Solid growth as buyers seek an idyllic escape without leaving Sydney
By Katrina Creer
Waterfront living continues to drive property sales at Breakfast Point as buyers make lifestyle a priority following the pandemic.
The latest figures from market analyst Pricefinder show apartments recorded their strongest growth in five years, jumping 8.64 per cent to a median price of $1.22m. There were 160 unit sales
during the past 12 months – the highest volume of sales since 2017.
Breakfast Point Realty principal Alison Beveridge said the ability for people to work from home had proven a drawcard for the suburb. “People are thinking, if
I have to be at home, then why don’t I make home as good as I can make it?” she said. Most properties in Breakfast Point are no more than 800 metres from the water and the ferry transport direct into Barangaroo has also added to its popularity. There has been an increase in buyers looking to move here from areas such as The Hills District, to be that bit closer to the city.
“Downsizers from nearby Concord are also cashing in on the incredible price growth they have seen over the past year. They are selling up houses and downsizing to apartments with the added bonus of being able to put some money away,” Alison said. She expects three-bedroom units will remain popular in 2022 as buyers continue to make life changes in the aftermath of lockdowns. An unrenovated courtyard apartment in The Plantation complex fetched higher than expectations recently, when it sold for $2.05m. The property attracted 21 inspections during its first week on the market.
Houses remain tightly held within Breakfast Point, with CoreLogic showing less than 10 freestanding properties sold in the master planned suburb during the past year. Among them, a five-bedroom home at 89 Peninsula Drive that set a new record for the postcode of 2137, which includes Cabarita, Mortlake, Concord and North Strathfield. The luxury dual-level residence, which had been listed with a price guide of $8.5m, sold for an undisclosed price after just one inspection through Breakfast Point Realty. The luxury property also features a north-east aspect, city skyline outlook, a sunlit central courtyard plus a separate home studio with bathroom.
“There are only eight of these properties within Breakfast Point, which are known as the Harbour Manors and they don’t come onto the market very often,” Alison said. “It is very beautiful and very Hamptons with lots of blues and whites. It is 15 years old and original except for some minor modifications such as new carpet and paint. It doesn’t have a pool but it is what we call waterfront reserve, it is a spectacular vantage point and highly coveted.”
The residence was inspected by 31 potential buyers during its very short time on the market.
Pricefinder shows houses at Breakfast Point recorded a solid growth of 27 per cent during the past 12 months, pushing the median price to $3.55m.
Planning for the future
After a five-year absence, first-time investors are back in Breakfast Point looking for potential capital growth due to the suburb’s location and lifestyle. According to Pricefinder, apartments are currently attracting a median weekly rent of $685. Alison said the variety of dwellings at Breakfast Point – including one-bedroom to three-bedroom apartments and townhouses
– suited a range of price points. Renting a one-bedroom property remains a popular option for young couples and single professionals looking for low-maintenance living.
Another trend has been for downsizers contemplating a move to Breakfast Point to rent first before purchasing their own home in the suburb.
“We are also seeing people buying an apartment for the future – so it is a short-term investment but they are securing a long-term lifestyle,” Alison said.