There was a very healthy turnout for one of our recent auctions in Lane Cove. There’s strong demand as a recent Domain article by Kate Farrelly suggests.
With a swath of apartment developments under construction or newly built, there are plenty of units to choose from, but only nine houses on the market as Domain went to press.
So it’s little surprise that the median house price rose 19 per cent in the 12 months to March this year and now sits at $1,538,750, edging closer to the traditionally more expensive suburb of Willoughby, which has a median house price of $1.63 million.
Properties close to the newly upgraded village centre are keenly sought, with large family homes pulling record prices. There have been eight $2-million-plus sales over the past year, the highest in Little Street, which sold for $2,875,000 in November.
It’s less than 10 kilometres to the CBD via the Gore Hill freeway and a short drive to the shopping and dining mecca of Chatswood. There are large expanses of bushland, including a slice of waterfront reserve, good primary schools and a growing choice of shops in the village and on Burns Bay Road, where a new IGA Express has opened its doors.
Andrew Bruce, Principal of Riverview Realty said: “We’ve seen massive price increases in the Willoughby Council area including Chatswood, Willoughby, Naremburn, and Chatswood West and it appears that some of this is rubbing off in Lane Cove with strong, above-market prices. The value-proposition of Lane Cove is finally being understood.”
“There’s a lot of talk in the market of a bubble, but according to Alan Kohler’s Eureka Report the Sydney market is about 14% above the historical trend line. What we’ve seen is not your classic property boom as it is now going on three years and it’s been front of mind for quite some time. According to recent reports, housing is set to grow by low single digits next year, suggesting a softer landing as opposed to a crash.”
“It would be fair to say that within the property clock cycle, we are coming up to the 12th hour.”
Andrew Bruce & Samia Malouf
Riverview Realty is a boutique agency focused on achieving the maximum price, with a client engagement that is above the industry standard. We call it the “Ultimate Experience” which forms part of our unique selling proposition.
Ph. 02 9420 0083, 59 Tambourine Bay Road, Riverview.
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