Last of the virgin blocks for sale in affordable suburb

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What a distinction a 12 months makes. Final 12 months a vacant block of land in Narraweena bought for $900,000. It’s on the market once more, this time for $850,000 and it now has council improvement approval for a big household residence to be constructed on the location.

Agent Mario Esposito, of McGrath, mentioned the land at 54 Towradgi St was 556sqm with companies in place in a cul-de-sac and a creek on the again.

“It’s a lovely setting and the final of the virgin blocks within the suburb,” he mentioned.

The couple who purchased the block final 12 months weren’t builders and, with the spouse now pregnant, that they had determined to onsell quite than attempt to construct a brand new home with a child on the best way, he mentioned.

“It has been priced to promote,” Mr Esposito mentioned.

The road document for Towradgi St is $1.575 million for a household residence that bought final 12 months.

Narraweena is the third most inexpensive suburb on the northern seashores, in accordance with CoreLogic. The median home worth for Narraweena is $1.52 million behind North Narrabeen’s median of $1,455,250 and Scotland Island’s home median of $840,000.

This week is the primary week of spring and the beginning of the standard actual property promoting season.

The northern seashores has tracked properly all 12 months with public sale clearance charges greater than most different Sydney areas.


This week the public sale clearance fee for the northern seashores was 64 per cent in comparison with Sydney as an entire at 59 per cent.

Brokers are predicting a extra regular spring market than final 12 months with regular demand for property on the northern seashores.

Mr Esposito mentioned patrons could be paying honest market costs for property this season.

“I feel the northern seashores goes to have a balanced market,” he mentioned.

“What has impacted the market is the credit score squeeze the place folks can’t borrow what they may borrow beforehand.”

This week there are 701 personal treaty properties on the market on the peninsula and 315 properties going to public sale. That’s 1016 properties on the market altogether.

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