The eastern suburbs have access to some of the best beaches and waterfront homes in Sydney.
Homes nearest to the water usually command the highest price tags, which is one of the reasons why the east is so prestigious and sought after. Unsurprisingly, the most well-positioned homes offering everything the beachfront and harbour have to offer regularly achieve sales prices in excess of $10 million.
Those looking for apartments with water views, or with a shared jetty, can get into the waterfront market for a fraction of this price. But not all these homes offer the same opportunities, and every buyer will be interested in something different.
Here are some of the types of properties waterfront buyers can consider.
Houses with their own jetty, boat shed and ramps are the most expensive homes in the east and are highly coveted by those interested in mooring their own boat. Increasingly, property buyers are interested in marina berths – whether they are local eastern suburbs residents or not.
The east offers access to Sydney Harbour, as well as some of the best boating experiences in the city.
Renting a berth separately to your home at a commercial marina can cost $1,250 a month upwards in mooring fees, with an average cost in excess of $2,500, depending on the size of the boat.
This amount is only set to increase, with the number of registered boats set to climb to 335,000 for NSW in the next 10 years. Most enclaves offering marina berths for rent or for purchase are along the Wolseley Road, Wunulla Road and Coolong Road enclaves.
As a result of the climbing cost of rent, and the capital growth potential for homes with attached marina berths, homes with these features built-in sell at a premium.
Berths are usually for sale on up to 20-year leasehold terms, so ensure to have your solicitor or conveyancer have a look in your contract for the particulars when buying any maritime structures.
Beachfront or harbourfront
Properties on the harbourfront have the most iconic views Sydney has to offer, of the Opera House and Harbour Bridge, while beachfront homes provide a desirable Aussie lifestyle, being just steps away from sand and the ocean.
Currently, these areas are tightly held with few vendors listing – making it a good time to sell. Even properties with a glimpse of the water will attract substantial interest in this environment.
Some buyers purchase with the aim to renovate or rebuild single-level homes into a two-story to maximise their water views.
One significant factor that puts the east in such high demand is that there is only a finite supply of beaches and homes that can access them and the Harbour – even with some high-quality apartment development occurring.
It’s unlikely there will ever be a lull in demand from those wanting a waterfront home in the east.
Suburbs with waterfront options include…
Sydney’s Eastern Suburbs Market Snapshot 2016
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.