The short distance between the city and suburbs such as Bondi, Manly, Cronulla and Sydney’s other 50 or so ocean beaches is unique, and allow for all sectors of society to live in them rather than just being enclaves for the wealthy, according to LJ Hooker chief executive Janusz Hooker.
He told smh.com.au: “To live in an international finance city and have a half-hour drive to your office and have pristine water and uncrowded beaches at your door, it’s unheard of in any other city in the world. People in New York travel 3½ hours to get to their beach houses in the Hamptons.”
RP Data senior research analyst Cameron Kusher, said it was unusual for a capital city to have so much beachfront real estate. Over in the west, Perth is the only city in Australia with any comparable properties but with a much smaller population it has nowhere near as many as Sydney.
The appeal of the beach has not left these properties unharmed by the Global Financial Crisis and the genreal softening of the property market
According to figures from Australian Property Monitors, suburbs on the Northern Beaches such as Palm Beach has dropped 28.6 per cent, North Curl Curl has dropped 14.7 per cent, Avalon 8.4 per cent, and Manly 6.7 per cent. In the east, Bronte has fallen 6.3 per cent and Coogee 7.7 per cent. But apartments in beachside suburbs fared better overall, with more recording positive growth.