Mona Vale prices more stable than overall Northern Beaches: HTW residential
Mona Vale has a median house price of $1.7 million, which is fairly consistent with the median house price of the Northern Beaches LGA of $1.75 million as at October 2018, according to a recent Herron Todd White (HTW) residential report.
The report stated Mona Vale has seen an annual median house price decline of 2.86 per cent while the Northern Beaches LGA has recorded a 4.37 per cent decline (source: RP Data).
Dwellings in this price range will typically be constructed between the 1960s and 1990s, located on the western side of Barrenjoey and Pittwater Road and are reasonably well finished.
The entry level into the Mona Vale housing market is around the $1.2 million mark, while anything beachside (eastern side of Pittwater and Barrenjoey Road) generally starts at $2 million.
A recent example of a property which sold around the median price is 53 Parkland Road, Mona Vale (pictured above), which sold for $1.81 million in December 2018.
The sale consists of a circa 1980s, renovated, two-storey, five-bedroom, three-bathroom dwelling on 702 square metres of land, on a slightly busy road.
According to the HTW report, Mona Vale has a median unit price of $937,500, in comparison to the Northern Beaches LGA of $882,000 as at October 2018. Mona Vale has seen an annual decline of 1.32 per cent in comparison to the Northern Beaches LGA which recorded a 3.63 per cent decline (source: RP Data).
"Options at the median price level will typically range from an older (1950s to 1970s) two- bedroom, one-bathroom unit in an east side location to a modern two-bedroom, two-bathroom unit situated in less a desired location.
"The yields are typically higher for new stock and require less maintenance from an investor standpoint, however we have seen greater capital growth in prime beachside locations, as stock levels remain consistent, they are more popular from a buyer standpoint and there is additional scope to create value through renovation works in older buildings," said the HTW valuer.
9/20 Park Street, Mona Vale (pictured above) sold for $800,000 in November 2018 (leasing for $670 per week at 4.36 per cent). The sale is a 2007 constructed, two- bedroom, two-bathroom unit located in the heart of Mona Vale Village.
"The property is larger and more modern compared to other Mona Vale units in this price range, although these benefits are at the expense of a slightly less desired location," said the valuer.