Why is Manly Vale a Prime Location for Property Development in 2021?
Property development in 2021 will bear many similarities to 2020, including the locations for profitable property development. Manly Vale was a prime location for investment in 2020 and will continue to be so in 2021. In fact, we believe that Manly Vale will experience strong property growth this year, making it a prime place for property developers to invest and for prospective owners to settle down and purchase.
While the value of investing in Manly Vale may come as no surprise to property investors or prospective homeowners, especially since it’s an attractive commercial and residential suburb – what makes it a prime location? In addition to a number of infrastructural, societal and economic benefits of the area, which will be elaborated on later in this article, Manly Vale also benefits from the bridesmaid effect.
What is the bridesmaid effect?
Every state has its bride suburbs. For New South Wales, it would be suburbs such as Darling Harbour, Surry Hills, Randwick, Manly and Pennant Hills, to name a few. These suburbs are some of the most popular suburbs, both commercially and residentially, and because of that, call for premium residential selling and rental prices.
Bridesmaid suburbs are the sister suburbs of bride suburbs and usually are next-in-line for exponential growth. In most cases, bridesmaid suburbs contain similar attractions and amenities but have lower rental and selling prices.
Why would a property development company be interested in this?
Premium selling and rental prices do not always mean more profit for property development companies as there is usually more competition and lower demand for residential properties in highly commercial bride areas (this is dependent on the suburb).
A bridesmaid suburb like Manly Vale is perfect for residential property development because it is popular with families, has relatively decent access to the city, is very close to the beach and is located near the bride suburb of Manly, making it likely that investors will benefit from the advantage of its ‘rippled’ capital growth.
Over time, recent developments have pushed Manly Vale into a more attractive position for Sydneysiders and thus, has drawn buyers away from more popular suburbs. Let’s take a look at some of the recent changes in Manly Vale that have turned it into one of the prime locations for property development companies.
3 reasons why Manly Vale has become a prime location for property development in 2021
According to the Australian Bureau of Statistics, the vast majority of people aged 18 or older in Manly Vale are either married or in a de facto relationship and working full-time. This indicates that in addition to having the majority of a population with a steady source of income and requiring a home fit for a young professional, there is a solid demand for either the rental or purchase of developments.
Over time, the previously isolated and congested area of Manly Vale has become more accessible to those with cars as well as those who require the use of public transportation. It’s no secret that Manly Vale like the rest of its neighbouring suburbs is relatively isolated, making improvements to infrastructure a huge factor in the attractiveness of the suburb. Here are a few of the infrastructure improvements that have occurred:
- car park incorporating a breathing green wall of around 9,000 plants to help reduce air pollutants
- B-Line buses which connect Manly Vale to Sydney CBD
- integrated pedestrian and cycle links
- widened roads to reduce traffic congestion and improve journey times
In addition to the obvious benefit of being close to the beach, Manly Vale has seen the development of a number of attractive facilities over the years in addition to those that come with being a neighbouring suburb of Manly, including:
- Westfield Warringah Mall (5-minute drive)
- a number of cafes and restaurants
- public primary and high schools
- Woolworths, Bunnings and Aldi
- Manly Dam
Given the demographics of the suburb, Manly Vale has the following types of residential properties:
- small unit developments
- retirement homes
- dual occupancy homes/homes with granny flats
To learn about Cite Group’s new developments like the QUBE on 267 – 269 Condamine Street, Manly Vale, visit our website.