Should I buy in North Sydney?
Suburb Report – North Sydney, NSW, 2060
Location
North Sydney is a suburb on the Lower North Shore of Sydney and is located 3km north of Sydney’s CBD, only a short journey over the iconic Sydney Harbour Bridge. North Sydney is in the local government area of the Municipality of North Sydney, surrounded by the magnificent peninsulas of Neutral Bay, Lavender Bay and Waverton. It contains a busy commercial district with a large concentration of advertising and information technology professionals, yet boasts some of the most magnificent parks and gardens in Sydney.
Household Occupancy
North Sydney attracts young, professional residents with the primary age group falling between 20-29 years. Single parents make up 40% of the population, childless couples 28% and couples with children 10%. With regard to occupancy, the largest demographic are renters, making up a healthy 60% of residences and therefore, offering fantastic investment opportunities. Only 19% of residents own their home outright and the 18% who are purchasers would be paying more than $2,000 a month in mortgage repayments. The majority of residents in North Sydney are earning generous salaries of greater than $103k per annum.
Median Prices
Currently, the median sale price of houses in the area is $1,742,000. On average, this price tag will purchase a three bedroom, two bathroom home with a garage. In comparison, the median sale price for a one to two bedroom, one bathroom unit with car parking facilities is $617,500. Top sale prices recorded for each category of $4,075,000 and $1,322,500 respectively, have been recorded in the last six months. North Sydney filed 219 unit sales and 37 house sales in 2009.
The Properties
54 High Street North Sydney offers some of the North Sydney’s best views of Sydney’s harbour, bridge and city skyline. This unique property includes a ninth floor penthouse as well as the downstairs retail space, occupied by a convenience store. The massive outdoor terrace and sunroom offers spectacular 360 degree panoramic views and is an ideal entertainment setting for any occasion. There are also two undercover parking spaces, a lock up garage and large storage room. The high-rise is only minutes from Kirribilli shops and Milsons Point railway station.
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The Neighbourhood
Although the region is dominated by commercial infrastructure, nearly 13% of the total area is covered in parks, combining natural beauty with spectacular views. The popular North Sydney Oval offers an endless array of sport and recreation opportunities and is home to the well-supported North Sydney cricket, rugby league and rugby union clubs. There are eight childcare centres located in North Sydney, to cater for the large demographic of parents, as well as five schools, including the highly prestigious North Sydney Boys and North Sydney Girls High Schools. Explorers Playgroup, behind Stanton Library, operates Monday to Thursday, giving under fives and their carers a chance to meet others in the area. The North Sydney Produce Market operates in the same area on the third Saturday of each month (8am-12pm).
Transport
The Sydney CBD is easily accessible from North Sydney by road and rail, using the Sydney Harbour Bridge and Harbour Tunnel. North Sydney railway station is only an 11 minute journey from Central Station and is on the North Shore and Northern Lines of the City Rail network. Alternatively, there is a direct bus route into the Sydney CBD, which is approximately a 20 minute drive. Buses are probably the most popular transport option with regular stops on the Pacific Highway, which runs through the centre of town and directly links to freeways connecting suburbs on Sydney’s outskirts. There is also a ferry stop at High Street North Sydney for those after a more scenic journey.
Restaurants, Accommodation, Amenities
There are two mid-sized shopping complexes in North Sydney. The largest is Greenwood Plaza, which is connected to Greenwood Hotel, a primary hotspot among young North Shore locals. The other complex, Berry Square is situated on Berry Street. Both centres are quick to fill with corporate workers who congregate during lunchtime. The exclusive North Shore Hotel can be found in the heart of the city on Miller Street, while the Rydges Hotel on McLaren Street boasts a funky new tapas and cocktail bar. The three main streets of North Sydney are home to 25 restaurants of all different cuisines, including Italian, Thai, Japanese and Indian.
Want help?
Contact your local Mortgageport team consultant for further information on buying in North Sydney and what loan best suits your needs.
