Property News

Eastern Suburbs – Beachside - ColliersPRD

12 April 2007

Due to the income and importance of the tourists to the area, the local councils are always upgrading the public facilities and attractions such as car parks, roads, shopping strips and foot and bike paths. These upgrades are in addition to the ongoing beach beautification and regeneration programs that are in place to conserve the natural environment for tourists and local residents alike.

Property within this area has been in strong demand over the past 10 years due to the attraction of living close to both the coast and Sydney’s CBD. The table to the right shows the median house price and sales volume activity over a five year period. It shows that there was an average house price growth rate of 5.8% per annum in Randwick LGA where the median house price rose from $695,000 in 2001 to $920,000 in 2006. Waverley LGA grew 6.1% per annum from a median house price of $820,000 in 2001 to $1,103,000 in 2006. The best performing suburb within the Eastern Suburbs over this time was Coogee with an increase in the median house price from $829,000 in September 2001 to $1,415,125 in September 2006 equating to a growth rate of 11.3% per annum. The house prices within these suburbs varied due to the differences in the dwelling size, age and condition as well as the distance, view and access to the many beaches and parks within the area.

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