Entry level properties within Northbridge have long term prospects: HTW residential
Northbridge is a highly regarded suburb with a mix of housing styles, with the most prestigious properties positioned on waterfront land and orientated to incorporate expansive Middle Harbour views, according to a recent Herron Todd White (HTW) residential report.
Northbridge is an established suburb located approximately 6.5 kilometres north of the Sydney CBD, on Sydney’s Lower North Shore.
On the affordability scale, Northbridge does not often get a mention, having a median house price in 2019 of $3.2 million, according to CoreLogic data.
"It must be noted however that this median price is down from $3.49 million in 2017, although still not quite in the affordable category for the majority," says the valuation firm.
"Obviously some serious sacrifices are going to have to be made if you want to live in Northbridge on a beer budget. Waterfront positioning and expansive water views are out of the question, with thoroughfare roads and dated dwellings being the compromises that will have to be made."
A very recent sale occurred in Northbridge in January of this year which presents a very good example of such a property. 27 Strathallen Avenue, Northbridge (pictured above) sold on 23 January 2019 for $1.7 million after being on the market for a reported 140 days (RP Data).
Strathallen Avenue is a main thoroughfare and the sale comprised a dated circa 1920 dwelling in need of a full renovation. It is also noted that the allotment of this property is of slightly irregular shape and is terraced at the rear, reducing the overall usability of the land.
"Entry level properties within such a well-regarded suburb, such as 27 Strathallen Avenue at almost half of the median price in Northbridge, surely must have long-term prospects," says the valuation firm.
The main thoroughfare cannot be removed, but the allotment could be better utilised with development of the dwelling to incorporate the above-mentioned irregularities. There is also rear street access to the property, reducing the access issues of being positioned on a main road and also providing the potential to add a studio at the rear (subject to council approval).
"If these positive attributes can be capitalised upon, then it is worth making the sacrifices to be within this champagne suburb on a beer budget," they concluded.