Suburb Profile Report for North Sydney NSW (2060)

North Sydney House: Median price $1,912,500, Annual capital growth 8.38%, Number of sales 24, Weekly median advertised rent $950

North Sydney Unit: Median price $794,000, Annual capital growth 6.06%, Number of sales 197, Weekly median advertised rent $600

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

North Sydney, 2060 ranked 353th in NSW when comparing growth in median property values or capital gain over the last 12 months. North Sydney is one of 3162 in our list for NSW

A 51.49% growth in median value for property investors in North Sydney,2060 puts this suburb at number 70th in terms of best performing suburbs in NSW

State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.53% offered to property buyers. Sellers in North Sydney itself are offering an average vendor discount of -9.09% to real estate investors.

North Sydney is 1041th on a list of best yielding suburbs for rents in NSW with a 2.58% return

North Sydney, 2060 ranked 527th in NSW when comparing growth in median property values or capital gain over the last 12 months. North Sydney is one of 3162 in our list for NSW

A 36.66% growth in median value for property investors in North Sydney,2060 puts this suburb at number 383th in terms of best performing suburbs in NSW

LACK OF BUYER INTEREST may well be the reason that North Sydney is offering property investors an average of -4.48. This rate of discount on properties puts Suburb at number 158th in terms of most discounted suburbs in NSW

A $600 per week rent on the median house gives suburb investors a gross yield of circa 3.93%, without taking into account capital value appreciation, which has been averaging out at 6.06%.

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Home to Sydney’s world famous Harbour Bridge and boasting some of the most prestigious waterfront property in Australia, North Sydney is a thriving commercial hub 3km north of Sydney’s CBD.

North Sydney has the second highest concentration of office space in New South Wales which attracts thousands of professionals, predominantly in the finance, insurance, property and services industries. Residents are also attracted to the harbour lifestyle with its foreshore parkland, shopping, restaurants, cafes and heritage buildings.Full summary

Home to Sydney’s world famous Harbour Bridge and boasting some of the most prestigious waterfront property in Australia, North Sydney is a thriving commercial hub 3km north of Sydney’s CBD.

North Sydney has the second highest concentration of office space in New South Wales which attracts thousands of professionals, predominantly in the finance, insurance, property and services industries. Residents are also attracted to the harbour lifestyle with its foreshore parkland, shopping, restaurants, cafes and heritage buildings.

Population and demographics

By world standards, Australia has a small population (22.6m), but it is growing faster than the supply of housing to accommodate people. Over the past 12 months, more than 146,000 new permanent residents have migrated to Australia, in addition to the strong national birth rate.

Figures from the National Housing Supply Council show that NSW has a shortage of almost 90,000 dwellings which is expected to drive demand for housing into the medium term at least.

NSW is in the early stages of an expected 25-year growth cycle which is forecast to increase the population by 1.1 million people and create an additional 640,000 households by 2030.

In North Sydney, 50.4% of the population is aged between 25 and 49. More than 57% of North Sydney households are couples without children and almost 35% live in single person households, significantly more than the Sydney average of 21.6%.

The population of North Sydney is highly mobile, with 67% of residents living at a different address five years ago. More than 46% of residents are tenants in rental properties.

North Sydney has a steadily growing and ageing population that is choosing to live in smaller households concentrated around office, retail, transport, health, education and leisure facilities.

Employment

All the strengths of Australia’s economy have a solid base in North Sydney which is one of Australia’s major business centres. Almost 78% of North Sydney residents are in the workforce and 62% of employed people work as managers or professionals, compared with 36% throughout Sydney.

Individual and household incomes in North Sydney are high, with 51% of individuals and 42% of households in the top quartile of incomes.

Transport

North Sydney is connected to Sydney’s CBD by the Harbour Bridge. It has four train stations, 24-hour bus services and ferries across the harbour to Darling Harbour and Manly.

Property market

Australia’s property market is driven by population growth, investment in infrastructure, employment, economic conditions and supply and demand. Buyers and tenants are attracted to lifestyle features such as proximity to work, transport, shops and services.

North Sydney is one of Australia’s premier property areas, with some of the nation’s best homes, including the Prime Minister’s Sydney residence at Kirribilli.

Prices are at the top end, with the median house price of more than $1.2m in 2011, which increased by 30.2% in four years, according to Australian Property Monitors.

Rents are also among the strongest in Australia, with increases for new tenancies in the past 12 months of 14% in Cremorne, 9% in Wollstonecraft, 6% cent in Neutral Bay and 5% in St Leonards, according to RUN Property data.

More than 54% of rented dwellings are in the top quartile of rents in Sydney.

Demographer Bernard Salt, who predicted Australia’s sea change phenomenon, says Sydney’s property market will continue growing.

“New lifestyles, new ethnicities and new social behaviours are likely to drive demand for well-positioned investment property,” Salt said in June 2012. “Sydney is a big global city with critical mass in key infrastructure as well as corporate depth. Sydney’s best years lie ahead.”

A property investor who has been buying in North Sydney since 1983 said the area enjoyed constant capital growth and his off-the-plan multi-storey apartments were among the best performers.

“My properties are never vacant,” said investor Peter, a banker, who asked not to use his surname. “It’s easy to get tenants because of all the offices in the area, the hospitals and being close to railways.”

Conclusion

Sydney is Australia’s biggest market and North Sydney is in the heart of all the best that Sydney has to offer. Australia’s economic stability is represented by North Sydney’s confidence to rejuvenate old areas into new commercial, retail and residential precincts.

Sydney and North Sydney benefit from all the major factors which drive the property market. The commercial centre of North Sydney is a solid base to support expanding residential developments. That is why many RUN Property investors have built their portfolios around the strength of North Sydney’s suburbs.

Compiled by RUN Property which is Australia’s largest metropolitan real estate agency which manages property valued at more than $10 billion and has a dedicated team of sales specialists in Victoria, NSW and Queensland. RUN Property – sales, leasing and management. For more information visit www.run.com.au.

Close
HOUSE UNIT
$1,912,500 $794,000
9.13% -0.94%
12.30% -8.84%
8.38% 6.06%
$950 $600
24 197
2.58% 3.93%
27.36 50.85

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
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Demographics
Total population 6257
Median household income ($/weekly) 1926
Median age of persons 35
Median housing loan repayment ($/monthly) 2600
Average household size 1.9
  • Census Count Percent(%)
    25-34 years 1839 29.4
    35-44 years 1068 17.1
    45-54 years 634 10.1
    55-64 years 577 9.2
    65-74 years 435 7.0
    Others 1703 27.2
    Age Group
    Census Count Percent(%)
    Not Married 2180 46.8
    Registered Married 1797 38.6
    Defacto Relationship 682 14.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 3139 54.9
    Indonesia 223 3.9
    Papua New Guinea 179 3.1
    United Kingdom 456 8.0
    Other 454 7.9
    Others 1264 22.1
    Country of Birth
    Census Count Percent(%)
    Buddhism 235 4.3
    Christianity 3050 55.9
    Hinduism 225 4.1
    Islam 101 1.9
    No Religion 1759 32.2
    Others 85 1.6
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 190 7.3
    $1,250-$1,499 222 8.6
    $1,500-$1,999 327 12.6
    $2,500-$2,999 514 19.9
    $4,000 or more 282 10.9
    Others 1053 40.7
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2760 53.7
    Not in the labour force 1266 24.6
    Employed, worked part-time 764 14.9
    Employed, away from work 175 3.4
    Unemployed, looking for work 171 3.3
    Person Characteristics
  • Census Count Percent(%)
    Managers 721 19.5
    Professionals 1651 44.6
    Community & personal service workers 242 6.5
    Clerical & administrative workers 504 13.6
    Sales 208 5.6
    Others 375 10.1
    Occupation
    Census Count Percent(%)
    Infants/Primary 193 16.2
    Secondary 263 22.1
    Technical or Further Educational Institution 144 12.1
    University or other Tertiary Institutions 446 37.5
    Other type of educational institution 78 6.6
    Others 64 5.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Flat, unit or apartment 3623 68.9
    Semi-detached, row or terrace house, townhouse 905 17.2
    Separate house 705 13.4
    House or flat attached to a shop, office 25 0.5
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 1604 59.6
    Being purchased 563 20.9
    Fully owned 514 19.1
    Other tenure type 11 0.4
    Tenure Type
Census 2011, ABS
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