Real Estate

These suburbs shine in gloomy times for real estate

Supplied Editorial 10/2 Mortimer Lewis Drive, Huntleys Cove apartment
Written by The ReReport
As seen in the Source link, written by on 2019-05-22 11:47:57

The view from 10/2 Mortimer Lewis Drive, Huntleys Cove.

If there were MasterChef Australia-style immunity pins for suburbs that have fared well in a falling real estate market, two locals would be in the running.

While residential sale prices in the northern district has taken a hit in the past 12 months, Huntleys Cove and Hunters Hill have bucked the trend with both enjoying modest growth.

Huntleys Cove, an established masterplanned development that borders Victoria Rd and Tarban Creek, experienced a 7.3 per cent median sale price rise in the 12 months to February.

The small suburb, comprised mostly of apartments and townhouses with a smattering of freestanding houses, has a median of $1.61 million, recorded by CoreLogic.

George Gialouris from Belle Property Hunters Hill has two properties for sale in the strata-managed community that has a swimming pool, tennis court, function hall and gardens.

Mr Gialouris said young couples, downsizers, families and investors were attracted to the suburb because of lifestyle benefits.

“It’s a pleasant suburb to drive into, with mostly north-facing properties, many overlooking a lead-free dog park or with water views, and it’s filled with nice people,” Mr Gialouris said.

He said “outside the wall” that separates Huntleys Cove from Victoria Rd, properties similar in style were likely to sell for $200,000-$300,000 less.

In February, Mr Gialouris sold a three-bedroom townhouse with water views at 304/24 Karrabee Ave, Huntleys Cove, for $2.136 million under the hammer — the buyers guide was $1.925 million.

A three-bedroom apartment at 10/2 Mortimer Lewis Drive is for private-treaty sale with a guide of $1.2 million to $1.3 million.

Supplied Editorial 16 Mortimer Lewis Drive, Huntleys Cove townhouse

A townhouse at 16 Mortimer Lewis Drive, Huntleys Cove, sold for $2.136 million at auction in February.

Hunters Hill has also held on to a positive median sale price growth of 6.6 per cent in the 12 months to February, according to CoreLogic.

The suburb has a median sale price of $2.887 million.

Nicholas McEvoy from Bresic Whitney Estate Agents Hunters Hill said the suburb had a diverse range of properties so there was something for everyone across the price spectrum.

“There hasn’t been as much on the market in Hunters Hill compared to other local suburbs,” Mr McEvoy said.

Renovated and new houses on good-sized blocks in the $3 million to $5 million were popular with local and inner-western suburbs’ buyers, he said.

Mr McEvoy is taking a luxury property at 41 Alexandra St, Hunters Hill, to auction on Saturday, June 22, with a guide of $4.1 million.

41 Alexandra St, Hunters Hill, goes to auction on Saturday, June 22.