5 types of buyers looking to purchase on the Upper North Shore
Sydney’s Upper North Shore attracts a range of buyer groups, from those looking to get onto the property ladder for the first time, to those looking to downsize from a family home.
We look at five key buyer groups in our local market to analyse what they’re buying, where they’re buying it and why they’re active right now.
Upsizers
Why they’re buying: The Upper North Shore has long been a favourite for families looking for more space, and it’s no different today. After all, the Upper North Shore has everything a growing family could ever need: large family homes, open spaces, greenery, great transport links and - perhaps most of all - great schools. What’s more, flatter market conditions such as these actually suit upsizing. Where they’re buying: Right across the Upper North Shore, however, some suburbs are more active for upsizers than others right now. Mt Kuring-Gai defied the falling Sydney property market to post a 2% gain over the past 12 months - largely on the back of upsizers seeing real value in the suburbs adjoining the Hawkesbury. Further south, Lindfield (up 4.1%) house prices also fared well, largely due to strong demand from families. What they’re buying: While families come in all shapes and sizes, the common ingredient is often a desire for space. Case Study: 6 Amanda Close, Berowra Heights offers 5 bedrooms, lovely views, and is walking distance to the local school.
Downsizers
Downsizers are becoming a real force in the Upper North Shore property market, with an increasing number of people choosing to sell the family home but remain in the neighbourhood they’ve grown to love. Why they’re buying: Remaining in the area, but maximising lifestyle are key motivators for this demographic. Why wouldn’t they want to stay in the area too, when the Upper North Shore has become so much more suitable to downsizer life - with a growing number of cafes, restaurants and shops and a real village life now complementing our great transport links and greenery. Where they’re buying: Downsizers are often drawn to suburbs with a village centre such as Wahroonga or St Ives, as well as suburbs with great transport connections - like Roseville. Hornsby’s growth as a retail and entertainment destination also means it’s in demand. What they’re buying: Today’s downsizers aren’t just about location, they also want space and even a touch of luxury. Case study: 6/283 Mona Vale Road, St Ives is a spacious three bedroom villa with huge downsizer appeal in a boutique over 55s complex.
First home buyers
Why they’re buying: Although a mortgage may be more expensive today than a year ago, it often compares favourably to the cost of renting. With recent changes to stamp duty, and generous government schemes and concessions, we expect to see more first home buyers becoming active over 2023. Where they’re buying: First home buyers are seeking great amenities like restaurants, cafes and bars, and excellent transport links. Suburbs on the train line often fit the bill, from Roseville up to Hornsby. What they’re buying: Depending on their budget, the Upper North Shore has a range of properties that suit first home buyers, including new apartments, villas and smaller houses. Case study: 503/71 Ridge Street, Gordon is on the market for $850,000 and is a near-new two bedroom apartment with parking, storage and a great location.
Investors
Why they’re buying: Rising rents aren’t just encouraging first home buyers into the market, they’re also attracting investors looking for income. And, with property prices for many apartments down on a year ago, many investors see this as a good time to add to the portfolio. Where they’re buying: Investors tend to like areas close to transport and amenities with strong rental demand. Hornsby (up 9.3%), Gordon (up 11.1%) and Lindfield (up 15.8%) have all seen strong growth in apartment rents, which is luring many in. What they’re buying: Generally apartments, although some investors are looking to the long-term capital growth that houses often offer. Case study: 23/9 Eastern Road, Turramurra is a generous one bedroom garden apartment in a great location.
Prestige buyers
Why they’re buying: The prestige market simply isn’t driven by the same dynamics as most other market segments. Here, interest rate rises don’t tend to matter as much, it’s factors such as the global economy, M&A activity and the value of the Australian Dollar that matter more. Where they’re buying: Prestige property in most suburbs is still in demand. However, we’d single out Pymble houses (up 7.0%) as the star performers. What they’re buying: When it comes to large family estates, the Upper North Shore offers a level of sophistication and grandeur no other part of Sydney can match. Case study: Millewa House, 9-11 Millewa Avenue, Wahroonga on the prestigious “east side” this spacious 6 bedroom family entertainer has a tennis court and other luxurious features.
A final word
If you’re interested in finding out more about buying or selling on the Upper North Shore property market, get in touch with our team +61 2 9449 4444.
Other buying, selling and investing articles and resources
Guide to property investment success in NSW
Selling a house or apartment in NSW eBook
Buying a house or apartment in NSW eBook
