The PROPERTY DOCTORS, Sydney Australia Novak Properties
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The PROPERTY DOCTORS, Sydney Australia Novak Properties
NOVAK NEWS - WHY, WHY, DEE WHY??? EVERYTHING YOU NEED TO KNOW ABOUT DEE WHY
Why is Dee Why the northern beaches' hidden gem for real estate enthusiasts? This week on The Novak News, Glenn and Steve peel back the layers of Dee Why's property market, revealing why this suburb is turning heads. With a staggering median house price of $2.623 million and apartments now surpassing the million-dollar mark, DY's competitive edge is undeniable. Steph enriches our conversation with deep dives into fascinating statistics, while Steve shares insights on rental trends and the diverse demographic shifts reshaping this vibrant community. From the reliable Beeline bus service to abundant commercial and retail options, we dissect what makes DY a prime location for both investors and growing families.
In the latter half, we spotlight the booming trend of two-bedroom, two-bathroom apartments, particularly favored by downsizers who are not ready to give up the luxury of multiple bathrooms. These premium apartments are creating a buzz, with cash-ready buyers driving up competition. We explore how this demand is reshaping apartment development and what it means for future buyers and investors. Tune in to understand the evolving landscape of DY's real estate market and the trends that are setting new standards in the industry.
Okay, good evening everyone. The Novak News. Why, why DIY? Why would you want to live in DIY? We're going to run through that the facts, the feelings, and's a special occasion.
Speaker 2:Dream Team's back in action. Glenn, you and I, we haven't been on the big screen for a while, but the people demanded it and we have to deliver, and it has to be a big screen too to get us on the heavyweights of DY real estate.
Speaker 1:We're down on DY beach tonight, we've put our thongs up and we're going to talk about everything in DY. I'll be asking Steve some questions Due to my German background. We ask the questions and you give the answers. But first let's start off with some facts on DY. Steph, yes, what can you tell us about DY?
Speaker 2:This is our core service. Yeah, we're here in DY. A lot of people think DY is absolutely flooded with real estate, but you'd be surprised to hear, well, not. We're sitting under 11 000 dwellings throughout this entire suburb, um, and of that, you know, 2 000 are roughly houses, 9 000 roughly apartments. Yeah, um.
Speaker 1:The average suburb on the northern beach is it's around 11 000 properties. In dy it's probably 1800 uh to two and a half thousand. So Cromer, beacon Hill and Lambie you'd have about two and a half thousand homes there. Dy has always been pretty densely populated and it's been earmarked as a region on the northern beaches where we can have some even higher density. But what do properties sell for in?
Speaker 2:DY. Yeah, so good question. Median house price right now for the suburb $2.623 million. So a house in DY that's the median price, you know say around $2.6 million An apartment just now north, hitting north of the million dollar mark as a median price for apartments in DY.
Speaker 1:What's really interesting about that median price in DY? In the office, in one week we sold a one-bedroom for $485,000. And the same week a three-bedroom for $2.8 million. So great variety of properties, something for everyone, something at every price range. Yeah.
Speaker 2:I think that's a really good thing to talk about.
Speaker 1:And I think that makes DeWay sort of the suburb on the beaches. Depending on your budget, depending what you're looking for, you'll probably find it.
Speaker 2:Yeah, You'll probably find it, yeah, and I think we'll probably talk about it soon. But Dewar's got a lot on offer when it comes to every single price point and every type of dwelling in the residential market. There's a mixture of commercial real estate here. There's offices, retail, obviously the food outlets, and then you've got the beachfront, which is absolutely amazing restaurant strip, lifestyle strip a lot on offer for a suburb, you know, on the northern beaches.
Speaker 1:All with density comes amenity, so Beeline bus runs like a train.
Speaker 2:Music Guys just need a quick tea break.
Speaker 1:Quick commercial break so we're back. Dy has everything. Beeline Buds runs like a train every five minutes from about four stops till you get to Mossman. Yep, fantastic Coles, audi Coles, get to Mossman, yep, fantastic Coles, audi Coles. Woolworths, yep, servicing 22,000 people. I'm an investor, steve. What's the average rent? The average dwelling in DY would be two bedrooms, one bathroom, one car, and what would the average rent be for that?
Speaker 2:property. I don't have it in front of me so I'm just going to use it off experience, but a two-bedroom, one-bathroom, one-car 60s build through to kind of that late 1970s build.
Speaker 2:When you're looking it's a red brick, green brick, brown brick, white brick, those types of apartments. Then our leasing kind of at the low end $700 a week but more around that kind of mid per week the rental return. Then you shoot up to a two-bedroom, two-bathroom um apartment and you'll see rents jump to. You know, anywhere from 8 to 8, 50 and then of course north if you're getting views and things like that. Houses look, it's hard to say but that you can't find a home under a thousand dollars.
Speaker 1:They're probably 1300 a week now and with those sorts of properties, um, we'd be averaging probably 3.8 to maybe even four percent rental return. Yes, uh, the smaller the fish, the sweeter, uh. So the little one that sold for 485 would stamp probably 500. Um, we rent that out almost for 25 000. Yeah, that's not bad, so pretty good return on that one. Now, dy was always a suburb with apartments in it. Yes, for if you were starting out on slowing down. But what trends are we seeing? Who's moving to DY stairs?
Speaker 2:So again with such a broad spectrum of price points throughout the suburbs. Let's look at who is in here. Obviously it's been quite a strong investment Market. Um, because there is such volume, it represents significantly better buying than other suburbs, just due to the supply demand conflict always at play when buying and selling real estate. Um, but there's a mixture. We've even seen a whole lot of downsizes starting to come into the market, which we probably didn't see about 10 years ago, and they're coming from more affluent suburbs. They're selling the home for, you know, $3, $4, $5 million, coming down buying something nice by the beach. But it really caters for everyone first-home buyers, investors, you know, growing families we were talking about it. We're seeing more and more families, obviously as real estate's gone up in price, coming into these apartments. That's kind of a new family home.
Speaker 1:Well, when you see that the average price for a home in DY is $2.6 million. Families that want to live in DY or want to live close to the beach. They're toying with the idea of buying a big apartment, either a three-bedroom apartment, three bedrooms, two bathrooms, that they can probably get for under that $2 million, or a two-bedroom, two-bathroom, which will trade anywhere from about $1.2 up to $2 million. So people are making those choices Retirees because of all the services and facilities in DY proving very, very popular.
Speaker 1:And also over the past decade we've seen a lot of two bedrooms, two bathrooms, two cars and one car apartments built which are perfect for downsizers who think, hey, I need an extra bedroom. Sometimes, you know, we've come from a house with more than one bathroom. We can't go back to one bathroom, even though it's just the two of us. And they're buying in the area and they're probably the group of buyers that don't have any conditions from the bank. So they're buying with cash, they're buying what they want and if they have to pay a little bit more, they're pretty happy to use some of that money they made holding their family home for 20, 25 years. So that's proving a pretty strong competition for people that want to jump from a two-bedroom one-bathroom into a two-bedroom two-bathroom, a bit bigger. They're proving a bit of competition to them as well, so it has changed.