Northern Beaches <\/p>\n
Growth potential: This five-bedroom home at 961 Barrenjoey Road, Palm Beach, sold for $7 million last September through LJ Hooker Palm Beach. <\/p>\n
The hammers and saws are getting a workout on the northern beaches as buying and remodelling older properties takes off on the back of a much-welcome recovery in sales. <\/p>\n
\"There is a lot of renovating,\" says Century 21 Dee Why principal Brett Read. \"There's not so much knockdown and rebuilding - most buyers are stretched just to buy a property and most do it with a view to renovate slowly over time as they can afford it.\" <\/p>\n
961 Barrenjoey Road, Palm Beach. <\/p>\n
A shortage of properties under $1 million has agents on the northern beaches wishing for more supply. <\/p>\n
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\"Anything under $1 million is attracting a lot of attention,\" says Read. \"There are just not enough to satisfy the buyer demand. From Manly to Palm Beach that's really the case.\" <\/p>\n
David Mackay, principal of LJ Hooker Avalon, agrees. \"The bottom end of the market up to around that $1.2 million mark is very, very hot,\" he says. Buyers who fall in love with a property in that price range might need to move fast. \"What we're seeing unfortunately is gazumping,\" says Mackay. And there are also many buyers wanting to seal a deal before auction. \"In previous years, we just haven't experienced that,\" says Mackay. <\/p>\n
First homebuyers on the northern beaches are thin on the ground. Century 21's Read says directing first homebuyer grants to new property has \"really caused this\". <\/p>\n
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Renovators get busy, pushing up prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Northern Beaches Growth potential: This five-bedroom home at 961 Barrenjoey Road, Palm Beach, sold for $7 million last September through LJ Hooker Palm Beach. The hammers and saws are getting a workout on the northern beaches as buying and remodelling older properties takes off on the back of a much-welcome recovery in sales. Continue reading