Should I buy in Lane Cove?
Suburb Report – Lane Cove, NSW, 2066
Location
Lane Cove is a suburb on the Lower North Shore of Sydney and is located nine kilometres north-west of the Sydney CBD. Lane Cove is a relatively small suburb, measuring just three square kilometers. Lane Cove is in the local government area of the Municipality of Lane Cove and occupies a peninsula on the northern side of Port Jackson, at the opening of the Lane Cove River.
Household Occupancy
The primary age group in Lane Cove is 30 - 39 years. The largest socio-economic group is sole parents (32%), followed by couples with children (26%) and childless couples (24%). 29% of the population of Lane Cove is purchasing their property and 34% own their home outright, the remaining 29% is made up of renters. The homeowners in the suburb would be repaying more than $2,000 per month in mortgage repayments and statistics show that people in Lane Cove generally work in a professional occupation.
Median Prices
Currently the median sales price of houses in the area is $1,440,000. On average, this price tag will purchase a four bedroom, two bathroom home with a garage. In comparison, the median sale price for a two bedroom, one bathroom unit with car parking facilities is $520,000. Top sale prices for each category of $2,670,000 and $1,185,000, respectively, have been recorded in the last twelve months. The suburb of Lane Cove has filed 1,427 sales in the past two years.
The Properties
1 Sera Street Lane Cove is billed as an ideal residence for a professional couple with a young family. It offers four generous sized bedrooms with built in wardrobes, three bathrooms, a home office and double garage with internal access. This brand-new home is located in an eco-friendly development, which is the first of its kind in Sydney. Both the kitchen and bathrooms are luxuriously appointed with European appliances and the north facing, open plan design offers city glimpses. There are only six town homes in the development, which offers a warm village atmosphere and the communal orchard, herb garden and recycling facility offer a chance for the kids to live and learn in a community with a distinctly green focus. The home is placed within an easy stroll to shops and city buses.
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The Neighborhood
Lane Cove is a family-friendly area offering seven parks covering nearly ten percent of the total area. There are three childcare centres and three schools, including the highly regarded Lane Cove Public School. Traditional Californian bungalows are dotted around the area with many having been refurbished to accommodate family living. The sought after older style red brick dwellings are few and far between, often being snapped up quickly by developers. The cosmopolitan town centre is a-buzz with cafes, restaurants and a variety of retail shops. The centre has recently been rebuilt to include a second major supermarket chain.
For those seeking a more leisurely experience, the Lane Cove River extends through the peaceful national park and is within easy reach of the city centre. It extends from East Ryde to Wahroonga/Pennant Hills and is the focus of many activities including kayaking, however swimming is not recommended. The northern part of the park is ideal for bushwalking and bike riding.
Transport
There is a direct bus route into the Sydney CBD, which is approximately nine kilometres or 20-25 minute drive. Lane Cove can be accessed by major roads, such as Epping Road, Mowbray Road and Longueville Road. The Lane Cove Tunnel is a 3.6 km twin tunnel tollway connecting the M2 Motorway at North Ryde with the Gore Hill Freeway at Artarmon. An E-tag or a pass is required for the toll of $2.80 (passenger vehicles) or $5.59 (heavy vehicles).
Restaurants, Accommodation, Amenities
There are many restaurants in the area located along Longueville Road, offering a mix of international cuisine. The closest motel/hotel accommodation is in the neighboring suburbs of Artarmon and Chatswood and offers affordable lodgings and easy access to the City. Royal North Shore Hospital is also nearby on the Pacific Highway in St Leonards.
Want help?
Contact your local Mortgageport team consultant for further information on buying in Lane Cove and what loan best suits your needs.
