There’s a “blink and you’ll miss it” energy in most suburbs around today’s property market.
And right now, Bronte is at the top of the list, with locals snapping up properties so quickly, that anyone outside Bronte can’t get a look in.
David Tyrrell, a Bronte resident and PPD Real Estate Agent said, “it’s just so fast and competitive”.
“More than 80 per cent of our Bronte properties are selling prior to auction. The average number of days on the market before being sold is 18 in Bronte, which is the lowest we’ve ever seen as an agency.”
And who can blame the locals! Unlike Bondi and Coogee, Bronte embraces a more low-key style of living, which is great for families.
In fact, listings for Bronte are so rare (just check out realestate.com.au and I guarantee you’ll see less than 5 listings for the area) and competition is so fierce, that locals are beating everyone to sign the dotted line, even returning expats.
Because they recognise that Bronte is a premium suburb and are more than willing to pay the premium prices that sellers are asking.
So how does this affect us as investors?
It adds to the overall median house price of Sydney at a whole, which at the time of writing this, is currently $787,708 for an apartment and $1,186,518 for houses. And we know how much the news likes to talk about these high asset prices, but that doesn’t mean we’re priced out.
As they say, the best time to buy property was 10 years ago, the second-best time, is today.
In fact, there are still opportunities to buy a yielding asset in Australia from only $490,000.
But where are these homes, and are they any good for your portfolio?
That’s where doing your research and speaking with an expert comes in handy. So, if you’re wanting to get into the property market, but are unable to borrow a million dollars, and don’t want to pay well above asking price, then we need to talk, because we’re helping people just like you to not only own a home, and own investments, but also take advantage of the insane growth we’re experiencing right now, so why wait any longer?
In many interesting conversations with clients and agents, many are now asking, “how high can we go?” Well, the truth is, we’ve been asking the same questions for the last forty years.