What should you focus on for property development in Manly Vale
Manly Vale, the beautiful northern suburb in Sydney, is home to beautiful recreational areas, a number of heritage-listed sites and schools and is of course, not very far from the beach. As part of the Northern Beaches, it’s been a popular place for property development. However, many developers struggle to determine what type of properties are best suited for the suburb of Manly Vale.
Manly Vale is Manly’s younger, and quieter sister. That means that it’s much different in demographics and the overall lifestyle of residents. This will directly impact on what kind of properties can offer a solid return on investment. Residents and visitors to the area impact the demand for properties and what kind of buildings would be utilised. So, what kinds of properties are in demand for Manly Vale? In this article, we’ll discuss what the Manly Vale resident looks like and the types of developments appropriate for Manly Vale.
Why invest in Manly Vale?
Before we get into the demographics of Manly Vale, let’s first discuss why you should invest in property development there.
- Popular with families indicating a demand for townhouses, apartments and multi-storey homes
- Decent access to the CBD, minutes away from the beach but priced moderately (lower than Manly residences)
- Located nearby Manly, allowing investors to take advantage of the ‘ripple effect’ of capital growth
Who lives in Manly Vale?
The following data was taken from the last census done by the Australian Bureau of Statistics.
- 6,160 people live in Manly Vale
- 1,627 families live in Manly Vale
- The median age is 36 years old
- 59% of persons aged 15 or older are married or in a de facto marriage
- 62.5% of people aged 15 or older are working full time
Manly Vale is forecasted to experience a 36.3% increase in persons of a retirement age in 10 years.
What does this mean? It means that while Manly Vale has a young and financially secure population, a portion of it is also getting older, making way for several types of developments.
What properties should be developed?
Apartments, small unit developments
Small unit developments are simply, apartments in one building. Not all families in Manly Vale have children. In fact, even though families with children are the vast majority, families without children still make up for a significant chunk with 34.3%. Apartments are usually more attractive for these couples and thus, it makes an investment in small unit developments a smart one.
Townhouses are an attractive option for many persons in Manly Vale (the second most popular choice for families after a house). Manly Vale is home to many young families who aren’t ready to financially commit to a house. Townhouses are attractive because while less expensive than a house, it offers many of the same benefits which are particularly important for Manly Vale’s 1,627 families. Additionally, townhouses are much more spacious than apartments, allowing them to be more comfortable for families with more than one child.
With an aging population, it would be feasible to consider investing in retirement homes. Manly Vale is home to Manly Vale Aged Care and Santa Monica Retirement Village, two excellent retirement centres. However, with an aging population forecast to increase above 35% in the next 10 years, it’s completely reasonable to foresee a demand for more retirement homes in Manly Vale.
Additionally, because it is a family-oriented suburb, many people would want their parents and grandparents close by, making Manly Vale a popular spot for retirees.
Homes with granny flats
Homes with granny flats are becoming increasingly popular across Australia because of the added value of a granny flat. However, in Manly Vale, they are popular because of a more practical reason–it can serve as a nearby dwelling for a grandparent. As mentioned previously, the aging population of Manly Vale makes investments into retiree homes (even if it is a granny flat) incredibly valuable.
It’s exciting and encouraging to know that Manly Vale is still thriving, even after the market was subject to a downturn due to COVID-19. The suburb has potential property developers and is expected to only get better in the coming years, becoming an even more attractive location. As a team, we thrive at the prospect of new opportunities and are thrilled at the options that await us in Manly Vale.
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