The lower North Shore property market is booming, with median house prices rising 13.1 per cent and apartment prices up 8.1 per cent over the last year, according to CoreLogic RP Data.
The redevelopment of former office buildings into apartments and the strong growth in renovations across the North Sydney Local Government Area continue apace, particularly lone person (37.6 per cent) and group households (7.7 per cent) which are both significantly higher than the State averages (24.2 per cent and 3.8 per cent respectively).
The activity has prompted Australia’s leading mortgage broker, Aussie Home Loans, to open a new store in the heart of Neutral Bay at 3/115 Military Rd.
The three Principals of the store, Alex Kardasis, Domenic Andreone and Catherine Dodd, each have more than 10 years industry experience and have joined forces to provide first home buyers, next home buyers, investors and those looking to refinance their mortgages amid the current historic low interest rates with a high quality local service.
Ms Dodd said the lower North Shore was undergoing a renaissance with an increasing number of investors, foreign buyers and empty nesters drawn to the area’s attractions including its proximity to the CBD, village atmosphere, stunning harbour views and convenience to key transport arteries like Military Road.
“Pocket sized suburbs like Kirribilli, McMahons Point, North Sydney and Neutral Bay are all seeing substantial growth in house and apartment prices,” she added.
Mr Kardasis said, “There are more people now working in business hubs like North Sydney, Chatswood and Ryde, which makes the lower North Shore a great location for families and young couples.
“Residents in the area have easy access to a ferry, train or bus, or they can simply walk across the Sydney Harbour Bridge, while the local restaurants and beautiful parks are plentiful. Many of the suburbs in the area also enjoy iconic harbour views and amenities, and when combined with a limited supply of property, prices will likely continue to grow.”
“We are in a red hot mortgage market and lenders are fighting for business, so there’s little reason why anyone with a standard loan scenario should be paying a mortgage that has an interest rate starting with a five.
“Our experience combined with our unique mortgage software which ranks home loans quickly and accurately for our customers, can help buyers and borrowers choose the right home loan for their needs and aspirations,” said Mr Andreone.
Aussie Neutral Bay offers a variety of home finance options to suit every kind of borrower, including a huge selection of competitively priced home loans from up to 19 lenders, insurance products and personal loans, as well as advice for customers about how to potentially save thousands of dollars and years off their mortgages.
Customers can see Aussie Neutral Bay’s expert mortgage brokers during the store’s opening hours of 9am to 5pm Monday to Friday, or by appointment outside these times by calling 9953 9949 or visit www.aussie.com.au/neutralbay.