Spotlight on Waitara

By November 14, 2018Buying, Selling

Many home owners on Sydney’s Upper North Shore like to stay put for the long haul.

And it’s a combination of lifestyle and ‘liveability’ factors that make the area a highly attractive property proposition for young families and professionals, as well as downsizers, upsizers and investors.

The 2016 Domain ‘Liveable Sydney’ report ranks 555 Sydney suburbs according to their ‘liveability’ factor, using 16 key indicators.

Domain’s top 10 Upper North Shore ‘liveability’ rankings include:

  1. Waitara (Overall rank: 61)
  2. Killara (Overall rank: 84)
  3. Lindfield (Overall rank: 97)
  4. Asquith (Overall rank: 104)
  5. Roseville (Overall rank: 108)
  6. Hornsby (Overall rank: 119)
  7. South Turramurra (Overall rank: 126)
  8. West Pymble (Overall rank: 128)
  9. Normanhurst (Overall rank: 129)
  10. St Ives (Overall rank: 147)

In most of these sought-after locations, buyer demand, as well as lifestyle factors, have driven property-price growth – in contrast to the wider Sydney market slowdown – making the Upper North Shore one of the safest and most desirable areas to invest in.

They are well-established and family-friendly communities, an easy commute to the city, with regular transport services, as well as access to schools, beaches, walking tracks and other amenities.

Many of these suburbs were originally made up of large family homes on quiet tree-lined streets. However, a surge in new apartments along the train corridors in recent years has shifted the demographics.

What most Upper North Shore residents do have in common, however, is their desire to stay put … in some cases for several decades.

Longer holding periods

Most North Shore suburbs typically have long holding periods –the length of time a homeowner will hold on to their property.

The average holding time for Greater Sydney comes in at just under 12 years. Unsurprisingly, the suburbs that are the most ‘tightly held’ offer a combination of those essential components which make a location desirable.

In the case of Waitara, it’s easy to see why it features as one of the most ‘tightly held’ and ‘most liveable’ suburbs in the Upper North Shore.

Waitara tops the list

Roughly half of Waitara’s population of 5,000 residents own their own home. It’s holding periods are notably higher than the Sydney average, at 19.7 years – number 5 on the list of most tightly-held Sydney suburbs – and an encouraging sign for new buyers considering the area.

Waitara is largely made up of young families and professionals, with an average age of 35 – slightly younger than neighbouring suburbs.

At 23 kilometres north of the city, Waitara is well placed for commuters. It’s around 40 minutes to Wynyard Station on the North Shore line and a 40 to 50-minute drive to the CBD.

The stunning Ku-ring-gai Chase National Park is just ten minutes away, and North Shore beaches can be reached in 35 minutes.

Waitara also boasts pretty, leafy streets, proximity to public and private schools, easy access to major shopping hubs, including Westfield Hornsby, as well as a cluster of cafes and restaurants in and around the area.

The iconic and newly renovated Blue Gum Hotel, a stone’s throw from the train station and a natural pit stop for locals, means that Waitara ticks the boxes.

For owner-occupiers in this neighbourhood, such quality of life factors is a major driver behind longer holding times.

High demand for family homes

In most North Shore suburbs there remains a high demand for standalone homes. But in Waitara, large family houses are in limited supply and rarely change hands.

Currently, house prices are averaging at around $1.7 million, and despite the slowing Sydney market, the area has seen a steady rise in property prices in recent years.

In the past 12 months, houses in Waitara saw a median growth of 23.4 per cent.

Apartment buyer’s market

A high stock of residential apartments has attracted young families, professionals and investors to the area.

Waitara has a large concentration of new and redeveloped apartment blocks – around 80 per cent of the population live in units, in contrast to just 11.9 per cent living in houses.

Compare this to Pymble, where roughly 80 per cent of residents lives in a standalone home.

Currently, the average cost of a unit in Waitara is hovering around $680,000, offering a rental income of around $530 for a 2-bedder.

Contrast this with a median unit price in the North Shore of $950,000.

This makes Waitara an attractive proposition for investors, offering a pretty decent 4 per cent gross yield, based on 2018 prices.

Get in touch today.

If you’re looking to sell your Upper North Shore home, but you want to remain in the area, we invite you to get in touch with us here.

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