Lisa and Martin Squires and daughter Mila, 4, are just one of the families who love living on the lower north shore. Picture: Troy Snook.
THE lower north shore is the jewel in the crown of the Sydney property market according to a new report.
Realestate.com.au’s October property report includes five local in-demand suburbs in the top 10 lists for both houses and apartments.
Neutral Bay topped the list for houses, with Cammeray fourth.
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McMahons Point was first for apartment seekers, followed by Wollstonecraft in fifth and Mosman in sixth.
The lower north shore makes up suburbs from Mosman to Wollstonecraft, and is one of the most expensive places to buy in Australia. Picture: airviewonline.com.au
All suburbs listed, except for Mosman units, recorded an increase in the median sale price over the past three months, according to CoreLogic data. The biggest increase was McMahons Point apartments, up 5.9 per cent to $1.217 million.
REA chief economist Nerida Conisbee said she wasn’t surprised that the lower north shore was hot for Sydney buyers.
“Areas that are highly livable, close to the city, have great retail, schools and transport options tend to be very popular with buyers; and the lower north shore ticks all of these boxes,” she said.
Ms Conisbee said the changing market in Sydney has probably seen more people look to the lower north shore than in the past.
“With the market cooling, you will see buyers look at the lower north shore thinking they can afford something that they couldn’t a year ago,” she said.
The Squires are selling their North Sydney home so they upsize to something bigger.
Their home has recently undergone a major renovation and has a DA for an additional storey.
Belle Property Neutral Bay agent Tom Scarpignato said it was common to see buyers from the upper north shore, Lane Cove and the eastern suburbs look at property in the area.
“These buyers love that many of our suburbs still have that suburban feel, despite being so close to the CBD,” he said.
Martin and Lisa Squires are confident about selling their semi in North Sydney, due to strong demand and little stock on the lower north shore.
“There seems to be a real shortage of properties and nothing like ours for sale in the area, which hopefully means we get a good result,” Mr Squires said.
The father of one said location was one reason he believed the lower north shore was popular with buyers.
“It is close to just about everything. The location means there isn’t that mental barrier about crossing the Harbour Bridge, as you can get to the city and the east as quickly as you can to places on this side of the harbour,” he said.
With schools and amenities, Mr Squires said the lower north shore was a great spot to raise a family.