage of available dwellings has led to demand exceeding supply, resulting in competitive sale prices. According to industry reports, a number of Northern Beaches’ suburbs have been listed as the most expensive suburbs in Sydney.
To meet this supply, property developers and investors are seeking opportunity in the Northern Beaches, as seen in the growing development rates of residential and commercial properties.
- Population growth
The Northern Beaches population forecast for 2017 is 267, 870 residents and is estimated to grow to 309, 333 by 2036. The suburb of Manly is not only a popular residential choice for Australians but is also the most searched suburb by overseas buyers looking to invest on Australian shores.
In addition, high density dwellings have increased by almost 26% from 2011 to 2016, indicating the growing demand for apartments, rather than houses. The latter have decreased by 3% within the same timeframe, signifying less popularity of the dwelling type as a result of demographics, family structures and lifestyles.
This greater concentration has made these dense Northern Beaches suburbs more appealing to smaller households or young adults- suiting the property type, location and surrounding infrastructure.
- Urban Development
Within the past few years, gentrification through property development in the Northern Beaches has been on the rise. This is to meet consumer, market and lifestyle demands. With a growing city and more dense suburbs, councils, government bodies and organisations have had to incentivise residency and investment in urban areas through development. This includes greater infrastructure and access to resources. In the case of the Northern Beaches, this has been through upcoming prospects such as:
- The new Northern Beaches Hospital opening in Frenchs Forest with a forecasted $600 million upgrade and accessibility to both private and public patients
- The current construction of The Beaches Link Tunnel to provide alternative routes to and from the Beaches, shortening travel time to/from Sydney CBD and the Western Suburbs
- The implementation of the Ingleside Precinct Project Plan to emphasise the environment, economic, community and infrastructure potential of the suburb
As a result of population trends, market trends and development opportunities, Northern Beaches has proven to be one of the most desirable Sydney regions and an incentive for investment within the area. As we at Cite Group continue to seek projects based on their merits- such as the prospects of building in a Sydney suburb- Northern Beaches has continued to be one of the most attractive districts for development and joint venture benefits.
We have successfully developed a number of projects in the Northern Beaches with completed projects including Sophie’s Garden, Aqua, Sunbather and Faro. Our latest project, Livistona, is currently under construction in Wheeler Heights- as we await a much-anticipated completion of an already successful project. Read more about this up and coming development here.