When it comes to property price growth, most real estate agents will tell you that few things matter more than location.
Proximity to great schools, efficient infrastructure and, in Sydney, the harbourside, beaches and parks can drive demand and potentially push up prices.
But there’s another phenomenon we notice in Sydney’s eastern suburbs. People will also pay to be near the latest and most fashionable retail hubsshops, cafes and restaurants.
So when a quality new offering opens up in a suburb, it can drive demand for nearby properties and potentially add a premium to prices. While some of these cafes, restaurants, bars and shops may be closed or restricted to delivery-only right now, when COVID-19 finally passes, you can expect the same phenomenon to continue.
With that in mind, we thought it was time to take a look at some of the eastern suburbs that have recently experienced this phenomenon.
Bondi Beach
Bondi Beach has long been a hotspot for discerning buyers who often value proximity to world-leading cafes and bars as much as they do proximity to a world-renowned beach. But the opening of Totti’s in late 2018 has taken the area to a new level of desirability. Already, it has become an institution among locals, conjuring the best of the Mediterranean with its shared plates and outside dining under the shade of an olive tree.
Other quality culinary additions such as Bondi Road’s Carbón and La Favela, as well the recent move of Panama House into the Pacific Building (where we’re fortunate enough to be based), make Bondi the most obvious candidate for this proximity premium.
Who’s buying here? Bondi Beach appeals to the young and the young at heart. Families and young professionals mix with perhaps the highest concentration of entrepreneurs, models, athletes and celebrities in the country.
Recent Listing: 5/21 Lamrock Avenue, Bondi Beach is right in the heart of Bondi, giving you access to all the suburb’s cafes and bars on your doorstep.
