Greenwich real estate values are one of Sydney’s best kept secrets

Media Release

Sydney, New South Wales (2 August 2017) With apartment prices on Sydney’s Lower North Shore now breaching the $1 million mark, Greenwich, remains one of the region’s best kept real estate secrets.

“If you’re seeking long-term growth on the Lower North Shore, then ‘unfashionable Greenwich, with a median apartment price of $760,000 represents great value,” said David Hill, Principal of Raine & Horne Crows Nest.

“Moreover, once the new Gore Hill Business Park is completed on the site of the old ABC studios, it’s fair to expect this will create thousands of new jobs, which will necessitate improved public transport for the Greenwich area.

“More jobs and better transport add up to long-term capital growth on par with other Lower North Shore suburbs such as St Leonards, Crows Nest, Naremburn, Wollstonecraft and Waverton.”

The median apartment price for Wollstonecraft is $950,000 and its $1.1 million in Waverton. In St Leonards, the median apartment price is $910,000 and $935,000 in Naremburn, according to Raine & Horne.

“As a result, buyers priced out of the likes of Wollstonecraft, Waverton, Naremburn and Crows Nest would do well to look further afield to Greenwich where property prices will more closely match their budgets,” said Mr Hill.

“That said, the new attention on Greenwich will push up values, which means committed buyers should be making a move now before prices surge.”

Raine & Horne Crows Nest recently listed a 2-bedroom security apartment at 1/20 Bellevue Ave, Greenwich[i] for $770,000.

“This apartment is located in small, well maintained block in a quiet street, and it’s an easy walk to St Leonard’s station, the Royal North Shore medical precinct and the Forum shopping centre. Buses to the CBD are only metres from the front door,” said Mr Hill.

“The apartment comes with undercover parking, which makes it an ideal first home or a savvy investment opportunity.”

For property owners, there has probably never been a better time to sell given Greenwich is one of the North Shore’s most tightly held suburbs, noted Mr Hill.

“Historically, about 110 properties sell every year in Greenwich, while 270 properties sell in Wollstonecraft and 300 in St Leonards,” he said.

“For this reason, those owners serious about selling a Greenwich property, should consider taking advantage of stronger buyer demand, and given the pool of available homes for sale is relatively shallow. 

“This combination of factors will help secure a fair price for Greenwich properties in the shortest time possible.”

For more information about the sales and investment markets in Greenwich, Crows Nest, Waverton or Wollstonecraft, contact Raine & Horne Crows Nest on 02 9439 3488.

 

-ENDS-

For further media information please contact:

David Hill, Principal, Raine & Horne Crows Nest on 02 9258 5400

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